With 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
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!
By Richard P. Feilteau, CPA, Gray, Gray & Gray, LLP
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
While it seems the IRS piles on new regulations annually, the 2014 tax year is shaping up to be even busier in terms of updates and changes that could have a significant impact on both corporate and individual taxpayers. Here is a brief look at some of the new provisions that will require your attention in the months ahead. Continue reading
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
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.
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.
Read the full article here.
Health Savings Accounts (HSAs) started as a good idea that got better, thanks to changes in the law made a few years after these accounts were first created. The innovative plans allow individuals and businesses to pay for out-of-pocket health expenses at a lower cost in many cases. Take a look at how HSAs work and how the current rules might favorably affect your business.
Read the full article here.
By Michael L. Cecere, CPA, MST
Gray, Gray & Gray, LLP
If you think a payroll check that is not cashed is “found money” for your business, think again. Any uncashed paycheck requires careful handling and accounting to avoid running afoul of state unclaimed property laws.
A common situation in which a paycheck may go uncashed is when a final check is forwarded to an ex-employee. In some cases, the check may never catch up to a person who relocates. Or the employee may misplace or simply neglect to cash the check. Continue reading
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.