G.T. Reilly & Company

07/16/2026

In today’s fast-moving environment, organizations need more than strategy—they need clarity, alignment, and ex*****on support to turn ideas into results. At GT Reilly & Company, our Advisory & Consulting services are designed to help businesses navigate change, uncover opportunities, and build a stronger path forward. Learn more about how we can support your organization: https://gtreilly.com/services/advisory-consulting

07/15/2026

If you expect to receive refunds of tariffs imposed under the International Emergency Economic Powers Act (IEEPA), an important—and often overlooked—question arises: how should these refunds be treated for federal income tax (or state) purposes?

While the refund process itself is administrative, the tax consequences can be more nuanced, especially since in most cases the tariffs were paid in one income tax year and the refunds of such amounts are being received in another tax year. The key factor in determining tax treatment is identifying how the tariffs were originally treated for tax purposes.

This article by Kevin Bonnett outlines a couple scenarios – capitalizing tariffs or deducting them as a business expense - as well as how your chosen accounting method can affect income recognition of a refund.

View our full article for more information:

The key factor in determining tax treatment for IEEPA refunds is identifying how the tariffs were originally treated for tax purposes

07/13/2026

Think beyond bookkeeping. Our outsourced CFO services give you the strategic direction, financial clarity, and insight needed to grow—without the cost of a full-time hire. GT Reilly & Company's team is ready to help. https://gtreilly.com/services/general-business-services

07/09/2026

Leadership is the key to our success. With that in mind, we want to spotlight the people who help shape our expertise. This month, we are proud to feature Kevin J. Bonnett, CPA, Vice President & Director.

07/08/2026

Whenever an investment portfolio experiences significant gains or significant volatility, it is a good time to rebalance your asset allocation. But there can be tax consequences that investors may not realize.

In this article Derek McDonough outlines how to manage tax risk when rebalancing your investment assets. He shares thoughts on short-term and long-term tax impacts, and how to plan for capital gains or losses.

See the full article for more details.

Investment portfolio rebalancing should be done after market gains or significant volatility but watch out for tax impacts.

07/07/2026

For nonprofits, strong communication between the accounting and development teams is key to long-term success. In a recent article from GT Reilly & Company, Vice President & Director Jayme F. Moore, CPA, explains why solid communication should be a best practice. To read "The Value of Development & Accounting Team Communications," simply click to visit our blog page.

Reinforce the value of communication between nonprofit development and the accounting team to improve accuracy and compliance.

07/04/2026

Happy Birthday, America! You don't look a day over 249!

06/29/2026

Credit Unions: The National Credit Union Association has announced its final rule regarding credit union record retention for catastrophic acts. The new rule signifies an easing of preservation requirements while giving credit unions more flexibility in defining vital records.
View the FAQs section here for more information.
https://ncua.gov/newsroom/press-release/2026/ncua-board-approves-final-rule-vital-records-preservation/catastrophic-act-preparedness-faqs

06/25/2026

We had our firm outings on the 23rd - one group spent the day in Boston with a trip to the Museum of Ice Cream and the other had a day of golfing at Granite Links. Congrats to Tom Smith's team (Tom, Jack, Matthew, and Rory) for winning the golf tournament!

06/23/2026

Every year the Massachusetts Council of Nonprofits hosts the Nonprofit Excellence Awards to honor professionals and organizations who exemplify the most innovative, creative, and effective work being done within the nonprofit sector. This year, GT Reilly was proud to be one of the sponsors of the 2026 Nonprofit Excellence Awards. Jayme and Sean from our team attended to celebrate all the honorees in-person. Congrats to all this year's winners and nominees! 🏆 The work you do matters and is inspiring!