One of the provisions of the recently passed Infrastructure Investments and Jobs Act is the elimination of the Employee Retention Credit (ERC) for Q4 2021. There is an exception for companies founded after February 15, 2020 (known as recovery start up businesses). The termination of the credit for the fourth quarter payrolls was anticipated based […]
Employee Retention Credits Eliminated Read More »
By Marty Kirshner, CPA, MSA Gray, Gray & Gray, LLP The recently enacted Infrastructure Investment and Jobs Act is good news for the propane industry, as it includes an estimated $7 billion in funding for propane-related initiatives and incentives. Funding for these provisions should become available in January 2022. What’s included? According to the National
Infrastructure Act includes $7 Billion for Propane Read More »
With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure
Danger! How Nonprofits Often Lose Their Tax-Exempt Status Read More »
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.
Factor in taxes if you’re relocating to another state in retirement Read More »
By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Data breaches, ransomware attacks, and security hacks occur every day, affecting companies of all sizes and types. Any business that has not yet implemented a Written Information Security Plan (WISP) is taking a huge risk. These attacks are not limited to billion
Securing Private Data is No Longer an Option – Why You Need a WISP Read More »
By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Architectural and engineering firms that have not yet implemented a Written Information Security Plan (WISP) for their business are taking a huge risk. Data breaches and security hacks occur every day, affecting firms of all sizes and types. In just one example,
Securing Private Data is No Longer an Option – Why You Need a WISP Read More »
By Michael Cecere, CPA, MST Gray, Gray & Gray, LLP Most Certified Public Accounting (CPA) firms provide audits of financial statements. But that does not mean all audits are created equal. Although there are accepted standards for the audit process (Generally Accepted Auditing Standards, or GAAS), the quality and accuracy of audit examination and reporting
Why the Quality of Your Audit Matters Read More »
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there
You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations Read More »
Legislation filed in Congress could have a significant impact on gift and estate planning. It is important that those who are likely to be affected know what the proposed legislation entails and how it might make changes to estate planning advisable – even necessary. Unlike typical tax legislation, these measures have the potential to be
Proposed Changes to Gift and Estate Tax Could Have Huge Impact Read More »
By Richard Hirschen, CPA, CGMA Gray, Gray & Gray, LLP Architects, engineers and construction companies that work under federal contracts and received a Paycheck Protection Program (PPP) loan face a dilemma when performing their annual overhead rate calculation. If you received a PPP loan that was forgiven – or are considering applying for loan forgiveness
How Your PPP Loan Can Impact Overhead Rate Calculation… and What You Can Do About It Read More »