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 »
If your company offers its employees Health Reimbursement Arrangements (HRA), reimbursed group health plans, or health Flexible Spending Arrangements (FSA), you’ll need to pay careful attention to how these benefits will be treated under the Affordable Health Care Act. Recently the U.S. Department of Labor issued Technical Release 2013-03 to provide guidance on the application of certain
Applying Obamacare to Employer-Funded Health Benefit Plans Read More »
By Michael D. Koppel, CPA, MBA, MSA, PFS, CITP, Tax Advisor Gray, Gray & Gray, LLPAugust 2013 For a number of years, most state tax authorities have “piggybacked” on federal tax laws when it comes to estate and gift tax. It was often easier for the state and less complex for the taxpayer to duplicate
Estate Planning Even More Important for Massachusetts Residents Read More »
By Michael D. Koppel, CPA, MBA, MSA, PFS, CITPGray, Gray & Gray, LLPAugust 2013 The Patient Protection and Affordable Care Act (PPACA), more commonly called “Obamacare,” requires large employers to provide qualified health insurance for their full-time employees. Among other rules, the health insurance which is provided must be affordable for the employee. “Large” employers
So What Exactly Is "Affordable" Health Care Insurance? Read More »
Nothing sends a chill up the spine like the words “IRS audit.” That’s why every year we hear from clients who want to know what the odds are that they will be audited. The IRS uses a variety of criteria to decide which returns will receive further scrutiny. Among the most common “red flag” is
Will Your Itemized Deductions Raise a Red Flag with the IRS? Read More »