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 […]
R&D Capitalization Starts Next Year (Maybe). Are You Ready? Read More »
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
Balancing Tax Credits with COVID Stimulus Read More »
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
Child Tax Credit Letters Read More »
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
Will There Be a Three-Year Extension for Biodiesel Tax Credit? Read More »
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)
Successfully Navigating the Employee Retention Tax Credit Read More »
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
2020 PPP Loan Expense Deductions Can Be Brought Forward Read More »
The original CARES Act in March 2020 provided much needed relief for small businesses in the form of Paycheck Protection Program (PPP) loans. But a lesser known component was the Employee Retention Tax Credit (ERTC), which allowed eligible employers – of any size – to earn a refundable tax credit against certain federal employment taxes.
Balancing a PPP Loan and Employee Retention Tax Credits Read More »
By Elvira Lawlor, CPA, MBA Gray, Gray & Gray, LLP The research and development (R&D) tax credit is one of the most powerful tools your architectural or engineering firm could use to ease your tax burden. In light of the global pandemic, with many businesses struggling to stay afloat, R&D could become a great boost
Are you taking advantage of CARES ACT opportunities for tax refunds? 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 »