Congress has reached an agreement to extend a wide range of expired tax credits through 2020, with some – including credits for biodiesel and alternative fuels – being put in place through 2022. The deal would renew numerous tax provisions that either expired at the beginning of 2018 or this year or were set to […]
Deal to Extend Tax Credit Reached Read More »
Congress has reached an agreement to extend the tax credits for biodiesel, renewable diesel, and alternative fuels for an additional five years. The tax credit of $1.00 per gallon for biodiesel and renewable diesel, and $0.50 per gallon for alternate fuels (including autogas propane), will be retroactively applied for 2018 and 2019, and extended through
Biodiesel Tax Credit Extended Through 2022 Read More »
By Martin E. PrendergastGray, Gray & Gray, LLP Congress and the White House have reached an agreement to extend a wide range of expired tax credits. The deal would renew numerous tax provisions that either expired at the end of 2017 or 2018, or were set to expire as of December 31, 2019. The extended
Section 179D Energy Efficiency Tax Deduction Extended Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired PartnerDecember 1, 2019 Editor: Marcy Lantz, CPA It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe
Independent Contractor or Employee? Varying Tests Read More »
Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts
Taking Advantage of Tax Benefits You May Not Know About Read More »
Kevin F. Howley, CPA, PartnerMichael D. Koppel, CPA, PFS, CITP, MBA, Retired PartnerGray, Gray & Gray, LLP If your architectural or engineering firm is organized as a partnership (or LLC taxed as a partnership) there are new rules you should be aware of concerning potential IRS audits. The changes were made to increase the number
The IRS Has Changed the Rules on Partnerships Read More »
By Martin E. PrendergastGray, Gray & Gray, LLP If you are the principal in an architectural firm, engineering firm or construction company your days are probably filled with managing projects, putting together proposals for new work, reviewing plans, and tending to the hundreds of details that cross your desk. But in the midst of the
Building a Deep Bench is Part of Exit Planning Read More »
The Massachusetts Supreme Judicial Court has ruled that commission-based employees must be paid overtime and Sunday premium pay rates. The plaintiffs in the case were Massachusetts employees of a national mattress store chain who were paid on commission with a daily draw of $125. The store’s attorneys argued that, on balance, the overall weekly wages
Commission-Only Employees Due Overtime Wages Read More »
Landlords and commercial property owners may want to take advantage of more favorable property depreciation rules that were part of the Tax Cut and Jobs Act, which are now in effect. The depreciation rules can be applied to most tangible property, including buildings, furniture, machinery, equipment and vehicles; but depreciation cannot be applied to land.
Maximizing Business Property Depreciation Under the New Tax Law Read More »
By Martin E. PrendergastGray, Gray & Gray, LLP Since it was first enacted in 2005, the Energy Efficient Commercial Building Tax Deduction (commonly referred to as Section 179D after its U.S. Internal Revenue Code section number) has had more lives than a nervous cat. This “green credit” for energy efficiency upgrades has expired, been revived
How Architects & Engineers Can Benefit from Section 179D Read More »