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Does Your Nonprofit Have UBIT Exposure?

If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the

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Press Release

Gray, Gray, & Gray Promotes Eight Staff Members

Canton, MA (January 2022):  Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of eight team members to new positions: Linh Truong has been promoted to Tax Supervisor. She is a graduate of Boston University and joined the firm in 2017. Venice Touze, CPA, MST

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Press Release

Hank Wolfson Elected Partner at Gray, Gray, & Gray

Canton, MA (January 1, 2022):  Hank S. Wolfson has been elected a Partner at Gray, Gray & Gray, LLP, a consulting, business advisory and accounting firm based in Canton, MA. Wolfson has served as the firm’s Chief Operating Officer since 2015 and will continue in that role. “Hank Wolfson has played an essential part in

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Articles

7 Keys for Nonprofit Success in 2022

The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause. How can you extend the concept of renewal to your organization’s operations and even grow in 2022? Here are seven ideas: 1.

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SafeSend

SAFESEND FREQUENTLY ASKED QUESTIONS (FAQ)

What is SafeSend Gather? SafeSend Gather helps streamline your tax information collection process while ensuring the highest level of security and confidentiality for your sensitive information. While you are completing your organizer, you can also upload your tax documents and transmit all information electronically to your Gray, Gray & Gray accountant. SafeSend is a user-friendly

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Articles

Don’t Run Afoul of Private Inurement Rules

Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario,

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