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.

Employee burnout can harm both your organization’s workforce and financial performance. Common causes include unreasonab...
07/22/2026

Employee burnout can harm both your organization’s workforce and financial performance. Common causes include unreasonable workloads, persistent deadline pressure, chronic understaffing, and long or unpredictable hours. Left unchecked, burnout may contribute to a multitude of problems. These may include errors, absenteeism, declining productivity and turnover — all of which are costly in one way or another. Prevention starts with realistic strategic objectives, adequate staffing and well-trained supervisors. Reasonable time-off policies and a strong benefits package can help as well. Contact us for assistance with tracking and analyzing workforce-related costs and burnout-related trends.

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of...
07/21/2026

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and fees, books, and certain supplies (not room and board or travel), and 3) the award can’t represent wages for teaching or research. Many graduate student awards have employment compensation components, so they may be taxable. Also, taxable scholarship money could potentially be subject to the “kiddie” tax. Contact us for more information.

New tax rules may significantly reduce the cost of providing child care to your employees. Starting in 2026, the employe...
07/20/2026

New tax rules may significantly reduce the cost of providing child care to your employees. Starting in 2026, the employer-provided child care credit generally equals 40% of qualified facility expenses (up from 25%), plus 10% of qualified resource and referral costs, up to $500,000 (up from $150,000). Small businesses may qualify for a 50% rate on qualified facility expenses and a $600,000 limit.

The credit may apply to operating your own facility, contracting with a qualified provider or participating in a jointly operated arrangement. But eligibility, additional limits and recapture rules require careful review.

Contact us for help evaluating your options and projecting the credit’s value.

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress ...
07/17/2026

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress testing can help you identify vulnerabilities before they become costly problems. This approach requires you to identify key risks, evaluate realistic scenarios with your leadership team and advisors, and develop plans to strengthen resilience, such as disaster recovery or succession planning. To stay responsive, review and update your stress tests annually based on changes to your business, industry or the broader marketplace. Contact us. We can help you strengthen your risk management strategy.

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be el...
07/16/2026

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be eligible for a tax deduction by donating the leftovers to a local food bank. Coordinate with your caterer and a vetted food pantry. You may also want to consider donating your wedding dress, bridesmaid dresses, decorations and flowers to charity. To deduct these contributions, you’ll need to itemize federal tax deductions. (Physical goods don’t qualify for the new charitable deduction for nonitemizers.) Be sure to retain sales receipts and obtain donation acknowledgments from the organizations. Contact us with questions and for help with tax planning as a married couple.

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewin...
07/15/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employm...
07/14/2026

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher standard than general partners. Certain work, such as investor activities or tasks not customarily performed by owners, may not count toward material participation. Other limitations may also apply. Before investing in a limited partnership or claiming losses, contact us to discuss the tax implications.

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptl...
07/13/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more.

Employers: Adding a Roth feature to your 401(k) plan can give employees more flexibility in saving for retirement. But i...
07/10/2026

Employers: Adding a Roth feature to your 401(k) plan can give employees more flexibility in saving for retirement. But it’s a decision you must consider carefully. Unlike traditional pretax deferrals, Roth contributions are made after tax, so qualified distributions are tax-free. This feature may appeal to younger workers, higher-paid employees who can’t contribute directly to a Roth IRA and older employees affected by recent changes to the catch-up contribution rules. However, it also brings added administrative, payroll, recordkeeping and communication responsibilities. Contact us for help evaluating the strategy and implementing a Roth feature if you decide to move forward.

Hiring seasonal employees can help businesses meet peak demand, but it also comes with important tax responsibilities. E...
07/09/2026

Hiring seasonal employees can help businesses meet peak demand, but it also comes with important tax responsibilities. Employers must verify work eligibility, properly classify workers as employees (not independent contractors), withhold payroll taxes and report wages on the appropriate tax forms. Seasonal employees are generally subject to the same federal payroll tax rules as year-round staff, even if they work for only a short time. Proper planning can help you avoid costly payroll mistakes and compliance issues. Contact us if you need guidance before bringing on seasonal workers. For information from the IRS: https://bit.ly/4eXWK3O

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

Alerts

Be the first to know and let us send you an email when Gray, Callison & Jones, P.C. posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Gray, Callison & Jones, P.C.:

Shortcuts

Share