Michael Gray, CPA

Terms of engagement for employees

Terms of engagement for employees - Michael Gray's Business Building Blog Employees are often afraid to talk to prospective employers and their current employers about their personal life requirements.

Reporting employer designated Roth contributions

Reporting employer designated Roth contributions | Michael Gray, CPA's Blog The IRS has issued guidance for how employer designated Roth contributions should be reported.

Big Brother wants to watch EVEN MORE!

Big Brother wants to watch EVEN MORE! | Michael Gray, CPA's Blog Under the Notice of Proposed Rulemaking, transfers to a legal entity, including a TRUST, corporation, partnership, limited partnership or limited liability company, of residential real estate of up to four units and unimproved land zoned for occupancy by one to four families that don't involve finan...

Market-based sourcing means tax headaches for service sole proprietors

Market-based sourcing means tax headaches for service sole proprietors | Michael Gray, CPA's Blog Businesses that have service income from customers located outside of their state of residence should be alert they may be taxable in another state without having any physical presence, property, or employees in the state. For businesses located in California that are sole proprietorships, this is a...

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How IRS’s postponing third-party information returns could affect your 2023 tax returns

How IRS's postponing third-party information returns could affect your 2023 tax returns | Michael Gray, CPA's Blog The threshold for reporting payments for any payee during 2023 is increased from $600, regardless of the total number of transactions, to $20,000 AND more than 200 transactions.

California FTB follows IRS with November 16 due date as California storm relief

California FTB follows IRS with November 16 due date as California storm relief | Michael Gray, CPA's Blog The California Franchise Tax Board announced the evening of October 16, 2023 it is following the IRS by adopting a November 16, 2023 due date for 2022 income tax returns and payments for taxpayers who previously qualified for the October 16, 2023 due date.

If your company sells through salespeople, affiliates, or distributors, it must get customer contact information

If your company sells through salespeople, affiliates, or distributors, it must get customer contact information - Michael Gray's Business Building Blog A question is: "Who has access to the contact information for the customers who bought all of those products at Sears?" The manufacturers for the appliances under the Kenmore label would surely want to be able to market to them under their own label (such as Whirlpool.)

At the last minute, IRS further extends 2022 filing and payment date for California storm victims

At the last minute, IRS further extends 2022 filing and payment date for California storm victims | Michael Gray, CPA's Blog For residents of 55 of California's 58 counties that previously qualified for extended filing relief, the IRS has announced TODAY the tax-filing and tax-payment deadline has been further extended to November 16, 2023.

Attention Silicon Valley tax, estate planning and personal financial planning professionals! Register for this LIVE lunchtime seminar on October 18, 2023 about the Proposed Treasury Regulations for the SECURE Act of 2019, focusing on estate planning for retirement benefits and required minimum distributions for qualified retirement plans, Roths and IRAs after a death presented by the Personal Financial Planning Interest Group, Silicon Valley San Jose Chapter, CalCPA.

SVSJ Financial Planning Interest Group: SECURE Act Proposed Regulations | N2181023 The IRS issued Proposed Treasury Regulations implementing the provisions of the SECURE Act of 2019 on February 24, 2022. Some of the provisions of the Proposed Treasury Regulations relating to retirement accounts (including IRAs and 401(k)s) surprised specialists in planning for retirement accounts...

IRS moratorium on processing new Employee Retention Credit claims

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FinCEN gives more time to file 2024 beneficial ownership information reports for new entities

FinCEN gives more time to file 2024 beneficial ownership information reports for new entities | Michael Gray, CPA's Blog FinCEN has issued proposed regulations extending the due date for new entities created during 2024 to 90 days after creation. After 2024, the 30-day deadline will apply.

How strategic alliances can grow your business

How strategic alliances can grow your business - Michael Gray's Business Building Blog Using strategic alliances, businesses can make creative exchanges for mutual benefit.

A prospect’s call is not an interruption

A prospect's call is not an interruption - Michael Gray's Business Building Blog Administrative team members often are irritated when they receive an inquiry. They think the inquiry is an interruption to their "more important" duties. "I have to do all this filing!" "I have to read my email!"

Roth requirement for 401(k) catch-up contributions postponed

Roth requirement for 401(k) catch-up contributions postponed | Michael Gray, CPA's Blog The IRS has announced a two-year administrative transition period for catch-up contributions to a qualified retirement plan (including a Section 401(k) plan) by highly compensated employees, permitting them to continue to be made on a pre-tax basis for taxable years beginning before January 1, 2026.

