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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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Press Release

James Donellon Elected Partner at Gray, Gray & Gray CPAs

Canton, MA (August 16, 2018):  James Donellon, CPA, MSA, has been elected a partner at Gray, Gray & Gray, LLP, a certified public accounting and advisory firm based in Canton, MA. The announcement was made by James DeLeo, Leading Partner of the firm. Donellon joined Gray, Gray & Gray in 2006, and most recently served

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Press Release

Gray, Gray, & Gray Participates in "Day of Service"

Canton, MA (August 14, 2018):  More than 70 team members from Gray, Gray & Gray Certified Public Accountants in Canton, MA, performed a “day of service” at numerous area charities on Thursday, August 9. Team members provided volunteer services at the following locations: Greater Boston Food Bank (Boston) – Sorting donated food and canned goods

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Webinar

Who Gets 20% Deduction?

https://www.youtube.com/embed/0vnlxa1mfFg To balance the significant drop in the corporate tax rate contained in the Tax Cuts and Jobs Act of 2017, Congress also included a 20% deduction in qualified business income for pass-through entities. This is good news for many S Corps, partnerships, LLCs, and sole proprietorships – but not all of them. Watch this one-hour webinar as Tax Partner Emeritus Mike

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Press Release

Gray, Gray, & Gray Ranked Among Top 200 Accounting Firms in U.S.

Canton, MA (July 27, 2018):   Gray, Gray, & Gray, LLP (www.gggcpas.com) has been named one of the country’s Top 200 accounting firms by INSIDE Public Accounting magazine. The publication ranked Gray, Gray & Gray as the 160th largest accounting firm in the U.S. This is the sixth consecutive year the firm has been ranked

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Articles

Offshore Cryptocurrency Reporting

Cryptocurrency, including such online currencies like Bitcoin or other “virtual” currencies, are posing their own unique challenges to the Internal Revenue Service (IRS) and U.S. taxpayers. According to a CNBC report, “Almost every bitcoin or other ‘altcoin’ transaction – mining, spending, trading, exchanging, air drops, etc. – will likely be a taxable event…” Although both

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Articles

The AMT is Still With Us… Sort Of.

The Tax Cuts and Jobs Act was supposed to be the end of the alternative minimum tax (AMT), which has been confounding taxpayers in one form or another since 1969. The AMT is still with us, albeit in a much reduced form. Congress provided temporary relief from the AMT, which (unless extended or made permanent)

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Press Release

2018 Gray, Gray & Gray Energy Industry Survey Results

Canton, MA (May 15, 2018): Gray, Gray & Gray, LLP Certified Public Accountants, Canton, MA (www.gggcpas.com) has released the results of the firm’s 2018 Energy Industry Survey.  The survey, which has become a benchmark for heating oil and propane retailers over the past 27 years, was distributed to retail fuel oil and propane dealers throughout

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Articles

Are Partnership Guaranteed Payments Still A Good Idea?

The Tax Cuts and Jobs Act of 2018 (TCJA) created a new opportunity for many closely held businesses in the form of an exemption from federal tax of up to 20% of qualified business income.  The calculation of qualified business income and the percentage of it that can be excluded is complex. One of the

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