Sullivan & Company
50 Holden Street
Providence, RI 02908
News & Events
Firm Joins Forces with CHILD INC for Holiday Giving
Firm Walk Raises $1,865 for MS!
Through the generosity of our employees and a firm-sponsored donation of $500, we raised $1,865 for MS! The Sunday walk offered us an opportunity to enjoy a beautiful spring morning with co-workers and friends while raising awareness and funds for this worthy cause. Being just a week away from the tax deadline, it is a tribute to the commitment of our staff who came out to support the firm-wide initiative.
Sullivan & Company Merges Into BlumShapiro: BlumShapiro now ranks among Top 50 accounting firms in the nation
PROVIDENCE, RI – Tuesday, January 8, 2013 - BlumShapiro, the largest regional accounting, tax and business consulting firm based in New England, has greatly expanded and strengthened its position as the leading regional firm by merging with Sullivan & Company, located in Providence and one of the largest and best-known accounting names in Rhode Island. This merger became official on January 1, 2013 and makes BlumShapiro one of the Top 50 accounting firms in the nation, with 340 employees throughout New England.
Congratulations To Our New Managers: Michelle Berkovitz and Dan Quinn
Michelle Berkovitz is a tax professional who works with companies organized as LLC, partnerships and S-corporations as well as their owners and shareholders. She often handles tax projects involving multi-state taxation. She joined the firm as a staff accountant in 2004. A 2002 graduate of Bryant University with a Bachelor of Science in Business Administration and a concentration in accounting, Berkovitz was a member of Beta Gamma Sigma honor society. She also received a Master’s Degree in Taxation from Bryant University in 2009 and earned her CPA designation in 2007.
Daniel Quinn leads the teams for many non-for-profit clients including those who advocate for children and the homeless. He also works with the firm’s health care clients including several nursing homes. With a focus on governmental and HUD audits, Quinn remains abreast of the rigorous continuing education requirements and often presents continuing-education programs on these areas. He is part of the firm’s team for audits of employee benefit plans. Previously, he spent ten years in management operations in the transportation industry. He earned a Bachelor of Science degree in Finance from the University of Massachusetts/Dartmouth in 1994 and a Master of Science in Taxation from Bryant University in 2009. He received his CPA designation in 2005.
New Massachusetts Requirement for Manufacturing Corporations
Click here to access the latest on a new Massachusetts Requirement for Manufacturing Corporations
2012-2013 Web Tax Guide and 2012 Fringe Benefit Guide
As We Count Our Thanksgiving Blessings ...
From our team to yours, warmest wishes for the holiday season and the new year!
Healthcare Reform: Are You And Your Company Ready?
Click here for Chris Koller's presentation
Click here for Susan Leach DeBlasio's presentation
Click here for Bruce Desrosiers's presentation
Bryant University Alumni Come Together
Bryant University Alumni
Sullivan & Company was pleased to host the Fall Alumni Gathering for Bryant University on Thursday, October 25th at 6:00 p.m. at 50 Holden Street in Providence. The gathering featured special guest speaker Professor Michael Roberto and an evening of community and networking for 60+ Bryant alums.
Nursing Home Rate Reform Seminar
Life After The New Price-Based System: Navigating A Successful Transition
Click here to view Bill Kutschbach's presentation.
Click here to view Pam Bibeault's presentation.
Click here to view Monica Motta's presentation.
A Career at Sullivan & Company
Sullivan & Company CPAs LLP, one of the largest firms in Southeastern New England, is seeking senior level accountants with three plus years public accounting experience. CPA and/or MBA a plus. Qualified candidates should possess strong technical skills as well as good management and leadership abilities. Responsibilities include:
- Perform diversified accounting and auditing assignments
- Demonstrate competency in technical skills including GAAP & GAAS
- Plan client engagements
- Prepare work papers & perform various audit procedures
- Draft reports including footnotes
- Prepare cost reports
- Manage staff
- Develop client relations
Economic Outlook Breakfast
Our annual Economic Outlook Breakfast had a record number of attendees and a beautiful morning at the Squantum Association in East Providence. Speakers Gina Raimondo, Neil Steinberg and Laurie White addressed the critical issues of doing business in Rhode Island with a special focus on attracting and supporting entrepreneurs. Check out Providence Business News coverage of our event. Click here.
David Fontes Earns Credentialing as Certified Fraud Examiner
Keeping Your 401(k) Out of Fiduciary Trouble
2011-2012 Web Tax Guide and 2011 Fringe Benefit Guide
Mike Ferri Named as Principal
We are proud to announce that Michael V. Ferri, CPA, MST, has been named as Principal in the firm.
