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Gray, Callison & Jones, P.C.

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Winston-Salem, NC
Gray, Callison & Jones, P.C.

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Gray, Callison & Jones CPA, P.C. is a full-service accounting firm serving clients throughout the Triad.

10/28/2026

As the year draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your 2026 income taxes. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount you contribute from each paycheck before year end could boost your 2026 tax savings. If your employer matches contributions, try to contribute at least enough to receive the maximum match. Otherwise, you’ll lose out on free money! Check with your employer about deadlines and available options. We can help you evaluate the tax implications and determine whether increasing your contributions makes sense for your situation.

10/27/2026

Owners of businesses taxed as partnerships sometimes pay work-related expenses out of pocket. Whether such payments are deductible for federal tax purposes depends largely on the partnership agreement, LLC operating agreement, or an established policy or practice. Allowable expenses may be deductible if the owner is required to bear them without reimbursement. Expenses that could have been reimbursed — regardless of whether reimbursement was requested — generally aren’t deductible. Qualifying costs include business meals, vehicle expenses and home office expenses, subject to applicable limits and substantiation rules. Contact us to review your business’s policies and potential deductions.

10/26/2026

The IRS recently announced special per diem travel rates that are effective from Oct. 1, 2026, through Sept. 30, 2027. Under the simplified high-low method, employers can use two per diem rates to reimburse employees for lodging, meals and incidental expenses for business travel within the continental U.S. The new rate is $329 for high-cost localities and $230 for all other areas. In some locations, the high-cost rate applies only for certain periods of the year. The high-low method can simplify expense reimbursements and reduce paperwork, but you must follow specific IRS rules and restrictions. Contact us to help determine whether this method is right for your business.

10/23/2026

Businesses have long used bank lockbox services to accelerate collections and reduce work involved in processing checks. Now, technology enables lockbox users to automate many accounts receivable procedures. But other electronic payment methods, including ACH and credit cards, may provide less expensive, yet effective, solutions. To determine what makes sense for your organization, evaluate the volume of paper checks you receive. If it’s high, you might benefit from a lockbox service. Otherwise, consider accepting paper checks while steering customers to electronic methods. Talk to your bank about its services, and contact us for help calculating your current payment-processing costs.

10/22/2026

Changes could be coming to your Health Savings Account (HSA). A new U.S. House bill would enable families to contribute additional funds to their HSAs in the year a child is born or adopted. In 2027, HSA participants normally will be able to contribute up to $4,500 (self-only coverage) and $9,000 (family coverage) pre-tax. The Savings for Tomorrow’s Opportunities, Raising Kids (STORK) Act would allow a one-time contribution of an additional $2,000 per qualifying child — so, for example, $4,000 for twins. HSA owners can take tax-free HSA withdrawals to pay medical expenses, and the STORK Act specifically aims to help offset the high cost of maternity and newborn care.

10/21/2026

Renewing your business’s employee health plan requires a close look at both cost and coverage. Employers’ health benefit costs per employee are projected to increase by an average of 8.2% in 2027. Before choosing a plan, review enrollment, employee feedback and claims data with your benefits consultant to learn which benefits workers use and value. Compare options on the same basis, including deductibles, out-of-pocket costs and provider networks. Prescription drug benefits are among the fastest-growing costs, so pay particular attention to pharmacy coverage. Contact us for help assessing the financial impact of your choices and building your selected plan into next year’s budget.

10/20/2026

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” business loss limitation restricts the amount of business losses noncorporate taxpayers can use to offset other income. Losses from these entities flow through to the owners and generally can offset income from other sources (such as salary, interest, dividends and capital gains) only up to the applicable excess business loss limit. For 2026, the limit drops to $256,000, or $512,000 for joint filers, down from $313,000 and $626,000, respectively, for 2025. Losses exceeding these limits generally become net operating loss carryforwards. Contact us for guidance.

10/19/2026

Return-to-office (RTO) policies may benefit some employers, but they can impose substantial costs on employees. A recent study estimated that office workers spend an average of $6,736 annually on commuting, meals and other work-related expenses — plus time spent commuting and preparing for office days. These burdens can influence employees’ decisions about where to work, potentially affecting hiring and retention efforts. Before implementing or strengthening an RTO policy, consider whether its benefits justify the costs. Hybrid schedules, flexible hours and transportation benefits may help you strike a balance. Contact us for guidance on evaluating the financial impact of any policy changes.

10/16/2026

Voluntary wage and hour audits can help employers identify compliance problems before they lead to worker complaints and regulatory investigations. Under this process, your organization internally reviews key areas such as minimum wage and overtime practices, worker classification, timekeeping, payroll records, and wage deductions. An audit should also address off-the-clock work and applicable meal and rest break rules. Be sure to account for state and local requirements, which may be stricter than federal law. Contact us for help gathering the relevant payroll information, assessing the financial implications of any issues uncovered and coordinating with legal counsel as appropriate.

10/15/2026

Selling an investment in a taxable account at a loss can help reduce your federal tax bill, but beware of the wash sale rule. If you sell securities at a loss and buy substantially identical securities within 30 days before the loss sale date or 30 days after that date, the IRS generally disallows the loss deduction. However, the loss isn’t necessarily gone forever. It’s typically added to the cost basis of the replacement securities, potentially reducing taxable gains or increasing your tax loss when you sell the replacement securities. Before harvesting investment losses, contact us to discuss strategies for avoiding costly tax surprises.

Address

3813 Forrestgate Drive
Winston-Salem, NC
27103

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

(336) 760-3210

Website

https://www.graycallison.com/

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