Author Archives: mgracey
Giving money to charity enables you to support the issues, organizations and causes that are important to you. Not only do these efforts fill you with pride and gratitude, but they may also enable you to reduce your tax liabilities, especially for tax years 2020 and 2021. Individual Taxpayers Among the provisions included in the […]
Business owners already struggling with the continued uncertainty surrounding the pandemic are also facing the prospect of higher taxes and a resulting negative impact on company cash flow, profitability and valuations. For some, this environment will accelerate business sales or mergers and require significant alterations to existing estate plans – all of which will require […]
If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]
On September 25, the House Budget Committee voted to approve the latest round of recommended changes to the U.S. tax code as part of the president’s $3.5 trillion Build Back Better Act. The draft legislation calls for higher taxes, but at rates that are not as high as previously proposed. In addition, it fails to […]
When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]
Seasoned litigators consider forensic accountants their secret weapon when defending cases involving economic damages. By relying on carefully honed skills to investigate, audit and uncover often-complicated financial transactions, forensic accountants can sort through mountains of data to connect seemingly unrelated dots and identify hidden assets or instances of fraud. In addition to identifying financial facts, […]
Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]
Tax-Deferral Strategies for Commercial Real Estate Investors Commercial real property investors have long relied on Section 1031 of the Internal Revenue Code to defer capital gains tax on the sale of appreciated property when they reinvest sales proceeds into similar like-kind property. However, with the Biden administration’s proposal to restrict the tax-deferral benefits of 1031 […]
RecruitingBrochure.pdf
The federal research and development (R&D) tax credit is one of the most valuable tax incentives while also being one of the most misunderstood. Contrary to popular belief, eligibility is not limited to businesses that employ scientists, develop cutting-edge products or make groundbreaking discoveries. Rather, it may apply to businesses, large and small, in a […]