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Important Tax Deadlines for the 2023 Tax Year

Individuals and businesses need be aware of upcoming deadlines for filing taxes and submitting various forms. Staying informed and prepared will help ensure compliance with the IRS requirements and avoid potential penalties. Below are the key deadlines for the 2023 tax year that you need to mark on your calendar. For Individuals: April 15, 2024: […]

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U.S. House Passes Act to Extend R&D Tax Credits

On January 31st, the U.S. House of Representatives passed the Relief for American Families & Workers Act of 2024, which includes significant changes to Section 174 Research and Development (R&D) expensing rules, enhancements to the Child Tax Credit, and restoration of several other business friendly provisions. The bi-partisan agreement still needs to be finalized and passed

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Sales and Use Tax Five Years After Wayfair

By Derek Rawls, CPA, MSTGray, Gray & Gray, LLP The landmark Supreme Court decision in South Dakota v. Wayfair, Inc. in 2018 fundamentally altered the landscape of sales and use tax compliance for businesses with multistate sales. By overturning the physical presence requirement, the Court paved the way for states to require remote sellers to

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7 Fringe Benefits for Nonprofit Employers to Offer

One of the biggest challenges facing not-for-profit organizations is finding and retaining top-quality talent. It’s hard enough to overcome the perception — often a misconception — that nonprofits don’t pay their employees nearly as well as for-profit companies. When benefits are factored in, nonprofits can look more attractive. So you may want to review, and possibly

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R&D Deduction Update

By Martin E. Prendergast, MBAGray, Gray & Gray, LLP The U.S. tax code offers various provisions designed to incentivize business growth and innovation. Among them, Section 174 plays a crucial role by allowing businesses – including many in the architecture, engineering, design, and construction industries – the option to deduct or amortize research and experimental

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Year End Donation - Nonprofit

Boost Year-End Donations to Your Nonprofits

You likely already know that year end is the optimal time for not-for-profits to conduct gift-giving campaigns. Donors are more generous during the holidays, and many people wait until the last minute to make tax-deductible gifts before the Dec. 31 deadline. In fact, according to Double the Donation, 10% of all charitable giving occurs on the

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Man at Construction Company working on Financial Management

Leveraging Section 179 for Optimal Savings in Construction Companies

By Derrick Rebello, CPA & Brad CarlsonGray, Gray & Gray, LLP In the dynamic and competitive world of construction, good financial management is pivotal. Construction companies have multiple overheads ranging from labor to machinery, all of which can significantly impact their profitability. However, the Internal Revenue Service (IRS) provides some relief in the form of

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7 Ways Outsourcing Your Accounting & Business Office Functions Can Unleash Efficiency

Small and medium-sized enterprises (SMEs) looking to sustain growth face a multitude of challenges, from navigating complex financial regulations to keeping up with the ever-evolving technological landscape. Business owners can find themselves overburdened by administrative tasks, particularly in the areas of accounting and functional business advisory services. Here are seven ways outsourcing these functions can

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Data Security Safeguards Rules Extended to Additional Industries

By Nathaniel C. Gravel, CISA, CISM, CRISC The Graham-Leach-Bliley Act (GLBA), formally recognized as the Financial Modernization Act of 1999, has long served as a regulatory keystone in the United States financial sector. Originally conceived to break down barriers between commercial banks, investment banks, and insurance companies, the Act has undergone several expansions and interpretations

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Right Sizing Your Financial Management Software

By Bill ConstantopoulosGray, Gray & Gray, LLP  As your construction business grows and evolves, your needs change. This holds particularly true for financial management systems. If your business started small, you may have initially chosen a software solution appropriate for startups and small businesses. But over time, as your business operations have expanded, you may

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