The Internal Revenue Service (IRS) is warning taxpayers of two new approaches being used by scam artists to obtain personal data. Stolen data can be used to file false tax returns in your name, or to open fake accounts. Continue reading
Interested in expanding your business or acquiring a new one? This article describes one good way to structure the new operation. It provides simplicity for tax purposes and protection from liabilities related to the business. Read more here.
Copyright © 2019
When companies join forces, there are obviously a number of ways to structure the transaction. The most tax-efficient way depends on the parties involved. Get a rundown of the key factors to keep in mind when evaluating a corporate acquisition by merger, as opposed to acquiring a business through a taxable stock or asset purchase… Read more here.
Copyright © 2018
The deadline to implement major changes in the way leases are treated for accounting purposes may appear to be well in the future: late 2019 for publicly traded companies, and January 1, 2020 for privately held companies and non-profits. But accounting professionals are discovering that the work necessary to make the transition is significantly more complicated than anticipated.
The new standards, which apply to all companies (public, private and non-profits) that issue a financial statement in accordance with Generally Accepted Accounting Principles (GAAP) and have leasing transactions, will require leased assets to be recognized on the organization’s balance sheet.
This may have a significant impact on bank loans, as adding operating leases – which appear as debt – to the balance sheet may affect loan covenants by changing the amount of debt you are carrying. As a result, your business could slide into default on your loans without realizing it. The solution is likely to be a renegotiation of loan covenant terms, or a waiver or change in your lease agreement. Read more here.
Congratulations to Gray, Gray & Gray Partners James A. DeLeo and Derrick J. Rebello on their article “Cut through the confusion with a quality of earnings report,” which was featured in the Worcester Business Journal’s Annual Business Buy/Sell Directory & Resource Guide 2015.
In this article, DeLeo and Rebello discuss one of the most important outcomes of financial due diligence related to a potential merger or acquisition – a quality of earnings report – and why no two reports should be the same. Read the full article here to discover the importance of a quality of earnings report for evaluating a company’s financial health.
The Internal Revenue Service (IRS) office is alerting financial institutions to be wary of fraudulent emails, ostensibly from the IRS, requesting personal financial data on account holders under the Foreign Account Tax Compliance Act (FACTA). The emails request data such as account holder identities, account information, and confidential passwords.
The IRS says it does not request specific account holder identity information over the phone, by fax or by email, and does not solicit FACTA passwords or other confidential account information. They report that incidents of these “phishing” scams involving FACTA have occurred in multiple countries.
Gray, Gray & Gray’s Westwood Headquarters is now located in Canton, MA (just a few miles away from our previous location)!
Gray, Gray & Gray, LLP
150 Royall Street
Canton, MA 02021
We’re already up and running in our new space, and look forward to serving you from our new Canton home!
Please note: Our telephone numbers, fax numbers and email addresses all remain the same.