Have you started your holiday shopping yet? If you are a business that promotes itself by giving holiday gifts to clients or vendors, the tax law has some very Grinch-like rules about deducting the cost of the gifts you give during the holidays, or at any other time of year. The IRS publication 463 explains […]
Ho, Ho, Hold it! Be Careful How You Deduct those Holiday Gifts Read More »
October 17 — Personal returns that received an automatic six-month extension must be filed today and any tax, interest, and penalties due must be paid. Electing large partnerships that received an additional six-month extension must file their Forms 1065-B today. If the monthly deposit rule applies, employers must deposit the tax for payments in September
By Derek B. Rawls, CPA, MSTGray, Gray & Gray, LLP American companies exporting goods – and certain services – may be able to enjoy significant federal income tax savings through a little-known instrument known as an interest charge domestic international sales corporation (IC-DISC). You do not need to be a huge exporter to take advantage
What is an IC-DISC and How Could It Save You Tax Dollars? Read More »
The return of warm weather also signals the northward migration of the “snowbirds,” New England residents who escape the cold and snow by spending several months in Florida or other states with milder winter weather. But a word of caution to our neighbors who make the seasonal commute along I-95: pay close attention to state
"Snowbird" Tax Issues Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & Gray, LLP Millions of companies across the U.S. that lease equipment or vehicles in the course of doing business will soon need to adjust how they report lease activity on their financial statements. The Financial Standards Accounting Board (FASB) has updated its
Changes Coming in Accounting for Equipment Leases Read More »
The recently enacted Protecting Americans from Tax Hikes Act of 2015 (PATH) included a provision that extended the Work Opportunity Tax Credit (WOTC) through 2019, and makes the credit retroactive for new hires made on or after January 1, 2015. In addition, the list of “targeted groups” of individuals who may qualify an employer for
Work Opportunity Tax Credit Extended, Expanded Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & Gray, LLP Recently there have been significant changes in the tax treatment of capitalization and expensing of real estate. While the new rules are complex, it is important for all businesses owning real estate to understand the tax options now available. The
Real Estate Tax Accounting May Never Be the Same Read More »
That email from the boss asking for personal data on employees could be a fraudulent attempt to steal their identities. That’s the warning from the Internal Revenue Service (IRS) on the latest online “spoofing” scam to rear its ugly head. The IRS issued an alert to human resources and payroll professionals to warn them about
The Latest “Spoofing” Scam Appears to Come from the Corner Office Read More »
The ongoing battle over the collection of sales tax by online retailers has taken a new turn following a ruling by a federal appeals court that could pave the way for states to collect tax on online sales. The 10th U.S. Circuit Court of Appeals in Denver this week reversed a lower court ruling that
Attention Online Shoppers: Your State Wants Their Sales Tax Read More »
If you owe back taxes to the Commonwealth of Massachusetts, you may be able to avoid paying penalties by participating in the state’s 2016 Tax Amnesty. From April 1 through May 31, 2016, the Massachusetts Department of Revenue (DOR) will allow individuals and businesses to “catch up” on back taxes (with certain exceptions). If you
Massachusetts Announces 2016 Tax Amnesty Program Read More »