Panel Discussion – Getting to the Point of Sale: Preparing to Sell Your Business Review the panel discussion on Getting to the Point of Sale, moderated by Gray, Gray & Gray Managing Partner, Jim DeLeo and featuring expert insights. Learn what it takes to get your business ready to sell from business owners who have […]
Boston Dealmakers 2022 Panel Recording Access Read More »
If certain IRS requirements are met, a not-for-profit organization is exempt from federal income tax. But that doesn’t mean it’s completely off the hook. Your nonprofit may still be liable for unrelated business income tax (UBIT). Here’s how you determine your organization’s exposure. One Time vs. Year Round Unrelated business income (UBI) is defined by the
Does Your Nonprofit Have UBIT Exposure? Read More »
Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you
Why You Should Keep IRS Letter 6419 Read More »
Canton, MA (January 2022): Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of eight team members to new positions: Linh Truong has been promoted to Tax Supervisor. She is a graduate of Boston University and joined the firm in 2017. Venice Touze, CPA, MST
Gray, Gray, & Gray Promotes Eight Staff Members Read More »
Canton, MA (January 1, 2022): Hank S. Wolfson has been elected a Partner at Gray, Gray & Gray, LLP, a consulting, business advisory and accounting firm based in Canton, MA. Wolfson has served as the firm’s Chief Operating Officer since 2015 and will continue in that role. “Hank Wolfson has played an essential part in
Hank Wolfson Elected Partner at Gray, Gray, & Gray Read More »
While most eligible people have already received their Economic Impact Payments from the federal government, not everybody got a stimulus check or did not receive the full Recovery Rebate amount. If you were eligible for an Economic Impact Payment and did not receive it, you may be able to claim a Recovery Rebate Credit to
Can You Claim a Recovery Rebate Credit on Your 2021 Taxes? Read More »
The last two years have been tough for most nonprofits. Now that there’s some light at the end of the tunnel, you may feel more optimistic and with a renewed dedication to your cause. How can you extend the concept of renewal to your organization’s operations and even grow in 2022? Here are seven ideas: 1.
7 Keys for Nonprofit Success in 2022 Read More »
Be prepared to wait for your tax refund again this year. The Internal Revenue Service (IRS) has issued a statement warning that, due to office closures, staffing shortages, and multiple new tax initiatives and programs, the backlog that built up during the pandemic will likely lead to delays in processing tax returns again this year.
IRS Backlog May Delay Returns Read More »
With travel for business purposes rebounding as pandemic restrictions are eased, it is good to know that you will be able to deduct a little more for your automobile mileage in 2022. The standard mileage rate for 2022 will be 58.5 cents per mile, an increase of 2.5 cents per mile over the 2021 rate.
Mileage Deduction Rates Rise for 2022 Read More »
Most not-for-profit executives are aware of the prohibition against private inurement. Generally, nonprofit directors and executives — and their family members — aren’t allowed to personally benefit from their positions while putting their organization at a disadvantage. Penalties for violating the private inurement mandate could include financial sanctions for violators and, in the rare worst-case scenario,
Don’t Run Afoul of Private Inurement Rules Read More »