Tax Tips

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Taking Advantage of Tax Benefits You May Not Know About

Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts …

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Maximizing Business Property Depreciation Under the New Tax Law

Landlords and commercial property owners may want to take advantage of more favorable property depreciation rules that were part of the Tax Cut and Jobs Act, which are now in effect. The depreciation rules can be applied to most tangible property, including buildings, furniture, machinery, equipment and vehicles; but depreciation cannot be applied to land. …

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New Law Increases Holding Period for Carried Interests

On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and …

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Captive Insurance Strategies Can Pay Off For Real Estate Operators

Federal tax law has permitted U.S. businesses to form so-called “captive” insurance companies for many years, and numerous large companies have done so. It’s only relatively recently that the arrangement has gained traction with smaller public and privately owned companies. Could your real estate business benefit from pursuing captive insurance strategies? To find the answer, …

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How New Lease Accounting Rules May Impact Landlords and Tenants

By Richard Hirschen, CPA, CGMAGray, Gray & Gray, LLP Changes to the way leases are treated for accounting purposes were issued back in 2016 but are just now becoming effective. The new standard significantly changes how leases are recorded and will have an impact on both tenants and landlords. The new Financial Accounting Standards Board …

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5 Red Flags of License Royalty Payment Problems

By Kevin F. HowleyGray, Gray & Gray, LLP If you are a licensor of intellectual property, royalty payments are at the core of the value of your business. Your investment of time, talent and capital is repaid in installments from licensees. They are not sharing in their success, but fulfilling their end of a business …

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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.  It is important to recognize that partnerships (including LLCs taxed as a partnership) will be subject to these new rules for years beginning on or after January 1, 2018. The reason Congress passed the new rules are pretty simple: …

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Articles

Whether to choose a 529 or a Roth IRA to fund education expenses

By Michael D. Koppel, CPA, PFS, CITP, MBARetired PartnerDecember 1, 2018 Sec. 529 plans have been available to help plan for children’s or grandchildren’s post-secondary education for over 20 years. Each state has slightly different investment and other rules. Sec. 529 plans are great vehicles for saving, as the income in the plan is tax-deferred (Sec. 529(c)(1)) and qualified …

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Articles

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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Converting from S corp to C corp

By Venice Touze, MSTTax ManagerEditor: Michael D. Koppel, CPA, PFS, CITP, MBA (Retired Partner)December 1, 2018 The significant reduction in the corporate tax rate (from 35% to 21%) brought about by the law known as the Tax Cuts and Jobs Act of 2017 (TCJA), P.L. 115-97, has many S corporations considering whether to convert to a C corporation …

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