Bookkeeping and Tax Return services in Rhode Island
Rhode Island has comprehensive tax compliance requirements, including income, corporate, and sales taxes.
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Bookkeeping Services offered by Meru Accounting In Rhode Island
General Bookkeeping
- Transaction categorization and recording
- Bank and credit card reconciliation
- Cash flow management
- Data entry and maintenance
- Financial reporting preparation
Accounts Payable and Receivable
- Invoicing and billing
- Vendor payment management
- Customer payment tracking
- Aged receivables and payables reports
- Follow-up on overdue invoices
Payroll Processing
- Payroll setup and management
- Wage calculations and processing
- Direct deposit and paycheck distribution
- Payroll tax calculation and filing
- Year-end payroll reporting (W-2s, 1099s)
Financial Reporting and Statements
- Monthly, quarterly, and annual financial statements
- Balance sheet preparation
- Profit and loss statements
- Cash flow statements
- Customized reports as per client needs
Tax Preparation Support
- Preparing documents for tax filing
- Organizing tax records and receipts
- Coordinating with tax professionals
- Sales tax, VAT, or GST filing support
- Estimated tax calculations
Budgeting and Forecasting
- Budget planning and management
- Financial forecasting
- Variance analysis
- Cost analysis and control
Inventory Management
- Tracking and managing stock levels
- Recording inventory purchases and usage
- Inventory reporting and valuation
- Assisting with cost of goods sold (COGS)
Bookkeeping Cleanup and Catch-up Services
- Organizing and updating past records
- Correcting discrepancies in accounts
- Reconciliation of historical data
- Financial statement corrections
Virtual CFO Services
- Strategic financial planning
- Financial analysis and advisory
- Profitability analysis
- Business metrics monitoring and KPI reporting
- Support for financial decision-making
Rhode Island State Income Tax Rates:
- Rhode Island imposes a progressive income tax on individuals, with rates ranging from 3.75% to 5.99%.
- Rhode Island imposes a flat corporate income tax rate of 7% on corporate net income.
- Statewide Sales Tax Rate: The statewide sales tax rate in Rhode Island is 7%.
- Local Sales Tax Rate: Rhode Island does not allow local jurisdictions to impose additional sales taxes.
- Remote Seller Sales Tax: Remote sellers meeting economic nexus thresholds must collect sales tax on transactions in Rhode Island.
Compliance Requirements:
Filing Deadlines:
- Individuals: Rhode Island individual income tax returns are due by April 15th.
- Corporations: Corporate tax returns are due on the 15th day of the 4th month following the end of the taxable year.
Estimated Tax Payments :
- Corporations: Quarterly estimated payments are required if the corporation expects to owe more than $250.
Sales Tax Compliance :
- Businesses: Businesses must collect and remit sales tax based on their assigned filing frequency (monthly, quarterly, or annually).
Bookkeeping Software Expertise
(We use 20+ Different Software)
Penalties for Non-Compliance:
- Late Filing/Payment Penalties: Penalties include 10% of the unpaid tax, with additional interest accruing on unpaid amounts.
Cloud AddOns Expertise
We work with all industry leading Cloud addons. We work with around 95+ Software integrated with Accounting/Tax Platforms.
20+ Ecommerce Marketplaces
20+ Payment Gateways used
15+ Similar software used
10+ Practice Management Software used
15+ Payroll Software used
10+ KPI reporting software used
15+ Communication Channel used
8+ Cloud Storage System used
All Industry leading gateways used
Tax Services we offer in Rhode Island
Individual Income Tax (Form 1040)
- Assistance with filing individual income tax returns, including state-specific credits, deductions, and exemptions.
- Guidance on Rhode Island's progressive tax rates for individuals.
Corporate Income Tax (Form RI-1120):
- Filing of corporate income tax returns for businesses based in Rhode Island or with business activity in the state.
- Advice on corporate tax rates and eligibility for various credits (e.g., credit for research and development, job creation).
Sales and Use Tax
- Assistance with sales tax registration, compliance, and filing of sales tax returns for businesses selling goods or services in Rhode Island.
- Help with understanding tax exemptions and taxable items under Rhode Island law.
Employer Withholding Tax (Form RI-W-3)
- Guidance on setting up and managing employee withholding for state income tax.
- Filing of payroll tax returns and ensuring proper reporting of state withholdings.
Property Tax (Business and Personal Property)
- Assistance with property tax filings for businesses and individuals, including real and personal property taxes.
- Navigating local property tax assessments and exemptions available to businesses and residents.
Estate and Inheritance Tax
- Providing tax preparation services for estate tax filings (Form RI-706) and inheritance taxes in Rhode Island.
- Consultation on the inheritance tax threshold, exemptions, and special conditions for estates.
Excise Taxes
- Handling excise tax filings for various goods, including motor vehicles, tobacco, and alcohol.
- Filing of appropriate excise tax returns and ensuring compliance with state laws.
Unemployment Insurance Tax
- Filing unemployment insurance tax for employers, ensuring compliance with Rhode Island Department of Labor and Training (DLT) requirements.
- Advice on unemployment insurance rates and employer obligations.
Rhode Island Tax Credit Services
- Assistance with applying for state tax credits such as the historic preservation tax credit, low-income housing credit, and other industry-specific credits.
Nonprofit Tax Filing
- Preparing returns for tax-exempt organizations, ensuring compliance with Rhode Island’s nonprofit tax filing requirements.
- Filing of exempt status forms and ensuring reporting is aligned with state guidelines.
Tax Audits and Dispute Resolution
- Representation during Rhode Island tax audits.
- Assistance in resolving tax disputes, including negotiating settlements or appeals with the Rhode Island Division of Taxation.
Franchise Tax (Business)
- Filing of franchise tax returns for businesses operating in Rhode Island.
- Assistance with understanding the franchise tax structure and ensuring proper payment.
Local Tax Compliance
- Navigating local taxes imposed by cities or towns in Rhode Island, including business licenses, personal property taxes, and other municipal taxes.
Tax Planning and Consulting
- Providing tax planning services for individuals and businesses to optimize tax savings, minimize liabilities, and ensure compliance with Rhode Island tax laws.
- Advising on tax-efficient structures and strategies for growth and investments.
Sales and Use Tax Audits
- Conducting audits of sales and use tax to ensure compliance with Rhode Island’s tax regulations and help businesses avoid penalties.
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State
Individual Income Tax Rates
Corporate Income Tax Rate
Sales Tax Rate
(State+Local)
Filing Deadlines
Estimated Tax Payments
Penalties for Non-compliance
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Alabama
2% - 5%
6.5%
4% + Local (varies)
April 15
Quarterly payments required
Late filing: 10% of tax due;
Late payment: 1% per month;
Interest: 5% per annum
Alaska
No state income tax
No state corporate tax
0%
(Local sales tax may apply)
April 15
No state requirement for estimated payments
Late payment: Interest and penalty of 5% of unpaid tax;
Collection costs may apply
Arizona
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Arkansas
2.59% - 4.50%
4.9%
5.6% + Local(varies)
April 15
Quarterly payments required
Late filing: 4% per month, up to 25%;
Late payment: 1% per month, up to 16%
Our Young and Dedicated Team Of
CPA's , EA's, Chartered Accountant, Bookkeepers, Virtual Assistants, Tax Preparers, Tax Analyst and many others with specialization in Accounts, Finance & US Tax .
