Articles

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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Cyber Insurance Digital Graphic

12 Policies & Practices You May Need to Adopt to Be Eligible for Cyber Insurance

By Nathaniel C. Gravel, CISA, CISM, CRISC In today’s digital landscape, cybersecurity is not just an IT issue but a significant business risk. With cyber threats growing more sophisticated, businesses are increasingly turning to cyber insurance as a way to mitigate the financial impacts of cyberattacks and data breaches. However, obtaining cyber insurance isn’t as

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Got a “Business” Idea? You Might Want to Form a Nonprofit

Do you have an idea for a new venture with social benefits or environmental applications? You can set up as a for-profit entity — such as a C corporation, S corporation or limited liability company — with charitable functions. Or, if your key objectives are more altruistic, you may want to consider an alternative: forming a

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Ins and Outs of Private Foundations

The term “501(c)(3) organization” — which refers to the Internal Revenue Code section governing not-for-profit entities — often is used interchangeably with “public charity.” But not all 501(c)(3) organizations are public charities. Some are private foundations, and they’re subject to different tax rules. Individual and Family Charity A private foundation is a 501(c)(3) organization created by

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Don’t Jeopardize Your Nonprofit’s Tax-Exempt Status

The tax-exempt status of a 501(c)(3) organization is its lifeblood. Without it, most not-for-profits couldn’t obtain the financial and other support they need to fulfill their mission. That’s why you need to protect your exempt status at all costs. 6 Violations Following is a brief overview of six common ways nonprofits’ tax-exempt status can be jeopardized

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