As the New Year’s ball worked its way down its 141-foot drop in the seconds leading up to midnight on Dec. 31, many people wondered if they were seeing the image of the United States dropping over the Fiscal Cliff. But after a hectic 48 hours that ended at about 11 p.m. on New Year’s […]
Fiscal Cliff Legislation: How tax changes in the new act may affect you Read More »
Expired business provisions extendedSeveral popular business provisions that had already expired were reinstated retroactively and temporarily extended, including:R&D tax credit – The credit for increasing research and development activities, which expired at the end of 2011, is extended through 2013. A modification allows for partial inclusion of research expenses and gross receipts of an acquired
Provisions Primarily Affecting Businesses Read More »
A common theme of recent tax legislation has been to place most, if not all, of the burden of new taxes on “wealthy” individuals. In so doing, Congress has defined the wealthy as those with an income above a certain threshold. Unfortunately, Congress has chosen multiple different income levels. For example, a married couple filing
Tax Planning Considerations Read More »
Income tax rate increases for the wealthiestThe rate brackets remain as they have been for the past 10 years, adjusted annually for inflation. The six existing tax rates – 10, 15, 25, 28, 33 and 35 percent – are retained. However, beginning Jan. 1, 2013, the act imposes a new 39.6 percent bracket that will
Provisions Primarily Affecting Individuals Read More »
By Michael D. Koppel, CPA, MSTGray, Gray & Gray, LLPDecember 2012 As the end of 2012 draws closer, many people start to think about enjoying the holidays. But as a business owner it is also time to plan for the all-important task of preparing to pay the tax bills your company will be responsible for
Planning For An Uncertain Tax Future Read More »
Joe Ciccarello, CPAGray, Gray & Gray, LLPSeptember 2011 As I write this, the oilheat industry is just coming off another price spike, during which many dealers delivered product at more than $4 per gallon. Although prices have backed off slightly these are still the highest prices we’ve seen since 2008. Yet this time around there
Dealing with $4 Oil Read More »
Joe Ciccarello, CPAGray, Gray & Gray, LLPSeptember 2011 As oilheat and propane dealers cope with rising prices for product and overhead, there is a constant struggle to set and maintain a margin that will allow them to cover costs and still make a profit. Perhaps it is time to take a page from other industries
A New Pricing Model for Oilheat Read More »
Joe Ciccarello, CPAGray, Gray & Gray, LLPApril 2012Should I stay or should I go now?If I go there will be trouble.If I stay it will be double. If you are old enough to remember these lyrics from The Clash, you are probably old enough to have retirement on your mind. And, given the very challenging
Should You Stay or Should You Go? Read More »
Joe Ciccarello, CPAGray, Gray & Gray, LLPAugust 2012 Have you seen the motion picture Moneyball? Or read the Michael Lewis book of the same name? If so, you know how general manager Billy Beane (portrayed in the movie by Brad Pitt) transformed the way the Oakland A’s baseball team managed the critical process of player selection and development.
"Moneyball" and Your Oil Business Read More »
Joe Ciccarello, CPAGray, Gray & Gray, LLPJuly 2012 Can you predict the winner of the Kentucky Derby in the year 2017? How about taking a guess at where the stock market will close on July 1, 2017? Or how much a barrel of crude oil will cost five years from today?Nobody can predict these events with any
What Will Your Business Look Like in Five Years? Read More »