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 …
Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you …
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 …
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 …
Hank Wolfson Elected Partner at Gray, Gray, & Gray Read More »
While most eligible people have already received their Economic Impact Payments from the federal government, not everybody got a stimulus check or did not receive the full Recovery Rebate amount. If you were eligible for an Economic Impact Payment and did not receive it, you may be able to claim a Recovery Rebate Credit to …
Can You Claim a Recovery Rebate Credit on Your 2021 Taxes? Read More »
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. …
Be prepared to wait for your tax refund again this year. The Internal Revenue Service (IRS) has issued a statement warning that, due to office closures, staffing shortages, and multiple new tax initiatives and programs, the backlog that built up during the pandemic will likely lead to delays in processing tax returns again this year. …
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With travel for business purposes rebounding as pandemic restrictions are eased, it is good to know that you will be able to deduct a little more for your automobile mileage in 2022. The standard mileage rate for 2022 will be 58.5 cents per mile, an increase of 2.5 cents per mile over the 2021 rate. …