After meeting resistance from citizens and Washington lawmakers, the Internal Revenue Service (IRS) scrapped its plan to require taxpayers to use facial recognition software to log on to their IRS accounts. While uploading a “selfie” to the ID.me third-party facial recognition platform remains an option, going forward the IRS will be using Login.gov to identify […]
IRS to Offer Alternative to Facial Recognition Read More »
By Paul Gerry, Jr., CPA, PartnerGray, Gray & Gray Small and medium-size businesses (SMBs) face increasingly difficult challenges in keeping up with evolving technologies and the accelerating pace of doing business. With the complexities of running a business today it is nearly impossible for a business owner to “wear many hats” effectively. Unfortunately, the growing
Big Support for Small and Medium-Size Businesses Read More »
Canton, MA (February 11, 2022): Gray, Gray & Gray, LLP, an accounting and business consulting firm based in Canton, MA, has been ranked as the 17th largest accounting firm in Massachusetts by the Boston Business Journal. The publication’s annual rankings are based on the size of the firm’s professional staff in the state and include
The Internal Revenue Service (IRS) has not hidden the fact that it is backlogged in processing millions of tax returns, including payroll tax returns. Among the reasons for the backup is an unexpectedly high volume of Employee Retention Credit (ERC) refund requests. This has left many businesses waiting longer than expected for their refund. As
Where Is Your Employee Retention Credit Refund? Read More »
While the 2017 Federal Tax Cuts and Jobs Act lowered corporate tax rates and doubled the standard deduction, it also included a provision that limited annual itemized deductions for state and local taxes to $10,000. This cap on “SALT” deductions has prompted several states to introduce a “workaround” that allowed owners of pass-through businesses to offset
How Does the New Massachusetts Entity-Level Excise Tax Work? Read More »
Starting this summer the Internal Revenue Service (IRS) taxpayers who go online to access their accounts or pay taxes will be required to submit to facial recognition as a security precaution. The IRS has contracted with a third-party facial recognition company called ID.me to provide the service. Enrollment with ID.me will require submission of a
IRS to Require Facial Recognition for Online Payment Read More »
Panel Discussion – Getting to the Point of Sale: Preparing to Sell Your Business Review the panel discussion on Getting to the Point of Sale, moderated by Gray, Gray & Gray Managing Partner, Jim DeLeo and featuring expert insights. Learn what it takes to get your business ready to sell from business owners who have
Boston Dealmakers 2022 Panel Recording Access Read More »
If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the
Does Your Nonprofit Have UBIT Exposure? Read More »
Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you
Why You Should Keep IRS Letter 6419 Read More »
Canton, MA (January 2022): Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of eight team members to new positions: Linh Truong has been promoted to Tax Supervisor. She is a graduate of Boston University and joined the firm in 2017. Venice Touze, CPA, MST
Gray, Gray, & Gray Promotes Eight Staff Members Read More »