Articles

Cyber Security is a Must for Remote Workers

Many businesses have had staff members working from home for a year. For most, the transition from office to home was rapid, and likely included many shortcuts and “temporary” adjustments. Remote working also presents an increased danger of cyberattacks from hackers and online criminals. Without the protection of a robust office firewall and secure network, …

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Balancing a PPP Loan and Employee Retention Tax Credits

The original CARES Act in March 2020 provided much needed relief for small businesses in the form of Paycheck Protection Program (PPP) loans. But a lesser known component was the Employee Retention Tax Credit (ERTC), which allowed eligible employers – of any size – to earn a refundable tax credit against certain federal employment taxes. …

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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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Alert: Tax Changes May Affect Your Exit Timing

By Joe Ciccarello, CPA, MST Partner February 4, 2021 If you have given any thought to selling your business and retiring, now might be a good time. And I mean right now. The shift in power in Washington is likely to result in significant changes to federal tax laws, including capital gains taxes. Corporate tax …

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Multiple-employer plans for small businesses

By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is …

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New Rules on Employee/Contractor Classification Proposed

Classifying a worker as an employee or independent contractor has long been a complicated task for employers, with significant consequences. Misclassification can result in fines and penalties, and, in some cases, employers may be required to pay back wages and taxes to a worker who is reclassified as an employee. Now the U.S. Department of …

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Why Non-Profits Need to Think Strategically

By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Non-profit organizations that exist to address the needs of society occupy a special place in the business universe. Whether the mission is to provide support for disadvantaged communities, enlighten lives through art and culture, fund medical research, further a cause, or any one of …

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Merger Integration Challenges

By James A. DeLeo, MBA, CPA/MST Leading Partner Gray, Gray & Gray, LLP In an overabundance of eagerness to get a deal done, some companies looking to make an acquisition in the M&A market might lose sight of the critical need to successfully integrate the new business post-merger. There are many challenges to be surmounted …

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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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Protecting Your Business from Fraud

Fraud is an unfortunate, but all too frequent, problem for many businesses. You need to be vigilant lest a customer, vendor, or employee tries to skim, cheat, embezzle or otherwise steal your hard-earned money. The best way to avoid getting ripped off is to have strong systems and processes in place to prevent such larceny. …

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