Tax Tips

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Child Tax Credit Letters

The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact …

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Articles

Are you taking advantage of CARES ACT opportunities for tax refunds?

By Elvira Lawlor, CPA, MBA           Gray, Gray & Gray, LLP        The research and development (R&D) tax credit is one of the most powerful tools your architectural or engineering firm could use to ease your tax burden. In light of the global pandemic, with many businesses struggling to stay afloat, R&D could become a great boost …

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Articles

Alert: Tax Changes May Affect Your Exit Timing

By Joe Ciccarello, CPA, MST Partner February 4, 2021 If you have given any thought to selling your business and retiring, now might be a good time. And I mean right now. The shift in power in Washington is likely to result in significant changes to federal tax laws, including capital gains taxes. Corporate tax …

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Articles

Multiple-employer plans for small businesses

By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is …

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Koch's Corner

Koch’s Corner: Confused About Accounting for Convertible Instruments & Contracts in an Entity’s Own Equity? Relief is on the Way!

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray Many small businesses – particularly microcaps – undertake financing in the form of convertible debt and convertible preferred stock, as they may not …

Koch’s Corner: Confused About Accounting for Convertible Instruments & Contracts in an Entity’s Own Equity? Relief is on the Way! Read More »

Koch's Corner

Koch’s Corner: Audit Quality at Gray, Gray & Gray

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray The quality of an audit is an essential part of the level of assurance and confidence the client will have upon its completion. …

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Koch's Corner

Koch’s Corner: Accounting for PPP Loan Forgiveness

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray As recipients of loans made through the federal Paycheck Protection Program (PPP) begin to submit their applications for loan forgiveness, it is incumbent …

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TaxCaddy Makes Submitting Your Individual Tax Source Files Easy

Gray, Gray & Gray is here to support you during this unprecedented time. Our team continues to work hard to process tax returns electronically – and offers clients the added convenience of secure means of electronic file transfers – including TaxCaddy! While the federal and Massachusetts state individual filing and payment deadlines have been extended …

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Koch's Corner

Koch’s Corner: Simplifying Accounting for Income Taxes

[vc_row][vc_column][vc_column_text]Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray As part of its initiative to reduce complexity in accounting standards the Financial Accounting Standards Board (FASB) has issued ASU No. 2019-12, “Simplifying …

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Articles

Independent Contractor or Employee? Varying Tests

By Michael D. Koppel, CPA, PFS, CITP, MBARetired PartnerDecember 1, 2019 Editor: Marcy Lantz, CPA It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe …

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