If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it’s still possible for not-for-profits to follow the rules and experience adverse tax consequences. Here are five potential tax traps that could catch you off guard. 1. […]
Avoiding Nonprofit Tax Traps Read More »
Hear Gray, Gray & Gray’s Jim DeLeo, Dunn Rush & Co. LLC’s Greg Rush, Mintz’ Kurt Steinkrauss and BankProv’s Gabrielle Piasio explain the benefits of attending our upcoming in-person DealMakers event on September 14th. This event is a must for those who are looking to sell their business or grow their business through acquisition. Take
Why You Should Attend The September 14th DealMakers Event Read More »
Do you have a relatively new business with less than $1 million in annual gross revenues? You may be eligible for as much as $100,000 in tax credits. Under the American Recovery Rescue Plan, a company founded or incorporated after February 15, 2020 may be classified as a “Recovery Startup Business.” These recent startups (provided
Recent Startup? You Could Be Eligible for Up to $100,000 in Tax Credits Read More »
If your not-for-profit organization operates on a calendar-year tax basis, the deadline for filing your year-end Form 990 (Form 990 EZ for certain small organizations) is May 15. Besides filing on time, you must ensure the information provided on your form is accurate. Pay particular attention to the following eight issues that commonly trip up nonprofits:
Preparing Form 990: Pay Attention to These Eight Items Read More »
About the Episode: In the first episode of the Mind Your Business Series podcast, a group of key leaders in the professional services space discusses current topics and issues surrounding the real estate market, including interest rates, the pandemic’s impact on the market, what’s changed since ’07/’08, wealth transfer, and much more. Discover ways to
We are pleased to announce the release of this year’s Energy & Propane Industry Survey results! This year, our survey looked at challenges resulting from the Russia/Ukraine conflict and how companies like yours have adapted. Additionally, the data collected this year has again been augmented by financial and operational data developed by Angus Energy, a
The Results Are in! Gray, Gray & Gray’s Annual Energy & Propane Industry Survey Read More »
The 403(b) plan is often thought of as a 401(k) plan for nonprofits. It’s probably not the only option for your not-for-profit, but it can provide certain advantages over 401(k)s. Following is a brief rundown. Generous Contribution Limits A 403(b) plan is a tax-favored qualified retirement plan set up for employees of not-for-profit organizations, including charities,
Is a 403(b) Plan Right for Your Nonprofit? Read More »
Revenue generated by 501(c)(3) organizations is generally exempt from federal income tax. But in some cases, your not-for-profit may incur unrelated business income tax (UBIT) on revenue. The good news is your annual tax return may offer some relief in the form of deductions. The list isn’t as long as the “ordinary and necessary business expenses”
6 Common Tax Deductions for Nonprofits Read More »
Canton, MA (August 4, 2022): Gray, Gray, & Gray, LLP (www.gggllp.com), a certified public accounting and business advisory firm in Canton, MA, has been named one of the country’s Top 200 accounting firms by INSIDE Public Accounting magazine. The publication ranked Gray, Gray & Gray as the 148th largest accounting firm in the U.S. (up 17
Canton, MA (July 11, 2022): Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of eleven team members to new positions in the firm’s Audit & Assurance and Tax departments, and Transaction Advisory Services practice: Richard Frizzell, CPA, MSA has been promoted to Director in
Gray, Gray, & Gray Promotes Eleven Team Members Read More »