By James DeLeo, MBA, CPA/MST & Kelly Berardi, JD, LL.M.Gray, Gray & Gray, LLP One of the most important aspects of any M&A deal is the tax planning. While experienced dealmakers know to expect certain tax consequences, there are often unexpected tax implications that can arise. These unexpected tax bills can have a significant impact […]
Avoiding Unexpected Tax Implications in Mergers and Acquisitions Read More »
By Derek Rawls, CPA, MSTGray, Gray & Gray, LLP The landmark Supreme Court decision in South Dakota v. Wayfair, Inc. in 2018 fundamentally altered the landscape of sales and use tax compliance for businesses with multistate sales. By overturning the physical presence requirement, the Court paved the way for states to require remote sellers to
Sales and Use Tax Five Years After Wayfair Read More »
While the 2017 Federal Tax Cuts and Jobs Act lowered corporate tax rates and doubled the standard deduction, it also included a provision that limited annual itemized deductions for state and local taxes to $10,000. This cap on “SALT” deductions has prompted several states to introduce a “workaround” that allowed owners of pass-through businesses to offset
How Does the New Massachusetts Entity-Level Excise Tax Work? Read More »
During this seminar, we provided crucial information and discussions that will allow you to take control of your future and move forward with confidence. Gray, Gray & Gray Partners, Kelly Berardi, Derek Rawls, and Brad Carlson presented a Tax Update, discussing the impact of proposed tax changes. A panel of thought leaders also covered a range of
Virtual Year-End Planning Seminar 2021 Recording Access Read More »
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.
Factor in taxes if you’re relocating to another state in retirement Read More »
By Martin E. PrendergastGray, Gray & Gray, LLP If you are an architectural or engineering firm that does work in states other than your own, you may be on the hook for payment of state and local taxes. States and municipalities across the country are struggling to close budget gaps and fund obligations such as
Has Your A&E Firm Unknowingly Created State and Local Tax Exposure? Read More »
A little over a year ago (December 2015) the Massachusetts Department of Revenue (DOR) issued businesses in the state with new State Income Tax Withholding ID numbers. Previously, the number used was the same as the business’ federal tax identification number. During 2016 the DOR accepted both the new and old numbers for payroll withholding
New State Income Tax ID Now Required in Massachusetts Read More »
By Karen G. Timmermans, CPA “For the only way in which a durable peace can be created is by world-wide…economic activity and international trade.” – James Forrestal (1892-1949), former U.S. Secretary of Defense Although international trade has been making headlines in recent months, it is not a new occurrence. Cross-border commerce has been taking place
Business Without Borders Read More »
By Derek B. Rawls, CPA, MST My physician has advised me to avoid too much salt in my diet. Studies have shown that excess salt intake can raise blood pressure. The same can happen when a business finds too much SALT – State and Local Taxes – in its diet. While there is much speculation
Putting SALT on the Table Read More »
The return of warm weather also signals the northward migration of the “snowbirds,” New England residents who escape the cold and snow by spending several months in Florida or other states with milder winter weather. But a word of caution to our neighbors who make the seasonal commute along I-95: pay close attention to state
"Snowbird" Tax Issues Read More »