Articles

Articles

Taking Advantage of Tax Benefits You May Not Know About

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 […]

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Articles

The IRS Has Changed the Rules on Partnerships

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

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Articles

Building a Deep Bench is Part of Exit Planning

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

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Overtime Labor Law

Commission-Only Employees Due Overtime Wages

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

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Saving

Maximizing Business Property Depreciation Under the New Tax Law

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.

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Articles

How Architects & Engineers Can Benefit from Section 179D

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

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Articles

Why Your Accounting Should Be Outsourced

By Kimberly Benevides, CPA, MSTManager at Gray, Gray & Gray, LLP In order to remain competitive, businesses today must remain nimble, run lean, and streamline operations. The result is pressure to do more with fewer resources. These imperatives run across all types and sizes of businesses. One solution that many companies are taking advantage of

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Articles

Protecting Your IP Revenue Stream

By Kevin Howley and Alex Montgomery What is one’s intellectual property (IP) worth? That’s an important question for a business or individual who holds a patent, trademark or copyright. Of equal interest is how to guarantee that the owner of the IP is adequately and fully compensated for its use by licensees. That is where

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Articles

New Law Increases Holding Period for Carried Interests

On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and

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Articles

Captive Insurance Strategies Can Pay Off For Real Estate Operators

Federal tax law has permitted U.S. businesses to form so-called “captive” insurance companies for many years, and numerous large companies have done so. It’s only relatively recently that the arrangement has gained traction with smaller public and privately owned companies. Could your real estate business benefit from pursuing captive insurance strategies? To find the answer,

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