By John W. Cashman, Jr., CPA Tax Manager at Gray, Gray & Gray, LLP
The 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.
Many companies are unaware that their retirement plans have problems until they are audited by the IRS or investigated by the Department of Labor. However, by self-auditing your plan, you can identify and correct any problems before the federal government initiates an investigation. Continue reading for six areas that can get your company in trouble.
What’s the scoop on the new legislation passed by Congress to avert the fiscal cliff?
How will the tax provisions affect you?
Gray, Gray & Gray brings you the answers to these questions and more with a four-page special issue of the Federal Tax Watch newsletter.
Inside the Federal Tax Watch Special Issue – January 2013:
• Fiscal Cliff Legislation: How tax changes in the new act may affect you
• Provisions Primarily Affecting Individuals
• Provisions Primarily Affecting Businesses
• New Healthcare Taxes Taking Effect in 2013
• Tax Planning Considerations
Click here to view this important newsletter now available on the Gray, Gray & Gray website.
Did you miss Gray, Gray & Gray’s “Beyond the Fiscal Cliff” Webinar on January 7, 2013? Get caught up with the recording! Click here to view it today.
If you offer your employees a 401(k), pension plan or other defined benefit plan, you may be required by law to have the plan audited on an annual basis. The U.S. Department of Labor (DOL) is diligent in making sure qualifying plans are audited, and in reviewing the audits to make sure the plans are being properly administered for the beneficiaries of your employees. Continue reading →
The temporary repairs regulations, which were issued last December, will affect many businesses, regardless of what industry they cater to. Businesses have until the end of the 2013 tax year to file for a Form 3115, “Application for Change In Accounting Method,” to comply with the new complex and lengthy regulations. At the recent ABA Tax Conference, Sunita Lough, Acting Director (prefilling and technical guidance) of the IRS Large Business and International Division, provided some insight on the new regulations filing timeline. She indicated that taxpayers, who choose not to file Form 3115 in order to comply with the temporary tangible property regulations during the first year of the two year window, will not be at risk for an IRS audit as long as they do file before the end of the two years. This means that it is important for all affected businesses to file Form 3115 at some point during this two year window. Continue reading →
“Mind your Own Business” A Radio Show for Entrepreneurs by Entrepreneurs
Gray, Gray & Gray Partner, Rich Hirschen, made a guest appearance on the “Mind your Own Business” Radio Show on Monday, March 26th. The show provides advice, information and connections for entrepreneurs, service providers and established companies. The show was broadcasted on the following stations:
WBNW 1120 AM – Needham, MA
WPLM 1390 AM – Plymouth, MA
WESO 970 AM – Southbridge, MA
If you missed the live segment, stream online to hear in full by clicking HERE or watch a small video snippet below:
To learn more about Rich Hirschen and how he helps his clients, please click HERE to view his profile.
“In this world nothing can be said to be certain, except death and taxes.”
In the years since Mr. Franklin penned this notable adage, the question has ironically become, “How can we best avoid the taxes caused by death?”
Gift and estate taxes have been part of the American tax scene for many years. Currently, with proper planning, a couple can pass approximately $10,000,000 of assets to their heirs without incurring additional taxes. This amount can be significantly higher depending on the type of assets and discounts that may be applied. It is also important to remember that, for a number of years prior to 2011, the gift exemption was significantly less than the estate tax exemption. Continue reading →