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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Owe Federal Taxes? You Could Lose Your Passport.

Passport -shutterstock_258682454A new law enacted in January 2016, the “Fixing America’s Surface Transportation Act” (FAST), would seem to be a very helpful and positive step toward repairing the nation’s crumbling transportation infrastructure. Indeed, the U.S. Department of Transportation calls FAST “a down-payment for building a 21st century transportation system.”

But, as with a number of laws that have worked their way through the halls of Congress, FAST has been used as a vehicle to pass many provisions and amendments that have no direct connection with building roads and bridges. One of the lesser publicized provisions in the FAST Act authorizes the denial of a U.S. passport application or the revocation of a current passport for individuals who have more than $50,000 in unpaid federal taxes. Continue reading

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

How Can You Prevent Taxpayer Identity Theft?

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

Identity theft road signWhile it is tax season for most of us, it is Christmas for online identity thieves. With so many people transferring their personal information and financial data via mail or electronically, unscrupulous individuals are having a field day. In most cases they are targeting tax refunds, using stolen social security numbers to assume your identity and taking the money that is rightfully yours. Continue reading

Important Tax Deadlines Reminder

TaxDeadlineReminder

The busy tax filing season is almost upon us. In order to help you stay ahead for 2014 filings and plan for 2015, we have listed some of the most common tax deadlines below.

As always, if you have any questions, need help filing your taxes, or are wondering what you will need to file, please feel free to contact Gray, Gray & Gray’s Tax Department.  Continue reading

Brad Carlson Elected Partner at Gray, Gray & Gray CPAs

Brad Carlson Partner Announcement

We are elated to announce the addition of Brad Carlson to Gray, Gray & Gray’s Partner Group! Brad has served as Gray, Gray & Gray’s Director of Tax since joining the firm in 2011.

“Brad Carlson has been a steady leader in our Tax Department through several years of firm growth and significant changes in the tax landscape,” said Joe Ciccarello, Managing Partner of Gray, Gray & Gray. “He continues to provide valuable, well-informed guidance to both corporate and individual clients.”

Congratulations on this well-deserved promotion, Brad!

Read the press release here.