Mike has more than ten years of experience providing accounting and consulting services to clients involved in manufacturing and distribution as well as in retail and precious metals, many with global operations. He also manages the engagements for several clients in the professional service sector with a focus on law and finance.
Team Sullivan Assists Audubon Society
Members of Sullivan & Company's TEAM SULLIVAN – with family and friends in tow -- joined forces to scour the coastline in September in its annual volunteer effort to support the Ocean Conservancy and the Rhode Island Audubon Society’s International Coastal Cleanup. It was spectacular, sunny day for cleaning and camaraderie.
Greg Cabral was recently named as the International Tax Consultant for CPA Associates International. As a result, Greg l recently spoke with Providence Business News about international tax regulations and what may be on the horizon for business decision-makers.
Click here to read the entire Providence Business News article.
Contact Greg at email@example.com.
Congratulations Lou Simon
We are proud to announce that Lou Simon has been named as Principal in the firm.
Lou's professional achievements and volunteer contributions to the firm and the community were also recognized by Providence Business News in its Forty Under 40 contest. The Forty Under 40 winners were chosen based on career success and community involvement. All are young professionals who have made a commitment to making a difference on a local, national or international scale.
Innovation for Tomorrow
Innovation for Tomorrow: Harnessing Intellectual Capital in the Providence Knowledge District for Entrepreneurs, Jobs and the Creation of Wealth.
Governor Chafee and Mayor Tavares joined speakers Timothy Babineau, president and CEO of Rhode Island and Miriam hospitals; Barbara Bennett, senior vice president of law and policy at Johnson & Wales; and Edward Wing, dean of medicine and biological science at Brown University for a lively and substantive discussion at the Squantum Association in East Providence.
Ryan Holzinger and David Fontes Promoted to Manager Positions
David Fontes works with clients in a tax and audit capacity, and is part of the team that provides employee benefit plan audits to clients across a variety of industries and sectors. David received a Master's degree in Business Administration from Bryant University and graduated from Plymouth State University where he received a Bachelor of Science degree in Accounting. He joined the firm in 2004.
Ryan Holzinger manages multiple tax, audit and consulting engagements. Ryan received a Bachelor of Science degree in Business Administration, a Master of Science in Accounting, and a Master of Science in Taxation, all from Bryant University. He received the Nicholas Picchione Gold Medal for achieving the highest scores on the Rhode Island November 2002 CPA examination. He joined the firm in 2004 after spending three years at the international CPA firm of KPMG.
Principal Named as International Tax Consultant for CPA Associates
CPA Associates is a highly selective association of independent accounting firms throughout the world. In his new role, Greg will be available to help member firms and their clients with matters such as U.S. tax compliance and issues related to foreign operations, maximizing U.S. tax benefits related to foreign activities, and global structuring to minimize clients’ overall tax rates. Greg has been an active member of CPA Associates since 2000. Click here to read Greg’s professional biography.
Fraud In the Workplace
Our February 2011 Executive Client Roundtable focused on fraud in the workplace. We know that businesses are faced with tough choices to remain competitive. Downsizing, for instance, may lead to employees performing incompatible duties with lack of separation of critical functions. Increased workloads and the uncertainty of continued employment may create an environment where employees feel justified taking funds or goods from their employer. While greed has been the prime motivator in the past, today's fraudster is often driven by personal hardship.
The dynamic and interactive program covered:
- The startling statistics from the 2010 Report To TheNation by the Fraud Examiners Association
- An in-depth explanation of the key motivators for fraudsters including components of the fraud triangle
- Red flags to look for to detect fraud in the workplace with corresponding real-life examples
- Top ten take-away tips to prevent fraud in your workplace
If you have questions about fraud in your workplace, contact Michael Hanna at 272-5600.
2010 Tax Relief Act
Click here for more information on the 2010 Tax Relief Act.
2010 Fringe Benefits Guide
Click here to view the 2010 Fringe Benefits Guide.
2010-2011 Web Tax Guide
Click here to view the 2010-2011 Web Tax Guide.
Small Business Bill May Benefit Companies Of All Sizes
On Monday, President Obama signed the Small Business Jobs Act of 2010 into law. Although it is labeled a "small business bill," some of its provisions may benefit businesses of all sizes such as extended bonus depreciation and increased Section 179 expensing.
Bonus Depreciation Extended Through December 31, 2010
The new law extends the 50% first-year bonus depreciation, which had expired in 2009. The extension is retroactive to January 1, 2010. To qualify, however, the property must not only be purchased but also must be placed in service before January 1, 2011. The bonus allowance is only available for new property that has a recovery period of 20 years or less, with certain other restrictions.
