By Daniel C. Romano, CPA, PFS Partner at Gray, Gray & Gray, LLP Back in 2011, the federal government, in an effort to save money, stopped printing and mailing annual Social Security benefit estimate statements. Those paying into the program could still get their estimated benefits information online, but relatively few taxpayers registered. Last year […]
The Return of Printed Social Security Statements Read More »
By Joy Taylor, Kiplinger.com Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources continue to shrink and even more employees are reassigned to identity theft cases. So the odds are pretty low that your return will
14 IRS Audit Red Flags Read More »
By Karen Timmermans, CPAGray, Gray & Gray, LLP “Should I buy my new car, or lease it?” Of the thousands of inquiries we get every year about corporate and personal finances, this question is among the most common, and is usually delivered with great passion and concern. The personal nature of choosing a new vehicle,
A Final Answer to the Buy vs. Lease Dilemma Read More »
By Paul J. Gerry, Jr., CPA, PFS Gray, Gray & Gray, LLP If you’re like most American businesses, you use an accounting application that is housed and accessed on-site. Most likely that application is QuickBooks, which is far and away the most popular accounting application for small and medium sized businesses. And with good reason.
Is the QuickBooks Era Over? Read More »
During his 2014 State of the Union Address, President Obama announced the creation of a new employer-sponsored (but not employer funded) savings program that is aimed at helping more people to start saving for retirement. Titled the “myRA” (say it like “IRA”), the program will establish accounts for employees who do not currently have employer-sponsored
New myRA Savings Accounts to Help Employees Start Saving Read More »
The IRS 1099-MISC form could be the single most important – and annoying – piece of paper you’ll have to deal with this year. Payments totaling $600 or more to an independent contractor or landlord during the year, for such items as compensation for non-employees or rent, require that you provide the recipient with a
All About 1099 Forms Read More »
By Richard P. Feilteau, CPA Gray, Gray & Gray, LLP With so many McDonald’s franchises being owned and operated as a family business, it stands to reason that personal financial security is often tied to financial success of a restaurant. The problem is that many Owner Operators, focused on making their business successful, neglect the
Having a Will is Not Enough Read More »
Back office services like GrayPay™ free you to manage your business more efficiently. By Christine C. KeaneySupervisor at Gray, Gray & Gray One thing you can say about most McDonald’s Owner Operators: they are hands on people. Few franchisees sit back and manage their restaurants from afar. They prefer to be at the front of
Taking Care of Business While You Run Your Restaurant Read More »
by Michael D. Koppel, CPA, PFS, CITP, MBAOriginal Article Published in the AICPA “Tax Adviser” Newsletter on December 1, 2013 Worker classification has been a major concern for businesses for many years. Reasons a business would prefer independent contractor status include avoiding the payment of payroll taxes, and eliminating the need of providing employee benefits
Government Heightens Emphasis on Worker Classification Read More »
by Dana Fortini, SupervisorGray, Gray & Gray, LLP Banks are bending over backward to make life easier for their customers. Extended hours, branches open on weekends, and a host of online banking services all help to save customers time. Among the most innovative and convenient of these new services is the ability to deposit checks
How Convenient Banking Can Lead to Fraud Read More »