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
Make Sure Your Licensees are Paying Their Royalties Read More »
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
The Hidden Threat of New Partnership Audit Rules Read More »
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
“Trust, But Verify” When Lending Money Read More »
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 »
The deadline to implement major changes in the way leases are treated for accounting purposes may appear to be well in the future: late 2019 for publicly traded companies, and January 1, 2020 for privately held companies and non-profits. But accounting professionals are discovering that the work necessary to make the transition is significantly more
Changes to Lease Accounting Proving to Be More Complex Than Anticipated Read More »
Many people panic at the thought of interacting with the Internal Revenue Service (IRS). The thought of an audit or review of tax returns can be worrisome. But there is no need to go to pieces. If you have an encounter with the IRS – such as an audit or letter of inquiry – the
Your Rights as a Taxpayer Read More »
While Houston and the surrounding region struggles to emerge from the devastation of Hurricane Harvey, a new threat is emerging – fake charity scams. While we all want to help support the recovery effort in Houston, the Internal Revenue Service has issued a warning about scammers trying to take advantage of the generosity of helpful
After the Storm, the Scams. Read More »
On August 16, after a nearly ten year journey through the courts, the U.S. District Court for the Central District of California reversed an earlier decision on a landmark case and ruled that plan fiduciaries continue to have responsibility for employee benefit plans (such as 401(k) plans) even after initial investment decisions have been made.
Landmark Case on Fiduciary Role in 401(k) Plans Read More »