CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
Read More..


Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
Read More..




        No results found. Please try using a different keyword.
        See all

        Act Fast: Tax Amnesty Program Offers Huge Opportunity

        The Rhode Island Division of Taxation is offering a tax amnesty window program, beginning December 1. This is the first amnesty program since 2012, and the terms (discussed below) are very favorable to taxpayers. Any taxpayer with an outstanding Rhode Island tax issue should strongly consider whether to take advantage of this amnesty program.

        Qualifying taxpayers will automatically receive the following benefits in exchange for their participation in the program:

        • protection from future civil or criminal prosecution with respect to the taxes and periods covered in an amnesty filing;
        • waiver of 100% of any potential or previously assessed penalties; and
        • a 25% reduction in interest, retroactive to the original date of assessment.  
        Given that the underpayment interest rate in Rhode Island has been fixed at 18% since October 1, 2006, the interest break alone may offer substantial savings for some taxpayers.

        Amnesty relief is available for all tax periods ending on or before December 31, 2016, and to all tax types administered by the Division, including sales and use, personal and corporate income, payroll, and estate. The program even applies to taxpayers currently under audit, although it does not apply to taxes assessed by Rhode Island localities, and is not available for taxpayers under investigation for tax fraud or other criminal proceedings in a federal or state court.

        Later this month, the Division will begin sending information statements explaining the amnesty program to taxpayers with outstanding liabilities. While this outreach is by necessity directed at taxpayers with disclosed Rhode Island state tax liabilities, the amnesty program expressly covers unreported liabilities as well. As a result, amnesty offers a compelling incentive for taxpayers that already are on the Division’s radar, or are still below it, a limited window of opportunity to bring their state taxes into compliance. 

        To obtain amnesty relief, taxpayers must complete an amnesty return, file any other delinquent tax returns, submit a payment coupon, and pay all outstanding amounts due by February 15, 2018.  If you have any questions or are considering applying for amnesty relief, please reach out to us. Our tax practice has extensive experience dealing with the Division on a variety of state tax matters and is ready to assist you.