Articles

Koch’s Corner: 2021 Auditor’s Reports Will Have a “New Look” This Year

Articles, Auditing & Accounting, Business Advisory Services, Featured Events, News & Events / By Gray, Gray & Gray, LLP

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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Balancing Tax Credits with COVID Stimulus

Architecture/Engineering/Design, Articles, General, News, News & Events, Tax Strategy & Compliance / By Gray, Gray & Gray, LLP

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 …

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PPP Forgiveness Deadline Looming

Architecture/Engineering/Design, Articles, General, News, News & Events / By Gray, Gray & Gray, LLP

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 …

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Child Tax Credit Letters

Articles, General, News, News & Events, Tax Strategy & Compliance, Tax Tips / By Gray, Gray & Gray, LLP

The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact …

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Koch’s Corner: Goodwill Triggering Events

Articles, Auditing & Accounting, Business Advisory Services, Featured Events, News & Events, Non-Profit / By Gray, Gray & Gray, LLP

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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Will There Be a Three-Year Extension for Biodiesel Tax Credit?

Articles, Energy, General, News, News & Events, Tax Strategy & Compliance / By Gray, Gray & Gray, LLP

The $1 per gallon tax credit for biodiesel and renewable diesel fuel, which is set to expire at the end of 2022, may have a longer life. Legislation to extend the tax credit through 2025 has been introduced in both the U.S. House of Representatives and Senate. This is welcome news for fuel oil dealers …

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DOL Issues Cybersecurity Guidelines for Retirement Benefit Plans

Articles, Cybersecurity, Employee Benefit Plan Audits, Featured Events, General, News, News & Events / By Gray, Gray & Gray, LLP

Citing the growing threat of online criminal activity, the U.S. Department of Labor has issued guidance on cybersecurity steps to help protect the nation’s $9.3 trillion in pensions and defined benefit plans. The suggestions are aimed at helping plan sponsors and fiduciaries to avoid data breaches and cyber theft from the estimated 140 million retirement …

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Successfully Navigating the Employee Retention Tax Credit

Articles, Featured Events, General, News, News & Events, Tax Strategy & Compliance / By Gray, Gray & Gray, LLP

The Employee Retention Tax Credit (ERC), which allows eligible employers to earn a refundable tax credit against certain federal employment taxes, was an important part of the original CARES Act to provide pandemic relief. The ERC became even more appealing once it was opened to businesses that had also received a Paycheck Protection Program (PPP) …

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2020 PPP Loan Expense Deductions Can Be Brought Forward

Articles, Featured Events, General, News, News & Events, Tax Strategy & Compliance / By Gray, Gray & Gray, LLP

Thanks to the far-reaching Consolidated Appropriations Act passed in December 2020, small businesses that used funds from a first round Paycheck Protection Program (PPP) loan to pay eligible expenses were also granted the right to take a deduction on their 2020 tax return – even if the PPP loan was forgiven (or was expected to …

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Proposed Changes to Gift and Estate Tax Could Have Huge Impact

Articles, Estate and Gift Taxation, Featured Events, General, Manufacturing & Distribution, News, News & Events / By Gray, Gray & Gray, LLP

A new piece of legislation filed in the U.S. Senate – the “For the 99.5 Percent” Act – could have a significant impact on gift and estate planning. According to the sponsors of the bill, its name describes the “99.5 percent” of the population who are unlikely to be affected by the proposed changes. It …

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