Just in time for the close of the year, the ARA of Massachusetts hosted “Year-end Tax Planning: Get Your Business Taxes in Order” on Wednesday, Nov. 3, to help rental stores with their end-of-the-year tax strategies and prepare for 2022.
The event, held at the DoubleTree by Hilton Hotel Boston – Milford, featured guest speaker Ron Pallisco, president, In the Black Accounting Solutions, Westborough, Mass. Pallisco shared tips on developing the
right tax strategies and how to financially navigate this time of historic disruption.
Some of the topics Pallisco touched on during his presentation included:
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Planning expenditures and revenue recognition.
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Ongoing deductions like Section 179 and the (temporary) 100 percent meals deduction.
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Paycheck Protection Program (PPP) forgiveness.
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Available Federal EIDLs (Economic Injury Disaster Loans).
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The current Massachusetts state program to reimburse employers for paying employee leave related to the coronavirus (COVID -19).
Pallisco also fielded several questions related to these issues. Another benefit to those who attended were the side discussions about current concerns facing the equipment and event rental industry.
“It was a fun and informative meeting,” says Joe Kikta, owner, Milford - 495 Rental Center, Milford, Mass., and an ARA of Massachusetts board member. “Among other things, those of us on hand discussed the rising cost of supplies, equipment and salaries, and the continued challenges with long lead times for new equipment.”
“I thought it was a great event,” adds Stefani Donabedian, marketing director, Resolute Industrial, Worcester, Mass., and ARA of Massachusetts president. “We had a new member from Immedia Event Productions in Cherry Valley join the event as well. I love seeing new faces getting involved with our association and using the resources we have to offer. I thought Ron was very knowledgeable, but I thoroughly enjoyed the open conversations he invited. I think everyone left satisfied with some new tips for the upcoming tax season.”