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.
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
Date of Birth
Prior Year Annual Gross Income (AGI)
Driver’s License Number
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 email@example.com or forward the email as an attachment to firstname.lastname@example.org.
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.
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.
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.
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
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.
Criminals are growing more brazen in their attempts to frighten victims into making unnecessary “tax payments” that actually go to the thieves.
The latest scam alert from the Internal Revenue Service (IRS) cautions taxpayers about phone calls being made during which the scammers threaten to “cancel” their target’s Social Security number unless they agree to send money to pay an unpaid tax bill. The IRS does not have the authority to cancel an individual’s Social Security number. Continue reading →
As we race toward the end of 2019 individuals and businesses alike are making plans and taking steps to position themselves favorably for their annual tax returns. For example, many businesses are making late year purchases to take advantage of Section 179 deductions, while individual taxpayers might be moving funds into retirement savings or making gifts as part of an estate plan. But many people are unaware of a threat that could have the biggest impact on their 2019 tax return: scammers and cyber criminals. Continue reading →
The first of the legislatively mandated annual sales tax holidays is set for the weekend of August 17-18, 2019 in Massachusetts. As in previous years, the state’s 6.25% sales tax will be waived on most retail purchases made in the state, up to a $2,500 limit. Sales taxes will also be waived on eligible items purchased online. Continue reading →