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Securing Private Data is No Longer an Option – Why You Need a WISP

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, …

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Articles

Why the Quality of Your Audit Matters

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 …

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Articles

You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations

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 …

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Articles

Proposed Changes to Gift and Estate Tax Could Have Huge Impact

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 …

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Podcasts by Gray, Gray & Gray

Strategic Thinking Podcast: Bryan Pearce Interviews John Cerulli of Acumentrics

Host Bryan Pearce, Director of Strategic Business Planning at Gray, Gray & Gray, interviews John Cerulli, CEO of Acumentrics in Walpole, MA. Acumentrics has been a trusted market leader in critical power solutions used in military and commercial applications since 1994. John has over 25 years of experience in both financial and operational management in …

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Articles

How Your PPP Loan Can Impact Overhead Rate Calculation… and What You Can Do About It

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 …

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Articles

IRS May Claw Back Advance Child Tax Credit

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 …

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Articles

R&D Capitalization Starts Next Year (Maybe). Are You Ready?

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 …

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Articles

Balancing Tax Credits with COVID Stimulus

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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Articles

PPP Forgiveness Deadline Looming

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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