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 »
By Michael D. Koppel, CPA, PFS, CITP, MSA, MBARetired Partner at Gray, Gray & GrayDecember 1, 2015 In July, the U.S. Department of Labor’s (DOL’s) Wage and Hour Division issued Administrator’s Interpretation No. 2015-1, which addresses issues arising from the misclassification of employees as independent contractors. The interpretation addresses the application of the Fair Labor
By Richard A. Hirschen, CPA, CGMAGray, Gray & Gray, LLP The federal government recently announced that the nationwide unemployment rate dropped to 5% in October, the lowest it has been since 2008. Professions like architecture, engineering and design are not immune to the effects of the tightening pool of workers. Not only is it more
Protecting Your Firm’s Most Valuable Asset: Its People Read More »
By Richard Hirschen, CPA, CGMAGray, Gray & Gray, LLP Every year architectural and engineering firms spend money – lots of money – trying to generate new business and new projects. Your firm’s investment in marketing can run the gamut from advertising and direct mail, to a website and public relations, to entering design competitions in
Accounting for Marketing Expenses in Overhead Rate Calculations Read More »