Gray Griffith and Mays a.c. is pleased to announce the promotion of William “Bill” Johnson and Keith Myers to Directors at GGM. Both have proved to be valuable assets for our firm, and we are excited to see how they will excel in their new roles.

On March 7, 2023, the IRS issued a warning to Employee Retention Credit claims. False claims generate compliance risk for people and businesses claiming improper credits. According to the warning, "The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online."

Businesses should be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.

Businesses are required to issue Forms 1099, generally on or before January 31st relating to payments made during the preceding year. The IRS uses Forms 1099 to track income that isn’t recorded in a person’s wages or salaries, which are reported on Form W-2.

This is a great time for organizations to look back at what they have accomplished throughout the year and prepare to enter the next year in position to have another successful year!

Gray Griffith & Mays – Morgantown, a full-service accounting and tax CPA firm, announces the acquisition of Delbert Bowers CPA.  Delbert Bowers CPA and the Bowers family have provided quality personalized financial guidance to small businesses and individuals for over 50 years in the Morgantown, West Virginia area. Delbert Bowers CPA has provided professional tax preparation, bookkeeping and accounting services as well as a history of compilation and other reporting services. The acquisition became effective on January 1, 2022.