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TaxCaddy Makes Submitting Your Individual Tax Source Files Easy

Gray, Gray & Gray is here to support you during this unprecedented time. Our team continues to work hard to process tax returns electronically – and offers clients the added convenience of secure means of electronic file transfers – including TaxCaddy! While the federal and Massachusetts state individual filing and payment deadlines have been extended …

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Tax Time Trouble – New W-2 Scam Seeks Employee Information

Businesses of all sizes should be alert for a growing scheme in which identity thieves attempt to steal personal information on company employees by accessing their W-2 forms. This sensitive data is highly valued by cyber criminals. Small businesses who may not have dedicated HR or payroll staffs are particularly vulnerable to this scam. Here …

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Has Your A&E Firm Unknowingly Created State and Local Tax Exposure?

By Martin E. PrendergastGray, Gray & Gray, LLP If you are an architectural or engineering firm that does work in states other than your own, you may be on the hook for payment of state and local taxes. States and municipalities across the country are struggling to close budget gaps and fund obligations such as …

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Avoid These Seven Mistakes in Succession Planning

Family businesses account for 64 percent of U.S. gross domestic product, generate 62 percent of the country’s employment, and account for 78 percent of all new job creation.1 Yet the average life span of a family business is a mere 24 years. Less than one in three family-owned businesses survive to be passed on to …

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New IRS Partnership Audit Rules

The Bipartisan Budget Act of 2015 (BBA) included a provision which created new partnership audit rules.  Partnerships (including LLCs taxed as a partnership) are subject to the new rules starting this year. The new rules were implemented in order to decrease the time required for the IRS to complete an audit, thus allowing more entities …

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Should You Restructure Your Firm to Save on Taxes?

By Martin E. PrendergastGray, Gray & Gray, LLP One of the biggest changes to emerge from the Tax Cuts and Jobs Act of 2017 was a significant drop in the corporate tax rate, from 35% to 21%. However, this new tax rate only applies to businesses structured as C Corp entities. Does this mean that …

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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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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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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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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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