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High Profile Magazine Features Read More »
By Martin E. Prendergast Gray, Gray & Gray, LLP While the recently enacted Inflation Reduction Act is making headlines for its energy and healthcare facets – along with a big ramp up in IRS muscle – there are several provisions that could benefit practitioners in the architectural and engineering fields. Here are some highlights of
Architects and Engineers Benefit from Inflation Reduction Act Read More »
By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP Architectural and engineering firms that have not yet implemented a Written Information Security Plan (WISP) for their business are taking a huge risk. Data breaches and security hacks occur every day, affecting firms of all sizes and types. In just one example,
Securing Private Data is No Longer an Option – Why You Need a WISP Read More »
By Richard Hirschen, CPA, CGMA Gray, Gray & Gray, LLP Architects, engineers and construction companies that work under federal contracts and received a Paycheck Protection Program (PPP) loan face a dilemma when performing their annual overhead rate calculation. If you received a PPP loan that was forgiven – or are considering applying for loan forgiveness
How Your PPP Loan Can Impact Overhead Rate Calculation… and What You Can Do About It Read More »
By Martin E. Prendergast, MBAGray, Gray & Gray, LLP As tough as the past year has been for many architectural, engineering and design firms, there have been a number of federal programs put in place to help retain employees and ease the burden imposed by the extended economic upheaval. While most people are familiar with
Balancing Tax Credits with COVID Stimulus Read More »
By Martin E. Prendergast, MBAGray, Gray & Gray, LLP Have you applied for PPP loan forgiveness yet? If not, you’d better hurry. Architectural, engineering and design firms that received a Paycheck Protection Program (PPP) loan during the “first draw” period in 2020, and who followed the SBA guidelines for using loan proceeds, can apply for
PPP Forgiveness Deadline Looming Read More »
By Elvira Lawlor, CPA, MBA Gray, Gray & Gray, LLP The research and development (R&D) tax credit is one of the most powerful tools your architectural or engineering firm could use to ease your tax burden. In light of the global pandemic, with many businesses struggling to stay afloat, R&D could become a great boost
Are you taking advantage of CARES ACT opportunities for tax refunds? Read More »
Employers who withhold the 6.2% Social Security tax from employee paychecks may now defer collection and payment of withholding amount for pay periods beginning September 1, 2020 and extending through December 31, 2020. However, the taxes are only deferred – not exempted – and must be paid between January 1, 2021 and April 30, 2021,
Payroll Tax “Holiday” Beginning September 1, 2020 Read More »
By Martin E. Prendergast, MBAGray, Gray & Gray, LLP Architects and engineers are adept at working with their clients to create and implement a vision for the future. However, when it comes to preparing for their own future, many A&E firm partners can be slow to make plans. That can lead to complications in firm
Architects & Engineers Should Avoid Delaying Succession Planning Read More »
Businesses that apply for and receive loans through the federal Paycheck Protection Program (PPP) would be wise to comply with spending guidelines that could lead to loan forgiveness. But companies working on federal and state contracts should be aware that any loan forgiveness will have an impact on their overhead rate calculated in accordance with
How PPP Loan Forgiveness Will Impact Overhead Rates for Architects & Engineers Read More »