Tax Notebook
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General
Has Your Succession Plan Kept Up With Your Success?
By C. Joseph Ciccarello, CPA, MSTGray, 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 need
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The Return of Printed Social Security Statements
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
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14 IRS Audit Red Flags
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
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A Final Answer to the Buy vs. Lease Dilemma
By Karen Timmermans, CPAGray, Gray & Gray, LLP “Should I buy my new car, or lease it?” Of the thousands of inquiries we get every year about corporate and personal finances, this question is among the most common, and is usually delivered with great passion and concern. The personal nature of choosing a new vehicle,
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All About 1099 Forms
The IRS 1099-MISC form could be the single most important – and annoying – piece of paper you’ll have to deal with this year. Payments totaling $600 or more to an independent contractor or landlord during the year, for such items as compensation for non-employees or rent, require that you provide the recipient with a
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Having a Will is Not Enough
By Richard P. Feilteau, CPA Gray, Gray & Gray, LLP With so many McDonald’s franchises being owned and operated as a family business, it stands to reason that personal financial security is often tied to financial success of a restaurant. The problem is that many Owner Operators, focused on making their business successful, neglect the
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Government Heightens Emphasis on Worker Classification
by Michael D. Koppel, CPA, PFS, CITP, MBAOriginal Article Published in the AICPA “Tax Adviser” Newsletter on December 1, 2013 Worker classification has been a major concern for businesses for many years. Reasons a business would prefer independent contractor status include avoiding the payment of payroll taxes, and eliminating the need of providing employee benefits
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How Convenient Banking Can Lead to Fraud
by Dana Fortini, SupervisorGray, Gray & Gray, LLP Banks are bending over backward to make life easier for their customers. Extended hours, branches open on weekends, and a host of online banking services all help to save customers time. Among the most innovative and convenient of these new services is the ability to deposit checks
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Applying Obamacare to Employer-Funded Health Benefit Plans
If your company offers its employees Health Reimbursement Arrangements (HRA), reimbursed group health plans, or health Flexible Spending Arrangements (FSA), you’ll need to pay careful attention to how these benefits will be treated under the Affordable Health Care Act. Recently the U.S. Department of Labor issued Technical Release 2013-03 to provide guidance on the application of certain
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