About the Episode: In the first episode of the Mind Your Business Series podcast, a group of key leaders in the professional services space discusses current topics and issues surrounding the real estate market, including interest rates, the pandemic’s impact on the market, what’s changed since ’07/’08, wealth transfer, and much more. Discover ways to […]
Revenue generated by 501(c)(3) organizations is generally exempt from federal income tax. But in some cases, your not-for-profit may incur unrelated business income tax (UBIT) on revenue. The good news is your annual tax return may offer some relief in the form of deductions. The list isn’t as long as the “ordinary and necessary business expenses”
6 Common Tax Deductions for Nonprofits Read More »
While the 2017 Federal Tax Cuts and Jobs Act lowered corporate tax rates and doubled the standard deduction, it also included a provision that limited annual itemized deductions for state and local taxes to $10,000. This cap on “SALT” deductions has prompted several states to introduce a “workaround” that allowed owners of pass-through businesses to offset
How Does the New Massachusetts Entity-Level Excise Tax Work? Read More »
With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure
Danger! How Nonprofits Often Lose Their Tax-Exempt Status Read More »
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.
Factor in taxes if you’re relocating to another state in retirement Read More »
Canton, MA (December 9, 2020): Forbes magazine has named Gray, Gray & Gray, LLP to its list of America’s Best Tax and Accounting Firms for 2021. The firm was recognized as one of the most recommended firms for tax services in the U.S. Gray, Gray & Gray was also named to the 2020 Forbes list. This is the
By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is
Multiple-employer plans for small businesses Read More »
By Michael L. Cecere, CPA, MSTGray, Gray & Gray, LLP Non-profit organizations that exist to address the needs of society occupy a special place in the business universe. Whether the mission is to provide support for disadvantaged communities, enlighten lives through art and culture, fund medical research, further a cause, or any one of thousands
Why Non-Profits Need to Think Strategically Read More »
Fraud is an unfortunate, but all too frequent, problem for many businesses. You need to be vigilant lest a customer, vendor, or employee tries to skim, cheat, embezzle or otherwise steal your hard-earned money. The best way to avoid getting ripped off is to have strong systems and processes in place to prevent such larceny.
Protecting Your Business from Fraud Read More »
While not exactly a “traditional” gift for a high school graduate, paying for the creation of an estate plan for a young adult can have long term benefits for both the grad and their family. If you have a child, grandchild or other relative who recently graduated or reached age 18, an estate plan is
An Estate Plan Makes a Great Graduation Gift Read More »