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Ins and Outs of Private Foundations
The term “501(c)(3) organization” — which refers to the Internal Revenue Code section governing not-for-profit entities — often is used interchangeably with “public charity.” But not all 501(c)(3) organizations are public charities. Some are private foundations, and they’re subject to different tax rules. Individual and Family Charity A private foundation is a 501(c)(3) organization created by
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Don’t Jeopardize Your Nonprofit’s Tax-Exempt Status
The tax-exempt status of a 501(c)(3) organization is its lifeblood. Without it, most not-for-profits couldn’t obtain the financial and other support they need to fulfill their mission. That’s why you need to protect your exempt status at all costs. 6 Violations Following is a brief overview of six common ways nonprofits’ tax-exempt status can be jeopardized
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Retirement Tax Break Going Away
Some taxpayers who have been playing “catch up” on their retirement savings after age 50 will soon be losing one of the tax breaks they have enjoyed. Starting January 1, 2024, any catch up 401(k) contribution made by a taxpayer earning $145,000 or more during the previous year must be made – after taxes –
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R&D Tax Treatments Still in Limbo
By Martin E. PrendergastGray, Gray & Gray, LLP Since the availability of immediate R&D expensing was eviscerated by the Tax Cuts and Jobs Act (TCJA) of 2017, business advocates and many members of Congress have been actively seeking to reverse the changes. The new rules requiring R&D spending to be amortized over five years (15
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Baseline Security Measures for Cloud Environments
By Nathaniel C. Gravel, CISA, CISM, CRISC Securing cloud-based data must be a top priority for organizations that increasingly rely on cloud services for their daily operations. The rapid growth of cloud computing and the vast amount of sensitive information stored in these environments make it crucial to implement robust security measures to protect your
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R&D Tax Expense Restoration Moves Forward in Congress
The movement to restore full expensing of R&D costs in the year the expenses are incurred, instead of amortizing them over 5 years, is gaining momentum in Congress. A bi-partisan bill had previously been filed in the U.S. Senate to return full expensing of R&D Costs (S. 866). That effort has now been joined by
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Gray, Gray, & Gray Ranked Among Top New England Accounting Firms by Accounting Today
Canton, MA (April 6, 2023): Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has been ranked as the seventh largest independent accounting firm in New England by Accounting Today, the accounting industry’s foremost publication. Gray, Gray & Gray’s annual revenue of $29.5 million represents a rate of growth
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