Price and packaging can give value

Price and packaging can give value - Michael Gray's Business Building Blog The price and packaging you choose for your product sends a positioning message.

New federal report for many small businesses carries big potential penalties

New federal report for many small businesses carries big potential penalties | Michael Gray, CPA's Blog The Federal government will require a new report for small businesses, called the Beneficial Ownership Information Report under the Corporate Transparency Act, effective January 1, 2024.

New California property tax report required for some short-term real estate rentals starting 2024

New California property tax report required for some short-term real estate rentals starting 2024 | Michael Gray, CPA's Blog California's State Board of Equalization (BOE) considers short-term rentals to be a trade or business, subject to personal property tax. The BOE has approved proposed Form BOE-571-STR to report the information to compute personal property tax, effective January 1, 2024. The 2024 report is due to be....

Age 72 during 2023? You might get an extra IRA rollover

Age 72 during 2023? You might get an extra IRA rollover | Michael Gray, CPA's Blog % %

Happy July 4!

How to Use Roth and IRA Accounts To Provide a Secure Retirement, 2023 Edition — Silicon Valley Publishing Co. Imagine having an income tax-free retirement income! It's possible with a Roth IRA or Roth 401(k) account! In this compact explanation updated for the Proposed IRS Regulations for the SECURE Act and for SECURE 2.0 Act (enacted December 29, 2022,) Michael Gray, CPA gives the highlights of what

What are the advantages and disadvantages of a traditional IRA compared to a Roth IRA? page 16 https://www.siliconvalleypublishingcompany.com/products/how-to-use-roth-and-ira-accounts-to-provide-a-secure-retirement-srndd-er5ca

How to Use Roth and IRA Accounts To Provide a Secure Retirement, 2023 Edition — Silicon Valley Publishing Co. Imagine having an income tax-free retirement income! It's possible with a Roth IRA or Roth 401(k) account! In this compact explanation updated for the Proposed IRS Regulations for the SECURE Act and for SECURE 2.0 Act (enacted December 29, 2022,) Michael Gray, CPA gives the highlights of what

How to Use Roth and IRA Accounts To Provide a Secure Retirement, 2023 Edition Pre-Release — Silicon Valley Publishing Co. Imagine having an income tax-free retirement income! It's possible with a Roth IRA or Roth 401(k) account! In this compact explanation updated for the Proposed IRS Regulations for the SECURE Act and for SECURE 2.0 Act (enacted December 29, 2022,) Michael Gray, CPA gives the highlights of what

Disaster victims should respond to IRS late-filing and late-payment letters | Michael Gray, CPA's Blog The IRS has updated its instructions to taxpayers, CA-2023-1, to state that taxpayers who receive a late filing or late payment penalty notice when the filing extension applies should call the telephone number on the notice to have the IRS abate the penalty.

Do you have a “freedom account”? https://www.profitadvisors.com/business-building-blog/posts/do-you-have-a-freedom-account/

Do you have a "freedom account"? - Michael Gray's Business Building Blog When you have a big enough retirement account, you have the option to continue working only if you want to.

NFTs are a No-No for retirement accounts http://www.michaelgraycpa.com/posts/nfts-are-a-no-no-for-retirement-accounts/

NFTs are a No-No for retirement accounts | Michael Gray, CPA's Blog The purchase of a collectible by a retirement account, including a 401(k), Roth or IRA account, is treated as a distribution, which could be taxable income for the account owner.

Reached age 72 in 2023? No RMD required. http://www.michaelgraycpa.com/posts/reached-age-72-in-2023-no-rmd-required/

Reached age 72 in 2023? No RMD required. | Michael Gray, CPA's Blog Retirement account owners who reach age 72 during 2023 aren't required to take a minimum distribution from their retirement accounts for this year.

California conforms to federal October 16 due date for disaster areas http://www.michaelgraycpa.com/posts/california-conforms-to-federal-october-16-due-date-for-disaster-areas/

California conforms to federal October 16 due date for disaster areas | Michael Gray, CPA's Blog Governor Newsom has announced that California is conforming to the federal extension of the due date for certain individual and business income tax returns and tax payments to October 16, 2023.