It is important for to keep your company’s name consistently in front of the public, particularly in a competitive business environment. It can be helpful to be innovative in your marketing and promotional techniques, but where do you draw the line? In a recent case, the Tax Court upheld more than $160,000 in deductions over […]
Tax Court Revs Up Deductions for Promotional Expenses Read More »
Unlike business people in most other walks of life, contractors and construction workers typically work at several sites during the year, while maintaining a home base. If you work in the industry, you are frequently out in the field or taking meetings with customers, incurring substantial travel and entertainment (T&E) expenses. Of course, qualified T&E expenses are
By John W. Cashman, Jr., CPA A recent Tax Court ruling led to an unfortunate end to a “feel good” story. Upon the death of his father, a man inherited a traditional IRA. The son opted to receive the proceeds of the IRA in a lump sum. Following his father’s wishes he then shared the
Give and Ye Shall Receive — a Tax Bill Read More »
By Kelly MonestimeGray, Gray & Gray, LLP Many McDonald’s franchises are family-owned businesses. The dynamics of a family business can be very different from those in a non-family corporation. Personal history, differences in personality and emotions that can be dismissed in a corporate setting can take center stage when the company is family-owned. There is
How Much Should You Pay Family Members? Read More »
By John W. Cashman, Jr., CPA, Tax Manager at Gray, Gray & Gray, LLPWith input from CPAmerica They say “rust never sleeps,” and the same is apparently true of those people responsible for the U.S. Tax Code. In the last three months of 2014, a number of tax law provisions were revised, some were newly
Catching Up With Recent Tax Changes Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & GrayJanuary 2015 The title of this article is taken from the 1943 Broadway musical, Oklahoma. But it may also be applied to a very important tax concept that also originated with a musical great from an earlier decade. In 1930, songwriter George M.
By C. Joseph Ciccarello, CPA, MSTManaging PartnerGray, Gray & Gray, LLP If you have built a flourishing chain of businesses over the years, your life has no doubt been focused on operational and financial issues related to the business. But it is essential that you also pay attention to your personal finances. In particular, you
Has Your Succession Plan Kept Up With Your Success? Read More »
By Daniel C. Romano, CPA, PFS Partner at Gray, Gray & Gray, LLP Back in 2011, the federal government, in an effort to save money, stopped printing and mailing annual Social Security benefit estimate statements. Those paying into the program could still get their estimated benefits information online, but relatively few taxpayers registered. Last year
The Return of Printed Social Security Statements Read More »
By Joy Taylor, Kiplinger.com Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources continue to shrink and even more employees are reassigned to identity theft cases. So the odds are pretty low that your return will
14 IRS Audit Red Flags Read More »