Issue link: https://nebusinessmedia.uberflip.com/i/790956
www.HartfordBusiness.com February 27, 2017 • Hartford Business Journal 11 Quality Construction + Butler Manufacturing = Repeat Customers www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Windsor Marketing Group (WMG), Suffield, CT | 2006 | 50,000 sq. ft. 2008 | Addition — 40,000 sq. ft. 2015 | Addition — 80,000 sq. ft. Contact us at 860-482-7613 or visit us on the web. Sr. Software Developer Sr. Software Developer w/Voya in Windsor, CT. Dvlp & design force.com applications & integrations for Salesforce.com. Write apex codes, create Visualforce pgs, implement Salesforce 1 concepts & dvlp appl using Salesforce.com APIS. Integrate w/other web appl & provide architecture for secure data access, object models, error reporting, mobile dvlpmt & integration for force.com. Rqmts: Bach deg in com sci, eng, info sys or closely rel field. Min 5 yrs appl dvlpmt exp working w/Salesforce.com CRM tools incl Apex Web Svcs, Apex Controllers, Triggers, Visualforce, S-Controls, Workflows & Command Line Data Loader. Must have exp working w/web prog using Java, Servlets & JSP; data integration using Apex Data Loader; & integrating w/ext appl using Web Svcs APIs. Apply online www.voya.com Req JR0016735 SR. ACTUARIAL ANALYST Sr. Actuarial Analyst — Towers Watson Delaware, Inc. (Weatogue, CT): Provide consulting servs for life & annuity prods, incl actuarial modeling & valuation, financial reporting, ins prod development & pricing. REQTS: Bachelor's (US or foreign equiv) in Actuarial Sci, Math, Stats, Econ, Finance or related + 1 yr exp providing actuarial support servs to ins co's &/or reinsurers. Min 1 yr exp: developing actuarial modeling suites in C++ & VB for multi life & annuity prods; applying latest ins regs, actuarial assumptions & methodologies to existing models; utilizing Risk Agility FM to run financial models for life insurers that adapt to business proc & accurately reflect co's prods; utilizing actuarial projection software to develop financial models for life ins and annuity prods, incl variable & fixed annuities, universal life & term ins; & programming in MS SQL Server and FoxPro. Pls send resume to Towers Watson Delaware, Inc. Box# WZ-HC-0217 71 Fifth Ave, 5th Flr, NY, NY 10003. EEO/AAE/Veterans/Disabled. EXPERTS CORNER New R&D credit provides startups payroll tax offset By Diane Giordano and Brett McGrath T he Protecting Americans from Tax Hike Act (PATH) of 2015 introduced many changes related to the research and development (R&D) tax program. One such improvement, known as the payroll tax offset, provides qualified small busi- ness startups the opportunity to elect to use R&D tax credits to offset payroll taxes, instead of waiting to use the credits to off- set income taxes. The new payroll tax offset, effective as of 2016, allows com- panies to receive a benefit for research activities regardless of profitability. This provision is particularly valuable for startup companies, such as those oper- ating within local Connecticut tech incubators, which generate R&D expenses but won't have a taxable income or pay federal income taxes. For purposes of this credit, a qualified small business startup is defined as a company that has: Gross receipts for five years or less; less than $5 million in gross receipts in 2016 and each subse- quent year the credit is elected; and qualifying research activi- ties and expenditures. The definition for qualify- ing R&D costs has not changed under these new rules, and the credit is based on a company's eligible R&D expenses. Further, all qualifying activity, wages and consulting fee activity must be performed in the United States. The credit is based on credit-eligible expenses, but only those incurred begin- ning in 2016 will be eligible to offset certain employer payroll taxes. The credit must be calculated and reflected on a qualifying company's 2016 federal income tax return, and the portion of the R&D credit that will be applied to offset payroll taxes will need to be identified and elected when that return is filed in 2017. Companies can take advantage of this payroll offset credit against the employer portion of FICA taxes only; other payroll taxes are excluded. The payroll tax off- set will be available on a quarterly basis beginning in the first calendar quarter after a company files its federal income tax return. Taxpayers would need to file their 2016 federal income tax returns by March 30, 2017, in order to apply the pay- roll tax offset to the second quarter in 2017. An extended business return would result in the refund offset benefits being recognized later. The initial election is made by using new section D within the R&D Form 6765 and included within the federal income tax filing. When the company files its pay- roll form 941, there is a new line on that form to include the credit. In addition, the payroll forms must include a new form 8974-Qualifed Small Business Payroll Tax Cred - it for R&D. The maximum benefit an eligible company is allowed to claim against payroll taxes each year under the new law is $250,000. Brand new busi- nesses could potentially claim the credit for up to five years, with a maximum of $1.25 million in total credits ($250,000 times five years) claimed on quarterly payroll tax returns. If the amount of the credit exceeds a company's employ- er portion of social security tax (OASDI tax) liability in any given quarter, the excess will be carried forward to the next calendar quarter. Most employers are required to file a quarterly payroll tax return (Form 941). The credit will be applied against the Social Security tax on the quarterly return. Once the credit is applied to payroll tax, it can only be applied to future payroll tax and not income tax. As with all R&D credit programs, the IRS will continue to require documentation to support all aspects of the credit. Compa- nies should have R&D activities analyzed by their CPAs with expertise in this area, to ensure proper documentation of the quali- fied expenses and activities. n Diane Giordano is a CPA and national credit and incentive program leader at accounting-consulting firm Marcum LLP. Brett McGrath is a CPA and Con- necticut partner-in-charge of tax services at Marcum. Diane Giordano Brett McGrath be seen, Brouillard said. Bankers say they also want to see the repeal of the so-called Durbin amend- ment, which limited the fees banks can charge retailers for accepting credit- or debit-card purchases. "All it did was penalize the banks," Brouillard said. Finally, Brouillard said the Consumer Financial Protection Bureau should be focused on non-banking financial institu- tions, not just banks, and have oversight, which is now lacking. In the end, Hermann concludes, the growth of his bank into an institution with more than $441 million in assets did not happen by abusing the system the way bigger banks did in 2008, so the system should work more effectively with commu- nity lenders. "We're invested in our community," he said. "We live here. We see our customers in the grocery stores. We're not taking advan- tage of people." n