Five Questions With: Bruce A. Desrosiers

Bruce A. Desrosiers is a tax director for BlumShapiro, providing tax services for for-profit and nonprofit enterprises. He also is a member of the firm’s real estate cost segregation services group.
Desrosiers is scheduled to appear on the panel at the PBN Summit on Taxes & Government Regulations on Nov. 6. He takes the time to talk about some of the issues that will be talked about at the event.

PBN: If you had to pick just one change in Rhode Island rules and regulations going into effect in 2015 that has the potential to have the greatest impact on the state’s business community, what would it be?
DESROSIERS:
I understand that all the state’s agencies are being given guidance in how to develop regulations and there will be an effort to organize them in a way that can be followed. I think this is by far the greatest achievement since it lends itself to businesses finding out what the requirements are on their businesses operations. It’s kind of like cleaning out the closets and only keeping what you need!

PBN: The state Office of Regulatory Reform recently put out a report of the work it has completed so far in examining and modifying Rhode Island’s regulatory regime. Will the repeals, modifications and consolidations have an impact on your clients? On you?
DESROSIERS:
Yes, it will have a positive impact. I think the streamlining of the regulations especially in the tax area is long overdue. The efforts to incorporate things like electronic signatures and e-permits just make business and tax advisory services so much more efficient.

PBN: In general, how much time do you spend every year preparing for changes in state and/or federal law that affect your clients? Is that amount growing or shrinking recently?
DESROSIERS:
I don’t know that it is growing or shrinking, I think each year it is just different. We spend a significant amount of time each year trying to understand the impact of law changes on our clients. There is a constant learning that has to be part of the process that is continuous and vital to anyone offering business advisory services. The Affordable Care Act even now more than 4 years after its original passage continues to have people wondering how it will impact them. Clearly the largest impact on businesses in 2015 is going to be the implementation of the ACA provisions requiring everyone to have health insurance that meets the requirements of affordability, quality and reporting requirements.

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PBN: From your perspective, what tax law changes could Rhode Island make going forward that would have the most impact on the ability of Ocean State companies to compete regionally, nationally?
DESROSIERS:
There needs to be an emphasis on growing the business base in manufacturing and innovative industries like technology and green energy construction. I think the state could develop tax programs that incentivize these activities which in turn, will make Rhode Island a place to start, grow and maintain a business. There are many business enterprises that are pass-through entities such as S-Corporations that should have access to these types of business credits against personal income taxes for activities such as R&D, manufacturing, hiring, etc.

PBN: BlumShapiro has offices in Connecticut and Massachusetts as well as Rhode Island. Which of the three states has the most business-friendly tax and regulatory stance?
DESROSIERS:
As a life-long resident of Rhode Island, I would love to be able to say it is here in the Ocean State. It is challenging to do business in any state that attempts to regulate your activities because regulations add to your costs. The answer really depends on what it is that you are doing with your business and if the opportunity to be more profitable actually exists over the border. Most people who operate small businesses operate within their home state. Rhode Island has not had a great way to get all the licenses and permits in a one-stop setting. Additionally, Rhode Island could make strides to eliminate the need for some permits and fees. The regulatory reforms undertaken recently, together with electronic efficiencies, make Rhode Island a better place to be. It seems like our state officials are making an effort. We need to continue to strive for that business friendly status.

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