The federal government will begin sending advance child tax credit payments to an estimated 39 million American families in mid-July. A total of six monthly payments will be made during 2021, representing half of the expected child tax credit eligible taxpayers can use when filing their 2021 tax return. But shifting economic conditions and a […]
IRS May Claw Back Advance Child Tax Credit Read More »
The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact
Child Tax Credit Letters Read More »
By Elvira Lawlor, CPA, MBA Gray, Gray & Gray, LLP The research and development (R&D) tax credit is one of the most powerful tools your architectural or engineering firm could use to ease your tax burden. In light of the global pandemic, with many businesses struggling to stay afloat, R&D could become a great boost
Are you taking advantage of CARES ACT opportunities for tax refunds? Read More »
By Joe Ciccarello, CPA, MST Partner February 4, 2021 If you have given any thought to selling your business and retiring, now might be a good time. And I mean right now. The shift in power in Washington is likely to result in significant changes to federal tax laws, including capital gains taxes. Corporate tax
Alert: Tax Changes May Affect Your Exit Timing Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is
Multiple-employer plans for small businesses Read More »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired PartnerDecember 1, 2019 Editor: Marcy Lantz, CPA It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe
Independent Contractor or Employee? Varying Tests Read More »
Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts
Taking Advantage of Tax Benefits You May Not Know About Read More »
Landlords and commercial property owners may want to take advantage of more favorable property depreciation rules that were part of the Tax Cut and Jobs Act, which are now in effect. The depreciation rules can be applied to most tangible property, including buildings, furniture, machinery, equipment and vehicles; but depreciation cannot be applied to land.
Maximizing Business Property Depreciation Under the New Tax Law Read More »
On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and
New Law Increases Holding Period for Carried Interests Read More »
Federal tax law has permitted U.S. businesses to form so-called “captive” insurance companies for many years, and numerous large companies have done so. It’s only relatively recently that the arrangement has gained traction with smaller public and privately owned companies. Could your real estate business benefit from pursuing captive insurance strategies? To find the answer,
Captive Insurance Strategies Can Pay Off For Real Estate Operators Read More »