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A Tax Law Benefit for Architects and Engineers

By Martin E. PrendergastGray, Gray & Gray, LLP The Tax Cuts and Jobs Act of 2017 included several provisions lowering tax rates for both C Corps and many pass-through entities such as S Corps, LLCs, partnerships, and sole proprietors. C Corps received a drop in their corporate tax rate from 35% to 21%. Pass-through entities […]

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Offshore Cryptocurrency Reporting

Cryptocurrency, including such online currencies like Bitcoin or other “virtual” currencies, are posing their own unique challenges to the Internal Revenue Service (IRS) and U.S. taxpayers. According to a CNBC report, “Almost every bitcoin or other ‘altcoin’ transaction – mining, spending, trading, exchanging, air drops, etc. – will likely be a taxable event…” Although both

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Is Now the Time to Convert to a Roth IRA?

The reach of the recently enacted Tax Cuts and Jobs Act is far and deep, and even extends into the type of IRA you should consider:  regular or Roth? And if you have a regular IRA, should you convert it to a Roth IRA and when? Keep in mind that an investment in a regular

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Make Sure Your Licensees are Paying Their Royalties

By Kevin F. Howley, CPAGray, Gray & Gray, LLP Royalty payments from the licensing of intellectual property can be a significant source of revenue for a business. But not all licensees keep up to date with their royalty payments, and others may pay a lower amount than required by their agreement. Which is why a

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The Hidden Threat of New Partnership Audit Rules

By Michael D. Koppel, CPA, PFS, CITP, MBARetired Partner at Gray, Gray & Gray, LLPWhile attention is focused on the major new tax law that has recently emerged from Congress, the Internal Revenue Service (IRS) is ready to implement changes in the way partnerships are audited. The “Centralized Partnership Audit” program was authorized by Congress

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“Trust, But Verify” When Lending Money

By Brian Jacobson, CPAGray, Gray & Gray, LLP “Trust, but verify.” President Ronald Reagan’s sage advice about arms negotiations is also appropriate when lending money or investing capital. If you are a lender or venture capital firm, it is incumbent on you to discover the facts about the ability of a borrower to pay back

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Changes to Lease Accounting Proving to Be More Complex Than Anticipated

The deadline to implement major changes in the way leases are treated for accounting purposes may appear to be well in the future:  late 2019 for publicly traded companies, and January 1, 2020 for privately held companies and non-profits. But accounting professionals are discovering that the work necessary to make the transition is significantly more

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