Know Your Tax Deadlines for Timely Planning

TaxDeadlineReminderTiming is everything, and that is especially true when it comes to getting your taxes filed on time. Late filing can result in penalties and fees, which are completely avoidable with a little planning and preparation. The first step is to know your filing deadlines for the coming year. We have listed the most important filing dates for this year below. Continue reading

Interest Assessment Surcharge

Beware of an interest assessment surcharge from your state! 

Private sector employers pay both federal and state unemployment taxes, which are based on wages paid. The federal tax is 6.0%, which is usually offset by a credit of 5.4% when an employer also pays state unemployment insurance taxes. This reduces the effective federal unemployment tax rate to 0.6%. Continue reading

Be Alert for Identity Theft During Tax Season

Identity theft used to be the type of crime most people assumed would happen to other people. But the widespread exposure of personal financial information that has occurred across the country in recent months has brought this danger to the attention of more people. But with the highly publicized theft of customer information from some of America’s largest retailers, it’s no surprise that most Americans now have a greater chance of having their identity information stolen than being held up at gunpoint.  Instead of facing a pistol, Americans are being robbed by skilled hackers using cyber weapons.

These on-line thieves work in nearly every country trying to steal credit, debit and other personal financial information. However, we are especially susceptible here in the U.S. because we have yet to adopt the European standards of embedded chip and PIN code for credit and debit cards. Our continued use of the magnetic swipe style of card leaves our system open to malware and hacking.  Continue reading

Richard P. Feilteau, CPA Elected Partner at Gray, Gray & Gray!

Richard P. Feilteau, CPAIt is with great pleasure that we welcome Richard P. Feilteau, CPA as a new partner at Gray, Gray & Gray! In the words of fellow partner Mark Kashgegian, “Rich brings so much to the table as a partner, including his passion, commitment, loyalty, and dedication to his career, clients and the people he works with on a daily basis.”

Clients have always relied on Rich’s timely advice and thorough understanding of their business operations to assist them in achieving success. We look forward to what the future holds with Rich continuing to lead the way in going beyond the numbers for Gray, Gray & Gray clients.

Congratulations on this well-deserved promotion, Rich!

The Supreme Court DOMA Ruling’s Tax Implications for Same-Sex Couples

The July 3rd issue of Gray, Gray & Gray’s The Advisor newsletter featured an article outlining the many possible advantages that same-sex married couples will now have as a result of the Supreme Court’s recent Defense of Marriage Act (DOMA) decision. The potential advantages of this ruling, which indicated that the federal law that prohibited same-sex couples from being treated as married is unconstitutional, are extremely important from a tax point of view.

Over the last few years we have recommended that married same-sex couples consider filing a claim for protective refund, if it would be beneficial. Now that the Supreme Court has ruled, it is important for same-sex couples to determine if it is beneficial to file amended returns for open years. In addition, same-sex couples should review any gift tax returns that have been filed.

If you have questions about tax implications of the DOMA decision and whether amending returns might be beneficial, please contact Gray, Gray & Gray’s Tax Department at (781) 407-0300.

Breaking News! The Treasury Announces a Postponement in the Employer Insurance Mandate

In a surprise move, Treasury has announced that the employer mandate for “large businesses” to provide qualified health insurance, which was scheduled to start January 1, 2014, will be postponed for 1 year until January 1, 2015.

Mark J. Mazur, assistant Treasury secretary for tax policy stated, “We have heard concerns about the complexity of the requirements and the need for more time to implement them effectively.” He indicated the administration will publish formal guidance on the delay within the next week.

The announcement does not postpone the requirement that individuals obtain qualifying health insurance.

Gray, Gray & Gray will continue to track this breaking news and keep you informed as more details become available. In the meantime, if you have any questions, please contact our Tax Department at (781) 407-0300.

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¡Saludos amigos!

Shown at the ceremony during which the agreement was signed are (left to right):  Richard Tardiff, CPA, International Business Partner at Gray, Gray & Gray; Joe Ciccarello, CPA, Managing Partner at Gray, Gray & Gray; and Oscar Gutierrez, Principal of OGC Contadores.

Shown at the ceremony during which the agreement was signed are (left to right): Richard Tardiff, CPA, International Business Partner at Gray, Gray & Gray; Joe Ciccarello, CPA, Managing Partner at Gray, Gray & Gray; and Oscar Gutierrez, Principal of OGC Contadores.

Gray, Gray, & Gray is branching out, all the way to South America! We have signed a collaboration agreement with Bogota, Colombia based accounting firm OGC Contadores Asociados, Ltda., one of Bogota’s leading accounting firms, with a wide range of clients in Colombia.

OGC Contadores Principal Oscar Gutierrez visited our offices in Westwood, MA to sign the formal collaboration agreement with Joe Ciccarello, managing partner of Gray, Gray, & Gray, along with Rick Tardiff, who is leading the effort as Gray, Gray & Gray’s International Business Partner. Continue reading

Gray, Gray & Gray Supports Cradles to Crayons

Together with Cradles to Crayons, Gray, Gray & Gray looks forward to providing children living in homeless or low income situations with the essential items they need to thrive at home, at school and at play. We are committed to paying forward our success to benefit children and families in need.

Gray, Gray & Gray Supports Cradles to CrayonsThis spring, we invite you to join us in supporting the “Gear Up for Baby” program. Last year, Cradles to Crayons fulfilled 13,000 requests for the essential items youngsters need for healthy development. This year, Cradles to Crayons hopes to fulfill more than 14,500 requests. Continue reading

Partial Tax Exclusions for Home Sales

Home Sales and Partial Tax ExclusionsArguably one of the best tax breaks available has to do with home sales. The tax break we are referring to is the ability to avoid tax when selling a principal residence — up to $500,000 of gain is potentially tax-free
for married couples filing jointly ($250,000 for single filers).

In order to qualify though, you must own and use the home for two out of the five years before the sale date. Now you are probably wondering “What if I’m forced to move before that time?” Well, you could still be able to exclude the home sale profit by claiming a partial gain exclusion. Find out more details here.