Rhode Island · Graduated income tax, 7% sales tax
CPA, bookkeeping & fractional CFO services in Rhode Island
Rhode Island has a graduated personal income tax, a 7% sales tax and an economy built on healthcare, education, marine trades and tourism. CPA Torrance is a CPA-led firm based in Torrance, California that provides bookkeeping, tax planning, tax filing and fractional CFO support to Rhode Island businesses remotely.
- Serving all of Rhode Island remotely
- Rhode Island RI-1120S, RI-1065 and RI-1120C tracked for you
- Monthly reporting included
In short
What taxes do Rhode Island businesses pay?
Rhode Island taxes pass-through income at the owner level under its graduated personal income tax, and many entities pay an annual minimum business tax. C corporations pay corporate income tax. Sales tax is 7%, and hotel and short-term rentals carry additional taxes.
- State income tax
- Graduated
- State sales tax
- 7%
- Key business tax
- Minimum business tax
- How we serve
- Remotely, statewide
Services in Rhode Island
What we do for Rhode Island business owners
From Providence healthcare practices and design firms to Newport marine and tourism businesses, Rhode Island owners need organized books and careful planning. We provide monthly bookkeeping, federal and Rhode Island tax planning, filings and CFO reporting from one coordinated team.
Bookkeeping Services
- Monthly reconciliations in QuickBooks Online
- Rhode Island sales and hotel tax tracking
- Payroll and contractor payment review
- Monthly profit and loss and balance sheet
- Catch-up and clean-up bookkeeping
Tax Planning & Strategy
- Entity and S corporation review
- Rhode Island PTE election review
- Federal and state estimated payments
- Multi-state income review
- Year-end tax planning meeting
Tax Filing & Compliance
- Federal business returns (1120, 1120S, 1065)
- Rhode Island RI-1120S, RI-1065 and RI-1120C returns
- Owner individual returns
- IRS and state notice help
- Due-date tracking for every filing
Fractional CFO Services
- Cash-flow forecasts
- Budget versus actual reviews
- Margin and pricing analysis
- Lender- and investor-ready reporting
- Growth and hiring plans
Rhode Island tax planning
Planning around Rhode Island taxes
Rhode Island planning combines the graduated rates, the minimum tax, the PTE election and federal planning.
Book a 15-min callMinimum business tax
We make sure the annual minimum tax is filed and paid for each entity.
PTE election
Rhode Island offers an elective pass-through entity tax. We model whether it saves money.
Hospitality taxes
Hotels and short-term rentals owe sales and hotel taxes. We track both.
Who we work with
Rhode Island industries we serve
We work with owner-led businesses across Rhode Island, with experience in the industries that drive the state economy.
Healthcare practices
Medical and dental practices.
Marine trades
Boatbuilders and marine service businesses.
Tourism and hospitality
Newport and coastal businesses.
Design and manufacturing
Makers and creative firms around Providence.
E-commerce sellers
Online brands with Rhode Island sales tax, inventory and multi-channel books.
Professional firms
Consultants, agencies and law firms billing by the hour, project or retainer.
Why Rhode Island businesses choose CPA Torrance
Areas we cover
Serving businesses across Rhode Island
Businesses in Providence, Warwick, Cranston, Pawtucket, Newport work in healthcare, education, marine industries, tourism and manufacturing. CPA Torrance helps Rhode Island businesses, including those owned from out of state, stay compliant and organized through remote meetings.
- Providence
- Warwick
- Cranston
- Pawtucket
- Newport
- East Providence
- Woonsocket
- Westerly
- Video meetings on your schedule
- Secure document portal for statements and returns
- Cloud accounting you can see any time
FAQ
Rhode Island business tax and accounting questions
Not covered here? A 15-minute call gets you a straight answer for your situation.
What financial services can CPA Torrance provide to Rhode Island businesses?
We provide monthly bookkeeping, federal and Rhode Island tax planning, business tax filing and fractional CFO services. Everything runs from one set of books, so your bookkeeper, CPA and CFO advisor work from the same numbers.
Does Rhode Island have a pass-through entity tax?
Yes. Rhode Island allows partnerships and S corporations to elect to pay tax at the entity level.
What is the Rhode Island minimum business tax?
Many corporations, S corporations and LLCs pay an annual minimum tax regardless of income.
Do Rhode Island short-term rentals owe tax?
Yes. Short-term rentals owe sales tax and the hotel tax, and may need to register.
Can CPA Torrance work with Rhode Island businesses remotely?
Yes. We serve businesses across Rhode Island, including Providence, Warwick, Cranston, Pawtucket, Newport, East Providence, Woonsocket and Westerly, through video meetings, a secure document portal and cloud accounting you can see any time. Our office is in Torrance, California.
How do I get started?
Book a 15-minute call or request a free financial assessment. We review your books, tax position and systems and recommend the right mix of support for your Rhode Island business.
Get your Rhode Island books and taxes in order.
Book a call to review bookkeeping and tax planning for your Rhode Island business.