By Paul Gerry, Jr., CPA, PartnerGray, Gray & Gray Small and medium-size businesses (SMBs) face increasingly difficult challenges in keeping up with evolving technologies and the accelerating pace of doing business. With the complexities of running a business today it is nearly impossible for a business owner to “wear many hats” effectively. Unfortunately, the growing […]
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Canton, MA (February 11, 2022): Gray, Gray & Gray, LLP, an accounting and business consulting firm based in Canton, MA, has been ranked as the 17th largest accounting firm in Massachusetts by the Boston Business Journal. The publication’s annual rankings are based on the size of the firm’s professional staff in the state and include
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The Internal Revenue Service (IRS) has not hidden the fact that it is backlogged in processing millions of tax returns, including payroll tax returns. Among the reasons for the backup is an unexpectedly high volume of Employee Retention Credit (ERC) refund requests. This has left many businesses waiting longer than expected for their refund. As
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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
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Starting this summer the Internal Revenue Service (IRS) taxpayers who go online to access their accounts or pay taxes will be required to submit to facial recognition as a security precaution. The IRS has contracted with a third-party facial recognition company called ID.me to provide the service. Enrollment with ID.me will require submission of a
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Panel Discussion – Getting to the Point of Sale: Preparing to Sell Your Business Review the panel discussion on Getting to the Point of Sale, moderated by Gray, Gray & Gray Managing Partner, Jim DeLeo and featuring expert insights. Learn what it takes to get your business ready to sell from business owners who have
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Panel Discussion – Getting to the Point of Sale: Preparing to Sell Your Business Review the panel discussion on Getting to the Point of Sale, moderated by Gray, Gray & Gray Managing Partner, Jim DeLeo and featuring expert insights. Learn what it takes to get your business ready to sell from business owners who have
Boston Dealmakers 2022 Panel Recording Read More »
If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the
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Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you
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