Tax Strategy & Compliance

Articles

You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there …

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Koch’s Corner: Accounting for the Employee Retention Tax Credit

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray The Employee Retention Tax Credit (“ERC”) has provided many employers with significant tax credits for retaining workers.  While the Paycheck Protection Program (“PPP”) …

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Articles

IRS May Claw Back Advance Child Tax Credit

The federal government will begin sending advance child tax credit payments to an estimated 39 million American families in mid-July. A total of six monthly payments will be made during 2021, representing half of the expected child tax credit eligible taxpayers can use when filing their 2021 tax return. But shifting economic conditions and a …

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Articles

R&D Capitalization Starts Next Year (Maybe). Are You Ready?

By Tom Yuen, CPA, MST Since 1954 taxpayers have been able to fully deduct research & development (R&D) costs during the tax year in which they occurred, if they chose to do so. The option for an immediate deduction was seen as a way to spur innovation. But that option is coming to an end …

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Articles

Balancing Tax Credits with COVID Stimulus

By Martin E. Prendergast, MBAGray, Gray & Gray, LLP As tough as the past year has been for many architectural, engineering and design firms, there have been a number of federal programs put in place to help retain employees and ease the burden imposed by the extended economic upheaval. While most people are familiar with …

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Articles

Child Tax Credit Letters

The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact …

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Articles

Will There Be a Three-Year Extension for Biodiesel Tax Credit?

The $1 per gallon tax credit for biodiesel and renewable diesel fuel, which is set to expire at the end of 2022, may have a longer life. Legislation to extend the tax credit through 2025 has been introduced in both the U.S. House of Representatives and Senate. This is welcome news for fuel oil dealers …

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Articles

Successfully Navigating the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERC), which allows eligible employers to earn a refundable tax credit against certain federal employment taxes, was an important part of the original CARES Act to provide pandemic relief. The ERC became even more appealing once it was opened to businesses that had also received a Paycheck Protection Program (PPP) …

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Articles

2020 PPP Loan Expense Deductions Can Be Brought Forward

Thanks to the far-reaching Consolidated Appropriations Act passed in December 2020, small businesses that used funds from a first round Paycheck Protection Program (PPP) loan to pay eligible expenses were also granted the right to take a deduction on their 2020 tax return – even if the PPP loan was forgiven (or was expected to …

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Webinar

WEBINAR #14: Everything You Need to Know About Employee Retention Tax Credits Form

During this one-hour webinar Gray, Gray & Gray will help businesses explore reasons why you may want to apply for and manage ERTC, including balancing ERTC with PPP loans. Watch the webinar recording with Gray, Gray & Gray Leaders Jim DeLeo, Kelly Berardi, Brad Carlson and Derek Rawls as they answer your questions about the ERTC program. Please complete the brief form …

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