Tax Strategy & Compliance

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What’s in the One Big Beautiful Bill Act for Individual Taxpayers?

Articles, Featured Events, News, News & Events, State & Local Tax Services, Tax Strategy & Compliance, Tax Tips / By

The One Big Beautiful Bill Act (OBBBA), signed into law by President Trump on July 4, 2025, represents the most significant tax legislation since the 2017 Tax Cuts and Jobs Act. This comprehensive reform package permanently extends and expands numerous tax provisions while introducing new benefits specifically targeting individual taxpayers, high net worth individuals, business […]

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What’s in the One Big Beautiful Bill Act for Privately Held Businesses?

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The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, represents the most significant tax reform since the Tax Cuts and Jobs Act of 2017, delivering substantial benefits for privately held businesses through permanent tax provisions and enhanced depreciation allowances. Pass-Through Business Tax Benefits The Act permanently extends and enhances the

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Tax Considerations For Multi-State Operations

Energy, Energy & Petroleum, Martin Kirshner, Tax Strategy & Compliance, Tax Tips / By

Expanding your footprint adds layers of complexities to tax compliance By Martin D. Kirshner, CPA, MSAGray, Gray & Gray, LLP Table of Contents For heating oil and propane distribution companies operating across multiple states, navigating the complex web of tax obligations requires careful planning and meticulous record-keeping. The expansion into neighboring states often brings significant

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black piece of paper with "Fuel Tax Credit" text on a table with various office supplies on it

IRS Tightens Oversight on Alternative Fuel Tax Credit

Articles, Energy, Energy & Petroleum, Featured Events, News, News & Events, Tax Strategy & Compliance, Tax Tips / By

The Alternative Fuel Tax Credit serves as an important federal tax benefit in the United States, reducing the tax burden for businesses and individuals who use fuel for specific qualifying activities. These activities include off-highway business operations, agricultural work and aviation purposes. To strengthen oversight of this program, the Internal Revenue Service has implemented new

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IRS Updates R&D Tax Credit Form

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Significant changes are coming to how businesses report their Research and Development (R&D) tax credits. The Internal Revenue Service has recently released draft revisions to Form 6765, marking the most substantial revision in the form’s history. Here’s what business owners and financial managers need to understand about these changes. New Reporting Requirements for 2024 For

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The Potential Ripple Effects of Connelly v. United States on Business Succession Planning

Articles, Bryan Pearce, Featured Events, Kelly Berardi, News, News & Events, Succession Planning, Tax Strategy & Compliance, Tax Tips / By

By Bryan E. Pearce & Kelly A. Berardi, JD, LL.M.Gray, Gray & Gray, LLP Companies whose business succession planning includes the use of life insurance policies to fund a buy/sell agreement may have to go back to the drawing board. The recent U.S. Supreme Court decision in Connelly v. United States has significant implications for

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Maximizing R&D Tax Credits for Life Science Companies

Articles, Featured Events, Life Sciences, News, News & Events, Tax Strategy & Compliance, Tax Tips, Tom Yuen / By

By Tom Yuen, CPA, MSTGray, Gray & Gray, LLP Research and development are the lifeblood of the life science industry. From developing new drugs and medical devices to advancing biomedicine and biotechnology, life science companies pour billions into R&D each year in pursuit of life-changing innovations. However, the R&D process is extremely costly, time-consuming, and

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Videos

Maximizing R&D Tax Credits for Life Science Companies Video

Featured Events, Life Sciences, Resources, Tax Strategy & Compliance, Videos / By

https://youtu.be/J8807vzYLY4?si=alh61saBlYSL9s-1 Research and development are the lifeblood of the life science industry. From developing new drugs and medical devices to advancing biomedicine and biotechnology, life science companies pour billions into R&D each year in pursuit of life-changing innovations. However, the R&D process is extremely costly, time-consuming, and risky, with many drug candidates and products failing

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Avoiding Unexpected Tax Implications in Mergers and Acquisitions

Articles, Featured Events, Jim DeLeo, Kelly Berardi, Merger & Acquisition Services, News, News & Events, State & Local Tax Services, Tax Strategy & Compliance, Tax Tips / By

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

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Sales and Use Tax Five Years After Wayfair

Articles, Derek Rawls, Featured Events, News, News & Events, State & Local Tax Services, Tax Strategy & Compliance, Tax Tips / By

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

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