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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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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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Is Now the Time to Convert to a Roth IRA?

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

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Make Sure Your Licensees are Paying Their Royalties

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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