General

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, […]

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

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

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

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

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

By Michael D. Koppel, CPA, MBA, MSA, PFS, CITP, Tax Advisor Gray, Gray & Gray, LLPAugust 2013 For a number of years, most state tax authorities have “piggybacked” on federal tax laws when it comes to estate and gift tax. It was often easier for the state and less complex for the taxpayer to duplicate

By Michael D. Koppel, CPA, MBA, MSA, PFS, CITPGray, Gray & Gray, LLPAugust 2013 The Patient Protection and Affordable Care Act (PPACA), more commonly called “Obamacare,” requires large employers to provide qualified health insurance for their full-time employees. Among other rules, the health insurance which is provided must be affordable for the employee. “Large” employers

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