Architecture/Engineering/Design

Articles

Section 179D Energy Efficiency Tax Deduction Extended

By Martin E. PrendergastGray, Gray & Gray, LLP Congress and the White House have reached an agreement to extend a wide range of expired tax credits. The deal would renew numerous tax provisions that either expired at the end of 2017 or 2018, or were set to expire as of December 31, 2019. The extended …

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Taking Advantage of Tax Benefits You May Not Know About

Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts …

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The IRS Has Changed the Rules on Partnerships

Kevin F. Howley, CPA, PartnerMichael D. Koppel, CPA, PFS, CITP, MBA, Retired PartnerGray, Gray & Gray, LLP If your architectural or engineering firm is organized as a partnership (or LLC taxed as a partnership) there are new rules you should be aware of concerning potential IRS audits. The changes were made to increase the number …

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Articles

Building a Deep Bench is Part of Exit Planning

By Martin E. PrendergastGray, Gray & Gray, LLP If you are the principal in an architectural firm, engineering firm or construction company your days are probably filled with managing projects, putting together proposals for new work, reviewing plans, and tending to the hundreds of details that cross your desk. But in the midst of the …

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How Architects & Engineers Can Benefit from Section 179D

By Martin E. PrendergastGray, Gray & Gray, LLP Since it was first enacted in 2005, the Energy Efficient Commercial Building Tax Deduction (commonly referred to as Section 179D after its U.S. Internal Revenue Code section number) has had more lives than a nervous cat. This “green credit” for energy efficiency upgrades has expired, been revived …

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Has Your A&E Firm Unknowingly Created State and Local Tax Exposure?

By Martin E. PrendergastGray, Gray & Gray, LLP If you are an architectural or engineering firm that does work in states other than your own, you may be on the hook for payment of state and local taxes. States and municipalities across the country are struggling to close budget gaps and fund obligations such as …

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Should You Restructure Your Firm to Save on Taxes?

By Martin E. PrendergastGray, Gray & Gray, LLP One of the biggest changes to emerge from the Tax Cuts and Jobs Act of 2017 was a significant drop in the corporate tax rate, from 35% to 21%. However, this new tax rate only applies to businesses structured as C Corp entities. Does this mean that …

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Articles

A Tax Law Benefit for Architects and Engineers

By Martin E. PrendergastGray, Gray & Gray, LLP The Tax Cuts and Jobs Act of 2017 included several provisions lowering tax rates for both C Corps and many pass-through entities such as S Corps, LLCs, partnerships, and sole proprietors. C Corps received a drop in their corporate tax rate from 35% to 21%. Pass-through entities …

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