Auditing & Accounting

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

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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Koch's Corner

Koch’s Corner: Audit Quality at Gray, Gray & Gray

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 quality of an audit is an essential part of the level of assurance and confidence the client will have upon its completion. …

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Articles

CPAs in Demand

By Jim DeLeo, CPA, MBA/MST Gray, Gray & Gray, LLP The COVID-19 pandemic and resulting economic disruption has seen unemployment rates, both nationally and locally, rise steeply. Unlike many previous economic downturns, the impact is being felt across the board, including traditionally “white collar” jobs. But certain occupations are proving to be, if not recession-proof, …

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Articles

The Importance of Cash Flow Management in a Time of Crisis

Although the U.S. economy is once again opening for business, the impact of the COVID-19 shutdown will have a lingering effect on businesses across virtually all industries. The acute disruption of “business as usual” will continue to make managing your company’s cash flow a top priority. Here are 11 tips for controlling and managing your …

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Articles

Extended Deadlines for New Revenue Recognition and Lease Accounting Standards

Citing the global COVID-19 pandemic, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities. ASU 2020-05 extends the effective date of the new revenue recognition and lease accounting standards for private companies and not-for-profit organizations …

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New IRS Partnership Audit Rules

The Bipartisan Budget Act of 2015 (BBA) included a provision which created new partnership audit rules.  It is important to recognize that partnerships (including LLCs taxed as a partnership) will be subject to these new rules for years beginning on or after January 1, 2018. The reason Congress passed the new rules are pretty simple: …

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