Section 179 Expensing Doubled for Years 2010 and 2011
The new law doubles the maximum amount a taxpayer may expense under Section 179 to $500,000 and raises the phase-out threshold to $2 million for tax years beginning in 2010 and 2011. The new law also allows taxpayers to expense qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property. The maximum amount for real property that may be expensed, however, is limited to $250,000.
Many of the tax incentives are temporary and may require immediate planning. Contact Greg Cabral at firstname.lastname@example.org or Paul O'Brien at email@example.com to learn how you can maximize your tax savings from the new incentives.
Coastal Clean Up
TEAM SULLIVAN was out in full force – 16 in all -- scouring over a mile of coastline Saturday, September 25 at Roger Wheeler State Beach in South County. This is the firm’s third year supporting the Ocean Conservancy and the Rhode Island Audubon Society in its 25th Annual International Coastal Cleanup. Not only do we pick up the usual debris such as broken lobster traps, yards of rope, fishing line, bottle caps and plastic bags, all volunteers are instructed to carefully log our findings and report them to Ocean Conservancy. A global snapshot is then constructed of our ocean environment.
Foreign Tax Reform Means Changes for International Business
Designed to limit companies’ use of foreign structures to minimize their US tax liability, the Act’s most widespread change involves foreign tax credits. In the past, most businesses were able to split foreign taxes paid from foreign income to maximize the foreign tax credit on their US return. This new rule could increase a company’s US tax liability, add complexity to calculating foreign tax credits, and will, ultimately, impact the structure of operations overseas.
Other noteworthy provisions of this Act include: new limitations on the amount of foreign taxes deemed paid with respect to certain type of income included in the US return; modification of the methodology of the allocation of interest expense; and new complexities for limitations on foreign tax credits related to income that is resourced under tax treaties.
We invite our clients our clients doing business overseas to contact Greg Cabral to learn how this Act may impact your business.
Economic Outlook Breakfast
Economist Paul Harrington from the Center for Labor Market Studies at Northeastern University and CCRI President and Higher Ed official Ray Di Pasquale relayed some compelling information about the challenges facing the young people who fuel our workforce at our June 29th event at the Squantum Association in East Providence.
Complete an EVENT EVALUATION.
Read the Providence Business News ARTICLE on the speakers' remarks.
Alert: Tax Incentives for Clients
The Patient Protection and Affordable Care Act (PPACA)
The Patient Protection and Affordable Care Act (PPACA), which was enacted March 23, 2010, affords a special tax credit for small businesses and tax-exempt organizations that provide health insurance coverage to their employees. Small businesses and tax-exempt organizations that pay at least half the cost of single coverage for their employees are eligible for the credit. For small businesses, the maximum credit is 35% of premiums paid in 2010. For tax-exempt organizations, the maximum credit is 25%. The credit is available to small businesses and tax-exempt organizations with fewer than 25 full-time equivalent (FTE) employees that pay wages averaging less than $50,000 per employee per year. Small businesses and tax-exempt organizations with 10 or fewer FTEs and paying average wages of $25,000 or less will receive the maximum credit. For tax-exempt organizations this is a refundable credit.
The Hiring Incentives to Restore Employment Act (HIRE)
On March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE Act). This act provides for both payroll tax forgiveness and an income tax credit for hiring certain “qualified employees”. Not-for-profit employers as well as for-profit employers are eligible for these tax savings. Employers who hire new employees after February 3, 2010 and before January 1, 2011 who have been unemployed for 60 days will receive an exemption from the employer’s share of the 6.2% Social Security tax for wages paid between March 19 and December 31, 2010. In addition, if that employee continues to be employed by the employer for a period of not less than 52 consecutive weeks, the employer may be eligible for a general business credit of the lesser of $1,000 or 6.2% of the salary paid to the employee.
For more information, please contact Tim Sullivan at tsullivan@SullivanCPA.com.
Lou Simon named to Board of Rhode Island Parent Information Network
Team Sullivan Turns Out For MS Walk
Our thirteen (and a half!) person team braved the rain and cold to walk in the annual MS Walk to benefit Multiple Sclerosis on Sunday, April 18th … only days after the April 15th tax filing deadline.
The team raised more than $2,000 in donations, which included individual fundraising from walkers, contributions from others at Sullivan & Company who did not walk and a firm-sponsored contribution. Pictured here are TEAM SULLIVAN walkers led by Kelly Burns (front center with red shirt). The teams' efforts were featured in the ProJo fitness blog and in a compelling story on Accounting Web.
Five Questions with Michael Hanna
Principal Michael Hanna talked to Providence Business News about tax provisions ending in 2009 and what might be on the horizon. Click here for article.