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 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 …
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there …
You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations Read More »
Legislation filed in Congress could have a significant impact on gift and estate planning. It is important that those who are likely to be affected know what the proposed legislation entails and how it might make changes to estate planning advisable – even necessary. Unlike typical tax legislation, these measures have the potential to be …
Proposed Changes to Gift and Estate Tax Could Have Huge Impact Read More »
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”) …
Koch’s Corner: Accounting for the Employee Retention Tax Credit 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 »
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 …
Koch’s Corner: Accounting for Modification of Call Options Read More »
The federal government will begin sending advance child tax credit payments to an estimated 39 million American families in mid-July. A total of six monthly payments will be made during 2021, representing half of the expected child tax credit eligible taxpayers can use when filing their 2021 tax return. But shifting economic conditions and a …
By Tom Yuen, CPA, MST Since 1954 taxpayers have been able to fully deduct research & development (R&D) costs during the tax year in which they occurred, if they chose to do so. The option for an immediate deduction was seen as a way to spur innovation. But that option is coming to an end …
R&D Capitalization Starts Next Year (Maybe). Are You Ready? Read More »
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 …
Koch’s Corner: 2021 Auditor’s Reports Will Have a “New Look” This Year Read More »