General

Nothing sends a chill up the spine like the words “IRS audit.” That’s why every year we hear from clients who want to know what the odds are that they will be audited. The IRS uses a variety of criteria to decide which returns will receive further scrutiny. Among the most common “red flag” is […]

Using financial statements to better manage your architectural practiceBy Richard Hirschen, CPAGray, Gray & Gray, LLP There are many ways to measure success in an architectural or engineering practice. Winning important and highly visible projects. Generating a steady flow of RFPs. Working on interesting and exciting designs. Being honored with awards and accolades. But none

By Michael D. Koppel, CPA, MBA, MSA, PFS, CITPGray, Gray & Gray, LLPJune 2013 “The most powerful force in the universe is compound interest.” – Albert EinsteinEvery day we see another statistic that indicates most people have not saved enough to retire comfortably. Many people have simply not paid enough attention to retirement saving and planning until

By Michael D. Koppel, CPA, MBA, MSA, PFS, CITPGray, Gray & Gray, LLPMay 2013 Many insurance companies were originally formed as mutual insurance companies.  Instead of issuing stock the company was, in effect, owned by its policyholders – the people and entities that purchased policies.In the past 15 or so years, approximately 35 insurance companies

Do you use a third party payroll management service? If so, it is critically important to keep your finger on the pulse of your payroll processing and employment taxes. Outsourcing payroll does not mean your company is immune from IRS scrutiny when it comes to unpaid employment taxes. Relying on an outside payroll firm to

Gray, Gray & Gray presents the following “Employee Retirement Income Security Act (ERISA)/Employee Benefits Legal Compliance Checklist,” courtesy of The Wagner Law Group. 1. Welfare Benefit Plans Do you have an ERISA-compliant welfare benefit or wrap plan document? Do you have an ERISA-compliant summary plan description? To the extent that the plans are self-insured, are

By Michael D. Koppel, CPA, MSA, PFS, CITPGray, Gray & Gray, LLPMarch 2013 If your company hires independent contractors in any capacity, be prepared to prove their independence, or you may face fines, penalties and back taxes. Ouch! The Internal Revenue Service (IRS) and Department of Labor have announced plans to aggressively crack down on

The Internal Revenue Service (IRS) wants to help you keep your identity safe from on-line thieves. The IRS has issued a proposal to allow some tax filers to use a truncated taxpayer identification number on certain forms and tax documents. However, there are no plans at this time to allow individuals to use a shortened

By Michael D. KoppelGray, Gray & Gray, LLPJanuary 2013 Pay Attention to the New IRS Rules. If your company owns its own building you are, by default, in the property management business as well. Structures of all types – offices, warehouses, factories, retail stores – require maintenance and repairs on a frequent basis, and often

By Michael D. Koppel, CPA, MSTGray, Gray & Gray, LLPDecember 2012 As the end of 2012 draws closer, many people start to think about enjoying the holidays. But as a business owner it is also time to plan for the all-important task of preparing to pay the tax bills your company will be responsible for