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GGGNEWS


ACCOUNTING INFORMATION & INSIGHTS FOR TODAY'S BUSINESS LEADERS




GRAY, GRAY & GRAY INTRODUCES NEW BRAND IDENTITY & “POWER OF MORE” INITIATIVE

Posted by GG&G on January 7, 2021
https://www.gggllp.com/

We are pleased to announce that we have undertaken a major rebranding in
response to an ongoing expansion and shift in the services provided to clients.
This rebranding includes the new logo shown above, a refreshed website
at www.gggllp.com and a new client-centric initiative we’re calling the “Power
of More.”

What does the Power of More represent?

More attention. More expertise. More opportunity.
More solutions for your ever-changing needs.
More than you’ve asked for. More than you expect.

Read Press Release




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Leave a comment Posted in 401(k), Accounting, Audit, Business, Finance,
Succession Planning, Tax, Taxes


LAST MINUTE TAX TIPS FOR 2021

Posted by GG&G on November 29, 2021

As 2021 draws to a close our thoughts all turn to enjoying the holidays. But
don’t forget that right after the New Year begins, you’ll need to pay attention
to taxes. The Internal Revenue Service (IRS) has several suggestions about steps
you can take before the holiday season to make the tax season simpler and
easier.

 * Donate to charity. Although the limits on deducting charitable donations
   remain in place, you may still be able to take advantage of last minute
   financial support of a tax-exempt organization. Before making a donation the
   IRS recommends you confirm the status of the group through their Tax Exempt
   Organization Search web page. Also, you may be able to claim a deduction for
   a cash donation of up to $300 ($600 for married couples filing jointly) even
   if you do not itemize your deductions.
 * Check the status of your Individual Taxpayer Identification Number. Some ITIN
   numbers expire on December 31, 2021 and must be renewed prior to filing your
   federal tax return. ITINs with middle digits 70 through 88 have expired. In
   addition, ITINs with middle digits 90 through 99, if assigned before 2013,
   have expired. Individuals who previously submitted a renewal application that
   was approved, do not need to renew again.
 * Set up direct deposit of your refund. You are more likely to receive any tax
   refund due to you if you have it deposited directly into your bank account.
 * Make a salary deferral. You can defer part of your 2021 salary (up to a limit
   of $19,200) to a retirement plan, which can help maximize the tax credit
   available for eligible contributions.
 * Maximize a contribution to your retirement plan. An end-of-year contribution
   to an eligible retirement plan could help reduce your taxes. The IRS has
   information on retirement plans on their website.
 * Get ready to file. Start organizing yourtax records now to help make
   preparing a complete and accurate tax return easier. Organizing now may help
   avoid errors that lead to processing delays and might also help you uncover
   overlooked deductions or credits. Among the records you should have ready
   before filing are:
   * Forms W-2 from your employer(s)
   * Forms 1099 from banks, issuing agencies and other payers
     including unemployment compensation, dividends, distributions from
     a pension, annuity or retirement plan
   * Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in
     the  gig economy
   * Form 1099-INT if you were paid interest
   * Other income documents and records of virtual currency transactions
   * Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance
     Premium Tax Credits for Marketplace coverage
   * Letter 6419, 2021 Total Advance Child Tax Credit Payments to reconcile your
     advance Child Tax Credit payments
   * Letter 6475, Your 2021 Economic Impact Payment, to determine whether you’re
     eligible to claim the Recovery Rebate Credit

Your best move is to open a conversation with your tax advisor now instead of
waiting until the filing deadline approaches. Taxes have become too complex to
leave to the last minute. If you do not have a trusted tax advisor we invite you
to contact Gray, Gray & Gray at (781) 407-0300.


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Leave a comment Posted in Finance


ADVANCE CHILD TAX CARE CREDIT PAYMENTS TO ARRIVE AUTOMATICALLY

Posted by GG&G on May 26, 2021

The recently enacted American Rescue Plan includes an expanded refundable Child
Tax Credit (CTC) for the 2021 tax year. Many taxpayers will receive part of
their credit in 2021 before filing their 2021 tax return. This will take the
form of a monthly payment of up to $300 per month for each child under age 6,
and up to $250 per month for each child age 6 and above. These monthly payments
will be made to approximately 39 million households, which covers about 88
percent of all children in the U.S.

The payments will be made automatically and are scheduled to begin on July 15
and continue through December. The payments will be made through direct deposit,
paper check or debit cards.

For tax year 2021, families claiming the CTC will receive up to $3,000 per
qualifying child between the ages of 6 and 17 at the end of 2021. They will
receive $3,600 per qualifying child under age 6 at the end of 2021. Under the
prior law, the amount of the CTC was up to $2,000 per qualifying child under the
age of 17 at the end of the year. The increased amounts are phased out for
households with incomes over $150,000 for married taxpayers filing a joint
return and qualifying widows or widowers, $112,500 for heads of household, and
$75,000 for all other taxpayers.

For additional information, please contact Gray, Gray & Gray at (781) 407-0300.


