IRS News – Overpayments and Underpayments of Tax

Calculating interest ratesRecently, the IRS announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning April 1, 2013 will remain unchanged. The rates will be as follows:

  • 3 percent for overpayments, in cases other than corporations;
  • 2 percent for overpayments in the case of a corporation (except 0.5 percent for the portion of a corporate overpayment exceeding $10,000); and
  • 3 percent for underpayments (except 5 percent for large corporate underpayments).

If you have questions about these interest rates or other tax concerns, please contact Gray, Gray & Gray’s Tax Department at 781-407-0300 for more information.

Value Added Tax: A Hidden Treasure

Value Added Tax: A Hidden TreasureEvery time you buy something overseas, you might be paying a tax that you can reclaim. If your company does a great deal of international business travel, here’s how you can pocket a bundle by filing for Value Added Tax refunds.

Read the full article here.

Mergers & Acquisitions: A Hotspot During Economic Downturn

The economy remains in a state of uncertainty which means many companies are looking for ways to increase their performance and revenue beyond traditional internal growth methods. During times of economic distress, studies have shown that many companies have turned to merger and acquisition strategies as they provide high, long-term shareholder returns. A market of low prices can create an attractive arena for companies with steady financial positions. Continue reading

Don’t Like Paying for Your 401(k) Plan Audit? Here’s an Alternative.

Companies set up a 401(k) plan for their employees for many reasons. As a vehicle that can help supplement social security income for their employees’ retirement years, a 401(k) is an important recruiting and retention tool and an excellent alternative to a traditional, company-funded pension plan. Plus, it can be rewarding to know that you are offering this support to your hard working employees. Continue reading

Temporary Repair Regulations

ImageBy now many of you have heard that the IRS issued lengthy and complex rules last December regarding whether an expenditure for tangible property, including real estate, is deductible as a repair or must be capitalized. The new rules will affect many businesses including many of our clients. We at Gray, Gray & Gray are fully conversant with these new rules. The IRS recently held public meetings regarding the rules at which many issues and suggestions were made.  We do not know the results of these meetings.  Businesses have until December 31, 2013 to make the changes required by the new rules. Continue reading


Welcome to GG&G’s Blog, GG&G News. We will consistently use this platform to share relevant and important news and updates for our readers to ensure that they are kept up-to-date on all tax related issues which will help them stay successful and in compliance. Thanks for reading and please sign up on the link to have all updates to this blog sent straight to your email.