Architecture/Engineering/Design

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Sapers & Wallack Town Hall: 2nd Round of PPP Funding Form Featuring Martin Prendergast

Sapers & Wallack decided to arrange for a Town Hall Meeting for the Sapers & Wallack / Hilb Group family and friends to share and address these questions and we pulled together experts from our network who were kind enough to make themselves available to help you understand what is needed to obtain this second round of …

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Articles

Are you taking advantage of CARES ACT opportunities for tax refunds?

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 …

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Articles

Payroll Tax “Holiday” Beginning September 1, 2020

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, …

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Architects & Engineers Should Avoid Delaying Succession Planning

By Martin E. Prendergast, MBA Gray, 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 …

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How PPP Loan Forgiveness Will Impact Overhead Rates for Architects & Engineers

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 …

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Articles

Section 179D Energy Efficiency Tax Deduction Extended

By Martin E. PrendergastGray, Gray & Gray, LLP Congress and the White House have reached an agreement to extend a wide range of expired tax credits. The deal would renew numerous tax provisions that either expired at the end of 2017 or 2018, or were set to expire as of December 31, 2019. The extended …

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Articles

Taking Advantage of Tax Benefits You May Not Know About

Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts …

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Articles

The IRS Has Changed the Rules on Partnerships

Kevin F. Howley, CPA, PartnerMichael D. Koppel, CPA, PFS, CITP, MBA, Retired PartnerGray, Gray & Gray, LLP If your architectural or engineering firm is organized as a partnership (or LLC taxed as a partnership) there are new rules you should be aware of concerning potential IRS audits. The changes were made to increase the number …

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Articles

Building a Deep Bench is Part of Exit Planning

By Martin E. PrendergastGray, Gray & Gray, LLP If you are the principal in an architectural firm, engineering firm or construction company your days are probably filled with managing projects, putting together proposals for new work, reviewing plans, and tending to the hundreds of details that cross your desk. But in the midst of the …

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