Gray, Callison & Jones, P.C.

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

Has your business’s bookkeeping fallen behind? Getting back on track is often easier than you think. With a disciplined ...
06/24/2026

Has your business’s bookkeeping fallen behind? Getting back on track is often easier than you think. With a disciplined approach and the right support, you can regain control. Start by organizing key records, identifying incomplete bookkeeping tasks and addressing outstanding tax issues. Accounting platforms, such as QuickBooks, can help streamline the process. Once your books are current, you’ll be ready to monitor profitability, manage cash flow and plan for growth. If you need assistance catching up, contact us. We can help ensure you have the right tools and the timely, reliable data your business needs.

The 2026 FIFA World Cup games are underway. They’re being played in the U.S., Canada and Mexico. What many American fans...
06/23/2026

The 2026 FIFA World Cup games are underway. They’re being played in the U.S., Canada and Mexico. What many American fans may be surprised to learn is that foreign participants in the World Cup, including athletes, coaches and team personnel, may be subject to U.S. taxes on income earned while they’re here. The Taxpayer Advocate Service says that nonresident alien individuals are subject to U.S. federal income tax and reporting rules on their U.S. source income, including payments for participating in matches, promotional appearances, endorsements or other event-related services performed in the U.S. — though tax treaties may reduce or eliminate the tax. For details: https://bit.ly/4ejSHj5

If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax...
06/22/2026

If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss may also require attention. For example, unemployment compensation and severance pay are generally taxable, at least at the federal level. And health insurance premiums you’d been paying pre-tax from your paycheck may now have to be paid after-tax — though you might be able to deduct them. There are also tax consequences to consider in relation to your retirement plan with your former employer or withdrawing funds from an IRA to replace some of your lost income. If you’d like guidance, contact us.

Employers must carefully handle employee requests to bring an emotional support animal to work. The Americans with Disab...
06/19/2026

Employers must carefully handle employee requests to bring an emotional support animal to work. The Americans with Disabilities Act doesn’t address private workplaces, but an animal-related request tied to a disability may trigger the law’s reasonable accommodation process. Engage in an interactive discussion with the employee, asking for documentation as appropriate. Also, consider whether an accommodation would create undue financial hardship for your organization, as well as safety risks, disruptions or other problems. Document the process, consider alternatives and, when in doubt, consult an attorney. Contact us for help evaluating the financial impact of workplace accommodations.

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit...
06/18/2026

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. Those who request paper checks include the elderly, members of certain religious groups and domestic violence victims. Some taxpayers reportedly wait more than 10 weeks to receive checks. Recently, Treasury Secretary Scott Bessent answered lawmakers’ questions about the issue in a U.S. House Ways and Means Committee hearing.

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can appl...
06/17/2026

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, the child’s unearned income in excess of $2,700 (for 2026) is taxed at the parent’s tax rate, if higher.

If your child has investment income from custodial accounts, consider reviewing the types of investments in those accounts. Growth-oriented investments that generate little current income may help reduce exposure to the kiddie tax until your child is old enough that the tax no longer applies.

If you’d like help evaluating your family’s situation, contact us.

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your emp...
06/16/2026

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your employees manage adoption costs by allowing qualifying employer-provided payments or reimbursements to be excluded from federal taxable income. You can fund the program yourself or, in some cases, through pretax employee salary reductions under a Section 125 cafeteria plan. To qualify for tax advantages, a program must have a written plan and comply with other IRS rules — including nondiscrimination, substantiation, payroll tax and reporting requirements. Contact us to discuss whether an adoption assistance program would make sense for your business.

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand ...
06/15/2026

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand the rules. Don’t let this happen to you.

Follow this golden rule: Business expenses must be ordinary (common in your industry) and necessary (helpful and appropriate for the business). Of course, you can deduct supplies, materials, and employee payroll and benefits. But don’t overlook other deductible costs — such as for your home office, education, business meals and travel, and business vehicles.

We can help you identify qualifying business expense deductions and establish recordkeeping practices that support them. Contact us to learn more.

An F reorganization can help some companies restructure tax efficiently during succession planning or before a business ...
06/11/2026

An F reorganization can help some companies restructure tax efficiently during succession planning or before a business sale. This type of restructuring is generally available only to businesses treated as corporations for federal income tax purposes, including C corporations and S corporations. F reorganizations may preserve tax attributes, support administrative continuity, and help balance buyer and seller goals in certain transactions. But they must satisfy detailed IRS requirements and can create tax risks if mishandled. Professional legal and tax guidance is critical. Contact us to discuss whether this strategy could be a good fit for your business.

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not a...
06/10/2026

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not aware of: after-tax, non-Roth contributions. These contributions aren’t subject to the annual elective deferral limit ($24,500 for 2026, plus catch-up contributions if you’re age 50 or older). So, if your plan allows, you can make them after you’ve maxed out your deferral limit, including catch-up contributions, if applicable. They create tax basis in your account that can eventually be withdrawn tax-free. And growth on the money won’t be taxed until you start taking withdrawals. We can review your situation and help you determine whether you might benefit.

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

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