Watch Out for These Tax Time Scams

scam warning - blogThe 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

Important Tax Deadlines for 2019

tax deadlines 2019

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.

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Is Your Small Business Susceptible to an IRS Audit?

By John W. Cashman, Jr., CPA
Tax Manager at Gray, Gray & Gray, LLP

IRS Audit road sign_140360947_squareThe U.S. economic recovery has been spurred in many ways by the spirit of entrepreneurship that has led to an expansion of small businesses. The appeal of working for oneself and creating your own success is strong.

But running a small business also carries an increasing amount of scrutiny from the Internal Revenue Service (IRS). The financial controls present in a large corporation are not always so rigid in a closely held business. The IRS can come down hard on small companies that take advantage of “gray” areas in the tax code, or that get overly aggressive in claiming deductions.

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Is That Gift Taxable?

Gift tax background removedThat nice check you sent to your niece when she graduated from college, and that plot of land you gave to your brother-in-law so he could build a vacation home – both could result in you having to pay a gift tax. But the donation you made to your favorite charity should not result in your getting a tax bill.

While some gifts are not subject to the gift tax, there are many more gifts that will end up costing you more than their value in the form of a gift tax. Here is a brief overview to help you determine which gifts may be subject to the gift tax, and which can be given freely. Continue reading

Gray, Gray & Gray, LLP and Green & Green, LLC Announce Merging of Firms

Massachusetts Accounting Firms MergeThe Partners and Teams of Gray, Gray & Gray, LLP and Green & Green, LLC are pleased to announce the merger of our firms – effective November 1, 2014. The combined firm will operate as Gray, Gray & Gray, LLP, with consolidated offices located in Canton, MA.

“We are very pleased to be joining forces with Green & Green, and look forward to working with their outstanding staff and clients,” said Joe Ciccarello, CPA, Managing Partner of Gray, Gray & Gray. “We have taken this step for many reasons – primary among them being our desire to provide our clients with a wider and deeper range of services. Our combined talents and abilities mean our clients will benefit from a more comprehensive scope of accounting, tax strategy, business advisory and wealth management services.”

For more details about the merging of firms, please click here to read the full press release.

Pick Six:  Top Changes Affecting Your Taxes This Year

Tax-change-shutterstock_121398271With the end of 2014 rushing at us, our thoughts may naturally turn to the upcoming holidays. But spare a few minutes now to think beyond the New Year to the mid-April deadline for filing taxes. Due to the confusion and uncertainty on Capitol Hill during a mid-term election year, it is difficult to predict precisely how the tax landscape will shake out. However, we can take a highly educated guess at the six factors most likely to impact the tax bill you’ll pay when filing next spring: Continue reading

Wondering When Your Tax Refund Will Arrive?

Wondering When Your Tax Refund Will Arrive?Hopefully by now you have filed your tax return, or at least filed for an extension. The IRS reports receiving nearly 113 million individual tax returns before the filing deadline.

Are you still waiting for your refund check to show up in your mailbox, or to be deposited into your bank account? Continue reading