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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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Simplifying Audit Preparation with Sage Intacct

By Bill ConstantopoulosGray, Gray & Gray, LLP As financial software consultants, we have seen firsthand how challenging and time-consuming audit preparation can be for businesses. Gathering information from various departments, locations, and accounts can be a daunting task, especially when using disparate systems and manual processes. However, with the advent of advanced enterprise software platforms

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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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The Hidden Costs of a Data Breach for Small- and Medium-Size Businesses

By Nathaniel C. Gravel, CISA, CISM, CRISC As a cybersecurity consultant, I’ve seen firsthand the devastating impact that a data breach can have on small and medium-sized businesses (SMBs). While the immediate costs of a ransom payment or fine may seem daunting, the hidden costs that follow can be even more detrimental to a company’s

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Financial Due Diligence for Mergers and Acquisitions

By James DeLeo, MBA, CPA/MST & Richard Frizzell, CPA, MSAGray, Gray & Gray, LLP Mergers and acquisitions (M&A) come with inherent risks. To mitigate these risks, comprehensive due diligence is essential. Due diligence is the process of investigating a target company to assess its financial health, business operations, and legal compliance. Financial due diligence is

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Train Your Employees to Be Your First Line of Cyber Defense

By Nathaniel C. Gravel, CISA, CISM, CRISC Cybersecurity threats are more prevalent than ever before. But do you know that in 2023, 86% of all cyberattacks were attributed to human error? This is due to a lack of awareness and training among employees. It is crucial to understand that your employees are your first line

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Cybersecurity Survival Guide for SMBs in 2024

By Nathaniel C. Gravel, CISA, CISM, CRISC In the digital age, data is the crown jewel. For small and medium-sized companies, it’s the lifeblood driving customer loyalty, operational efficiency, and market advantage. Yet, with great data comes great vulnerability. Cybercriminals see SMBs as ripe targets, exploiting their perceived lack of sophisticated defenses. The landscape in

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Intuit Pushes QuickBooks Online Subscriptions

End of Desktop Ownership and Subscription Shuffle By Lisa SullivanGray, Gray & Gray, LLP Intuit is shaking things up with its flagship product, QuickBooks. The company is making significant changes to its accounting software, pushing users towards the cloud-based QuickBooks Online and phasing out ownership options for the Desktop version. This shift has left many

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Time is Money, But Money Takes Time

By Pamela Holmes Gray, Gray & Gray, LLP Time is Money, But Money Takes Time: Why Growing Businesses Need Financial Expertise For any small- and medium-sized business (SMB) owner, the mantra “time is money” rings true. Every minute spent tackling one task is a minute taken away from another. It’s a constant balancing act: overseeing

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Future Proofing Your Business Through Strategic Planning

By Bryan E. Pearce Director of Strategic Business Planning Gray, Gray & Gray, LLP The imperative for robust strategic planning has never been more critical. This white paper underscores the pivotal role strategic planning plays in enabling businesses to navigate through uncertainty, adapt to changing market dynamics, and seize opportunities for growth and resilience. Drawing

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