RI Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Rhode Island (RI). With its defense industry and growing innovation economy, we understand the unique financial landscape that comes with doing business in Rhode Island.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Rhode Island clients without the need for an additional state license. This means Rhode Island individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Rhode Island (RI)
RI Individual Tax Preparation
Comprehensive federal and Rhode Island state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →RI Business Tax Services
Tax preparation and planning for Rhode Island-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →RI Cryptocurrency Tax
Specialized crypto tax services for Rhode Island investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →RI Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Rhode Island.
Learn More →RI IRS Resolution
Professional representation before the IRS for Rhode Island taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →RI 83(b) Elections
Equity compensation planning and 83(b) election filing for Rhode Island startup employees and founders receiving restricted stock.
Learn More →RI Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →RI Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →RI Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →RI Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →RI Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →RI Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →RI Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →RI Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →RI Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →RI Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →RI Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Rhode Island Audit Services in Detail
Rhode Island businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance over the financial statements. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Rhode Island Nonprofit & Charitable Organization Audits
Rhode Island charities registered under the state's Solicitation by Charitable Organizations Act may be required to submit audited or reviewed financial statements when annual gross revenue exceeds the statutory threshold. Audited statements are also routinely expected by the Rhode Island Foundation, United Way of Rhode Island, the Rhode Island Department of Business Regulation, and major federal and state grantmakers. We deliver nonprofit audits that meet state filing requirements and the substantive review expectations of major Rhode Island funders.
Rhode Island 401(k) & Employee Benefit Plan Audits
Rhode Island plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Rhode Island, including plans sponsored by RI healthcare systems, professional services firms, and manufacturers.
Rhode Island Single Audits (Uniform Guidance)
Rhode Island nonprofits, municipalities, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
Rhode Island Lender, Bonding & Investor Audits
Rhode Island banks, surety companies, and equity investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders and bonding agents need, with the supporting documentation and management representations to make underwriting straightforward.
Rhode Island Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Rhode Island lenders for smaller credit facilities, by acquirers in RI lower-middle-market M&A diligence, and by stakeholders who require CPA-prepared financial statements without the cost of a full audit.
Rhode Island (RI) Tax & Business Landscape
Key Rhode Island Tax Numbers. Personal income tax: graduated, with a top marginal rate of 5.99% (applied to taxable income above approximately $181,250, indexed annually). Corporate income tax: 7% flat rate, with a $400 minimum tax. Sales and use tax: 7% statewide (with no local add-on). Estate tax: applies above approximately $1.77 million (indexed) — well below the much higher federal estate exemption, making Rhode Island one of a minority of states with its own estate tax. Pass-through entity (PTE) elective tax: available since tax year 2019 as a SALT-cap workaround, with a corresponding owner-level credit on Form RI-1040.
Filing Mechanics. Individuals file Form RI-1040 (residents) or RI-1040NR (nonresidents and part-year residents) by April 15, with a six-month extension available on Form RI-4868. C-corporations file Form RI-1120C; S-corporations and partnerships file Form RI-1120S and RI-1065 respectively. Pass-through entities making the SALT-cap election file Form RI-PTE. Returns are administered by the Rhode Island Division of Taxation.
Residency & Multi-State Considerations. Rhode Island uses both a domicile test and a 183-day statutory residency test. With Massachusetts and Connecticut as immediate neighbors, many Rhode Island residents have wages or business income sourced to those states and must navigate credit-for-taxes-paid mechanics across multiple returns. We routinely prepare RI/MA, RI/CT, and three-state combinations for commuters, remote workers, and partners in out-of-state pass-through entities.
Rhode Island Economy & Who We Serve. Rhode Island's economy is anchored by healthcare (Lifespan, Care New England, Brown University Health), higher education (Brown, URI, RISD, Providence College), financial services, marine and defense (the Naval Undersea Warfare Center and Naval War College in Newport), and tourism. Our typical RI clients include healthcare professionals, founders and executives at Providence-area startups, real estate investors, retirees, nonprofit boards, and active traders.
CPA Mobility in Rhode Island. Rhode Island has adopted CPA mobility provisions through the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to Rhode Island clients without obtaining a separate Rhode Island individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Rhode Island mobility and firm registration requirements before commencing any engagement.
Cities and Towns We Serve. Our virtual-first practice serves clients across all of Rhode Island, including Providence (state capital; healthcare, financial services, higher education), Warwick (T.F. Green airport corridor; the state's second-largest city), Cranston (Garden City and Western Cranston business districts), Pawtucket (manufacturing and arts), East Providence, Woonsocket, Newport (military, marine industries, tourism), Coventry, Cumberland, North Kingstown, South Kingstown, Westerly, and the surrounding Bristol, Kent, Newport, Providence, and Washington county communities.
Why Rhode Island Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Multi-state tax expertise — particularly for Rhode Island residents with Massachusetts or Connecticut income
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax (mark-to-market elections, wash sales), and 83(b) elections for RI startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Rhode Island CPA — Frequently Asked Questions
Do I need a Rhode Island-licensed CPA, or can an out-of-state CPA handle my RI tax and audit work?
Rhode Island has adopted CPA mobility provisions under the Uniform Accountancy Act, which means a CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to Rhode Island clients without holding a separate Rhode Island individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Rhode Island registration before commencing attest engagements.
What is Rhode Island's income tax rate, and when is the RI return due?
Rhode Island has a graduated personal income tax with a top rate of 5.99%. The standard filing deadline for Form RI-1040 mirrors the federal April 15 deadline, with a six-month extension available on Form RI-4868. Estimated payments follow the federal quarterly schedule.
When does my Rhode Island nonprofit need an audit?
Rhode Island charities registered under the Solicitation by Charitable Organizations Act may be required to submit audited or reviewed financial statements when gross revenue exceeds the statutory threshold. Audits are also commonly required by lenders, federal grantmakers, the Rhode Island Foundation, and major institutional funders. Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Does Rhode Island recognize the SALT-cap pass-through entity workaround?
Yes. Rhode Island enacted an elective pass-through entity tax effective for tax year 2019 and later. Eligible S-corps, partnerships, and LLCs taxed as partnerships can elect to pay state income tax at the entity level, allowing owners to receive a corresponding credit on their RI-1040 and effectively work around the federal $10,000 SALT deduction cap.
I commute from Rhode Island to Massachusetts or Connecticut for work. How does that affect my tax return?
Rhode Island residents owe RI tax on worldwide income but receive a credit for income taxes paid to other states on income sourced there. The mechanics differ depending on whether you're a wage earner, self-employed, or a partner in an out-of-state pass-through entity. We routinely prepare RI/MA and RI/CT multi-state returns and apply credit-for-taxes-paid mechanics correctly across jurisdictions.
Can you represent a Rhode Island taxpayer in an IRS audit or RI Division of Taxation audit?
Yes. As a CPA, Kurt Simmons has unlimited representation rights before the IRS in all 50 states under Treasury Circular 230 and represents Rhode Island clients in IRS examinations, collections, appeals, and offers in compromise. We also represent Rhode Island taxpayers in matters before the RI Division of Taxation.
Do you serve Rhode Island clients outside Providence, Warwick, and Cranston?
Yes. Our practice is virtual-first, so we serve clients in every Rhode Island municipality — including Newport, Pawtucket, East Providence, Woonsocket, Cumberland, North Kingstown, Westerly, and every community in Bristol, Kent, Newport, Providence, and Washington counties — with the same level of access and service.