Proposed Tax Change Would Reduce Expensing of Advertising

Proposed Tax Changes to Reduce Expensing of AdvertisingBusinesses have long been able to fully expense the costs of advertising in the year that the costs were incurred. However, a new proposal from the chairman of the House Ways and Means Committee would gradually reduce this advertising deduction by half, with the remaining costs being amortized over 10 years. Continue reading

Webinar Recording Available: Preview of the Tax Reform Act of 2014

The “Tax Reform Act of 2014” is the largest proposed change in the U.S. tax code since 1986. The tax reform will have a huge impact on all taxpayers, both individual and corporate.

While nobody knows what the final language of the Tax Reform Act of 2014 will be, it is vital that you know as much about the proposed changes as possible.

In case you missed our recent webinar on the proposed tax reform and/or you would like to share this information with your colleagues, now you can access the webinar recording online!

Having an Outdated Will Could Hurt a Business Owner as Much as Having No Will at All

By Richard P. Feilteau, CPA, Gray, Gray & Gray, LLP

Will

With so many companies being owned and operated as family businesses, it stands to reason that personal financial security is often tied to financial success of the business. The problem is that many owners, focused on making their business successful, neglect the personal financial planning that is necessary to ensure a safe and comfortable future for their family. Continue reading

President Set to Boost Overtime Pay for Salaried Workers

Boost Overtime Pay for Salaried WorkersThe White House is expected to order the Labor Department this week to expand overtime pay protection to millions of salaried workers.

Businesses are currently required to pay overtime to certain salaried workers who work more than 40 hours per week, but only if they earn less than $455 per week (approximately $24,000 per year). The new directive will raise this threshold, possibly as high as $984 per week (approximately $50,000 per year), although a lower number may be chosen. Continue reading

Tax Credits Available in Federal Empowerment Zones

By Dana Fortini, Supervisor at Gray, Gray & Gray, LLP

Federal Empowerment ZonesIf your business is located in an economically distressed location, you may be able to apply for significant tax credits if you have employees who live and work in what is known as a federally-designated “Empowerment Zone.” But you have to hurry!

Empowerment Zones were introduced in 1993 as part of a federal government effort to reduce unemployment and generate economic growth in distressed cities and regions. Businesses in Empowerment Zones were offered federal tax incentives and the awarding of grants to encourage hiring and participation in the plan. Although the original program ended in 2011, it was revived again through the American Taxpayer Relief Act in 2013, but expired again at the end of the year. 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

New M&A Blog from Gray, Gray & Gray!

Gray, Gray & Gray Announces DealMaker News Blog Dedicated to M&A Community!Gray, Gray & Gray brings you DealMaker News – our new blog dedicated to assisting individuals on both sides of transactions with making deals happen!

Here you will find information on the hottest topics in merger and acquisition, news about upcoming networking events, including “The DealMakers” events hosted by Gray, Gray & Gray, have the ability to make your voice heard, ask questions, and much more.

Click here to check out the DealMaker News blog now.

Webinar Recording Available Now!

Over 4 million businesses in the U.S. will be affected by new regulations governing the final version of the “repair” regulations. These rules affect the “capitalize or expense” decision for the acquisition, repair or improvement of tangible property, including any materials used. Will your business be affected?

In case you missed our November 1st webinar, be sure to watch the recording now. Gray, Gray & Gray Tax Advisor Mike Koppel explains how the new “repair” regulations work, how they must be applied, and ways the new rules could impact your business. Get up to speed on the complex rules that go into effect on January 1, 2014 – just a few weeks from now!

Computer Security Alert: New Virus Holds Your Files for Ransom

Computer Virus AlertCould your computer be at risk?

It seems as if a new computer virus is being unleashed on a daily basis. Many of them are hoaxes, or can be isolated and avoided. However, there is a new “ransomware” virus making the rounds that is serious business.

It is called “CryptoLocker” and it hijacks your data files, encrypts them so that you lose access to your own files, and then demands a ransom payment. And it is working, evading many anti-virus programs. Continue reading

Tech Tax Repealed – Now What?

Tech Tax Repealed - Now What?To the surprise of almost nobody, the Massachusetts legislature has voted to repeal the “tech tax” that went into effect on July 31, 2013. The amendment to the transportation bill that added state sales tax to certain computer services was not well received by the business community. Governor Deval Patrick, after first defending the tax, signed the repeal last week.

But what about those computer services companies and vendors who played by the rules and collected the 6.25% sales tax? According to guidance issued by the state’s Department of Revenue:

• Vendors that Have Collected but Not Remitted Tax must make reasonable efforts to return that tax to the retail customers from whom the tax was collected.

• Vendors that Have Filed Returns and Remitted Tax must electronically file abatement applications through the DOR website, no later than December 31, 2013.

This should close a brief and controversial chapter in the state’s tax history.

If you have a question about filing for an abatement, or need assistance in doing so, please contact Gray, Gray & Gray’s Tax Department at (781) 407-0300.