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Leave a comment Posted in Business, Finance, Tax Credit Tagged american rescue
plan, child tax credit, ctc, tax, tax credit


RESTAURANT REVITALIZATION FUND REGISTRATION OPENS FRIDAY

Posted by GG&G on April 29, 2021

U.S. restaurants that have been impacted by the prolonged economic downturn due
to the COVID-19 pandemic may be getting some relief in the form of a $26.8
billion Restaurant Revitalization Fund. The U.S. Small Business Administration
(SBA) will open registration for the fund at restaurants.sba.gov  on Friday,
April 30 at 9 am EDT. Applications will open on Monday, May 3 at noon EDT, and
will remain open until all funds are distributed. It is recommended that
potential applicants register in advance and familiarize themselves with the
eligibility requirements and necessary documentation they will need to apply.

For the first 21 days that the program is open, the SBA will prioritize
applications from businesses owned and controlled by women, veterans, and
socially and economically disadvantaged individuals. Following the 21 days, all
eligible applications will be funded on a first-come, first-served basis.

The SBA has also created a $9.5 billion set-aside for smaller restaurants: $5
billion for applicants with 2019 gross receipts of not more than $500,000; $4
billion is set aside for applicants with 2019 gross receipts from $500,001 to
$1,500,000; and $500 million for applicants with 2019 gross receipts of not more
than $50,000.

The Restaurant Revitalization Fund provides a total of $28.6 billion in direct
relief funds to restaurants and other hard-hit food establishments that have
experienced economic distress and significant operational losses due to the
COVID-19 pandemic. This program will provide restaurants with funding equal to
their pandemic-related revenue loss up to $10 million per business and no more
than $5 million per physical location. Funds must be used for allowable expenses
by March 11, 2023. 

If you are a restaurant owner or operator and have questions about eligibility
or the application process for the Restaurant Revitalization Fund, please
contact Gray, Gray & Gray at (781) 407-0300.


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Leave a comment Posted in Business, Finance Tagged covid-19, fund,
revitalization, small business administration


PHISHING SCAM AIMED AT COLLEGE STUDENTS AND STAFF

Posted by GG&G on April 5, 2021

College students and staff who use email addresses ending in “.edu” are the
target of a new “phishing” scam aimed at accessing personal information. The
Internal Revenue Service (IRS) has received complaints about the email scam from
both public and private colleges and universities.

The suspicious emails display the IRS logo and use various subject lines such as
“Tax Refund Payment” or “Recalculation of your tax refund payment.” It asks
people to click a link and submit a form to claim their tax refund. The fake
website asks taxpayers to provide their:

 * Social Security number
 * First Name
 * Last Name
 * Date of Birth
 * Prior Year Annual Gross Income (AGI)
 * Driver’s License Number
 * Current Address
 * City
 * State/U.S. Territory
 * ZIP Code/Postal Code
 * Electronic Filing PIN

Students, faculty and staff who receive this scam email should not click on the
link in the email, but instead should report it to the IRS. For security
reasons, save the email using “save as” and then send that attachment
to phishing@irs.gov or forward the email as an attachment to phishing@irs.gov.  

The IRS reminds taxpayers who believe they have a pending refund that they can
easily check on its status at Where’s My Refund? on IRS.gov. If you feel you
have fallen victim to a phishing tax scam, or have questions about tax return
security, please contact Gray, Gray & Gray at (781) 407-0300.


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Leave a comment Posted in Finance Tagged college, IRS, phishing email, scam


ALERT: TAX CHANGES MAY AFFECT YOUR EXIT TIMING

Posted by GG&G on February 10, 2021

“If you have given any thought to selling your business and retiring, now might
be a good time. And I mean right now.”

Make sure to read the full article by Joe Ciccarello, CPA, MST, head of the
business succession planning practice group at Gray, Gray & Gray!

Read Full Article




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Leave a comment Posted in Planning, Succession Planning, Tax, Taxes


ARE YOU TAKING ADVANTAGE OF CARES ACT OPPORTUNITIES FOR TAX REFUNDS?

Posted by GG&G on February 8, 2021

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 to your cash flow. The recently passed CARES Act
provides a unique opportunity for R&D and net operating loss interplay. Those
who may qualify should take a close look at eligibility.


Read Full Article




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THE POWER OF MORE VIDEO

Posted by GG&G on January 11, 2021

Through the Power of More Gray, Gray & Gray can be a guiding force for growth
and profitability in your business. Check out our new video to hear directly
from a few of our team members about how we deliver the Power of More for our
clients.


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HAVE YOU CHECKED OUT OUR NEW WEBSITE AT WWW.GGGLLP.COM?

Posted by GG&G on January 8, 2021

Featured on the website Home page are our four new distinct business units –
Consulting, Tax, Audit & Assurance, and Private Wealth. Each work in concert to
provide an encompassing suite of services that can be tailored to the specific
needs of every client.

Visit the website today and discover what the Power of More is all about at
Gray, Gray & Gray. #ThePowerofMore

https://www.gggllp.com/




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TIS THE SEASON FOR GIFT GIVING

Posted by GG&G on December 19, 2019

Thinking of gift giving? Taxpayers who wish to give monetary gifts can take
advantage of the annual gift tax exclusion to give up to $15,000 to each person
on their gift list without paying a gift tax or eating into their lifetime
estate and gift tax exemption. This exclusion is essentially doubled for married
couples, as each spouse can gift $15,000 without triggering the gift tax. Annual
gifts over the $15,000 per person limit will require you to file a gift tax
return, but no tax will be due unless your total lifetime gift exceeds
$11,400,000.

As always, you should consult with a qualified tax advisor before making any
decisions. We’d be happy to discuss the advantages of gift giving with you.
Please call our Tax Department at (781) 407-0300.


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