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.
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 →
The Tax Cuts and Jobs Act of 2017 effectively doubled the lifetime exemption of assets that can be protected from federal estate and gift taxes. For 2018, assets of up to $11.18 million for an individual and $22.36 million for a married couple can be transferred without triggering the estate and gift tax. Those limits are indexed for inflation and will increase to $11.4 million for individuals and $22.8 million for married couples for the 2019 tax year. Continue reading →
The onset of the tax filing period is likely to also see an increase in scams designed to steal taxpayer financial information or defraud individuals and businesses. Here are some of the scams the IRS is warning taxpayers and businesses to guard against. Continue reading →
The Internal Revenue Service (IRS) has issued a list of important tax deadlines for 2019. We have organized them below in chronological order. Remember, the IRS takes these deadlines seriously, and so should you. No adjustments have been made at this time as a result of the current partial shutdown of the federal government.
What if you miss a deadline? The IRS recommends that you file your return as soon as possible. If you owe taxes, pay them. You may face a financial penalty, or perhaps just an interest charge, but the IRS generally will accept the late return.