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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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
James Donellon Elected Partner at Gray, Gray & Gray CPAs Read More »
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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The reach of the recently enacted Tax Cuts and Jobs Act is far and deep, and even extends into the type of IRA you should consider: regular or Roth? And if you have a regular IRA, should you convert it to a Roth IRA and when? Keep in mind that an investment in a regular
Is Now the Time to Convert to a Roth IRA? Read More »
By Kevin F. Howley, CPAGray, Gray & Gray, LLP Royalty payments from the licensing of intellectual property can be a significant source of revenue for a business. But not all licensees keep up to date with their royalty payments, and others may pay a lower amount than required by their agreement. Which is why a
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The ramifications of the recently enacted Tax Cuts and Jobs Act of 2017 are far ranging. While the full details of the new tax law are still being sorted out, and many provisions lack clear guidance from the IRS, it appears that one area that will almost certainly be impacted is trusts and estates, which
Impact of Tax Reform on Trusts and Estates Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & Gray, LLPWhile attention is focused on the major new tax law that has recently emerged from Congress, the Internal Revenue Service (IRS) is ready to implement changes in the way partnerships are audited. The “Centralized Partnership Audit” program was authorized by Congress
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By Brian Jacobson, CPAGray, Gray & Gray, LLP “Trust, but verify.” President Ronald Reagan’s sage advice about arms negotiations is also appropriate when lending money or investing capital. If you are a lender or venture capital firm, it is incumbent on you to discover the facts about the ability of a borrower to pay back
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By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & Gray, LLP For many years, a partnership or a Limited Liability Company (LLC) that filed as a partnership had limited the consequences of an IRS audit. However, because of the growing number of LLCs, the IRS is becoming more aggressive in targeting
There are New Rules On Partnership Audits Read More »
Drive down almost any street in Greater Boston and across eastern New England and you are almost guaranteed to see “For Sale” signs sprouting like late summer weeds. The real estate market in our region is among the most active in the country, with eager buyers lining up to snap up a home inventory that
Red Hot Tax Tips for a Red Hot Real Estate Market Read More »