Auditing & Accounting

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Trends in Financial Reporting for Privately Held Companies

By Richard Koch, CPADirector of Financial ReportingGray, Gray & Gray, LLP Amid chaotic market conditions, accurate and timely financial reporting is more essential than ever. While privately held companies do not have the legal reporting obligations incumbent upon a publicly-traded company, analysis of detailed financial data offers a level of insight for management that can …

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Articles

Retirement Contribution Caps Raised

The amount an individual can contribute to a qualified retirement plan in 2022 has been raised to $20,500, up from a limit of $19,500 imposed in 2019 and 2020. The new cap applies to 401(k), 403(b), most 457 plans, and the federal Thrift Savings Plan. However, if a taxpayer or their spouse is covered by …

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Articles

Why the Quality of Your Audit Matters

By Michael Cecere, CPA, MST Gray, Gray & Gray, LLP Most Certified Public Accounting (CPA) firms provide audits of financial statements. But that does not mean all audits are created equal. Although there are accepted standards for the audit process (Generally Accepted Auditing Standards, or GAAS), the quality and accuracy of audit examination and reporting …

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Koch’s Corner: Accounting for the Employee Retention Tax Credit

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray The Employee Retention Tax Credit (“ERC”) has provided many employers with significant tax credits for retaining workers.  While the Paycheck Protection Program (“PPP”) …

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Koch’s Corner: Accounting for Modification of Call Options

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPADirector of Quality Control at Gray, Gray & Gray When modifications are made to outstanding equity-classified written call options (stock warrants) the issuer must examine how the changes will impact accounting and disclosure …

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Koch’s Corner: 2021 Auditor’s Reports Will Have a “New Look” This Year

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPADirector of Quality Control at Gray, Gray & Gray Upcoming 2021 calendar year end audits for privately held clients will be subject to new auditor reporting standards issued by the AICPA’s Auditing Standards …

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Koch’s Corner: Goodwill Triggering Events

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray In March 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2021-03, “Intangibles – Goodwill and Other (Topic 350) …

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Press Release

Forbes Names Gray, Gray & Gray to “America’s Best Tax and Accounting Firms” List for 2021

Canton, MA (December 9, 2020): Forbes magazine has named Gray, Gray & Gray, LLP to its list of America’s Best Tax and Accounting Firms for 2021. The firm was recognized as one of the most recommended firms for tax services in the U.S. Gray, Gray & Gray was also named to the 2020 Forbes list. This is the …

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Koch’s Corner: Confused About Accounting for Convertible Instruments & Contracts in an Entity’s Own Equity? Relief is on the Way!

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray Many small businesses – particularly microcaps – undertake financing in the form of convertible debt and convertible preferred stock, as they may not …

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Articles

How You Can Use an SBA EIDL Loan

While much attention has been paid to the federal government’s Paycheck Protection Program (PPP) loans, the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program has also been an important source of funding for small businesses during the COVID-19 pandemic. EIDL loans usually only provide assistance after natural disasters like tornadoes, wildfires or floods. But …

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