Tax Strategy & Compliance

Senate Fails to Pass Tax Relief Bill, Leaving Significant Tax Code Changes Unrealized

Despite months of negotiations and debate, the U.S. Senate failed to pass HR 7024, titled the “Tax Relief for American Families and Workers Act of 2024.” The bill’s failure means that several proposed changes to the U.S. tax code will not be implemented, affecting both individuals and businesses. This outcome particularly impacts rules on research […]

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The Potential Ripple Effects of Connelly v. United States on Business Succession Planning

By Bryan E. Pearce & Kelly A. Berardi, JD, LL.M.Gray, Gray & Gray, LLP Companies whose business succession planning includes the use of life insurance policies to fund a buy/sell agreement may have to go back to the drawing board. The recent U.S. Supreme Court decision in Connelly v. United States has significant implications for

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Defeat of H.R. 7024 Threatens Restoration of Taxable Income Adjustment

The potential consequences of the Senate failing to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024, are numerous, as this crucial legislation addresses several important tax issues. One of the most significant for businesses is the proposed addback of depreciation, amortization, and depletion when determining adjusted taxable income under

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Maximizing R&D Tax Credits for Life Science Companies

By Tom Yuen, CPA, MSTGray, Gray & Gray, LLP Research and development are the lifeblood of the life science industry. From developing new drugs and medical devices to advancing biomedicine and biotechnology, life science companies pour billions into R&D each year in pursuit of life-changing innovations. However, the R&D process is extremely costly, time-consuming, and

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Videos

Maximizing R&D Tax Credits for Life Science Companies Video

https://youtu.be/J8807vzYLY4?si=alh61saBlYSL9s-1 Research and development are the lifeblood of the life science industry. From developing new drugs and medical devices to advancing biomedicine and biotechnology, life science companies pour billions into R&D each year in pursuit of life-changing innovations. However, the R&D process is extremely costly, time-consuming, and risky, with many drug candidates and products failing

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Should I File or Extend This Year?

With a significant tax bill seemingly stuck in Congress, many clients are asking, “Should I file or extend for the March 15 and April 15 tax deadlines?  Some background:  The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) stormed through the House of Representatives with a resounding bipartisan vote (357-70) approving

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Important Tax Deadlines for the 2023 Tax Year

Individuals and businesses need be aware of upcoming deadlines for filing taxes and submitting various forms. Staying informed and prepared will help ensure compliance with the IRS requirements and avoid potential penalties. Below are the key deadlines for the 2023 tax year that you need to mark on your calendar. For Individuals: April 15, 2024:

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M&A Blocks, Hands

Avoiding Unexpected Tax Implications in Mergers and Acquisitions

By James DeLeo, MBA, CPA/MST & Kelly Berardi, JD, LL.M.Gray, Gray & Gray, LLP One of the most important aspects of any M&A deal is the tax planning. While experienced dealmakers know to expect certain tax consequences, there are often unexpected tax implications that can arise. These unexpected tax bills can have a significant impact

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U.S. House Passes Act to Extend R&D Tax Credits

On January 31st, the U.S. House of Representatives passed the Relief for American Families & Workers Act of 2024, which includes significant changes to Section 174 Research and Development (R&D) expensing rules, enhancements to the Child Tax Credit, and restoration of several other business friendly provisions. The bi-partisan agreement still needs to be finalized and passed

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Sales and Use Tax Five Years After Wayfair

By Derek Rawls, CPA, MSTGray, Gray & Gray, LLP The landmark Supreme Court decision in South Dakota v. Wayfair, Inc. in 2018 fundamentally altered the landscape of sales and use tax compliance for businesses with multistate sales. By overturning the physical presence requirement, the Court paved the way for states to require remote sellers to

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