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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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Articles

Child Tax Credit Letters

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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Articles

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

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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Articles

DOL Issues Cybersecurity Guidelines for Retirement Benefit Plans

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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Articles

Successfully Navigating the Employee Retention Tax Credit

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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Articles

2020 PPP Loan Expense Deductions Can Be Brought Forward

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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Articles

Proposed Changes to Gift and Estate Tax Could Have Huge Impact

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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Webinar

WEBINAR #14: Everything You Need to Know About Employee Retention Tax Credits Form

During this one-hour webinar Gray, Gray & Gray will help businesses explore reasons why you may want to apply for and manage ERTC, including balancing ERTC with PPP loans. Watch the webinar recording with Gray, Gray & Gray Leaders Jim DeLeo, Kelly Berardi, Brad Carlson and Derek Rawls as they answer your questions about the ERTC program. Please complete the brief form …

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Articles

Shuttered Performing Arts Venues Relief Program Begins April 8

Financial relief is waiting in the wings for a wide range of performing arts venues and organizations across the U.S. that have been negatively impacted by the prolonged coronavirus shutdown. The Small Business Administration (SBA) will open applications for the Shuttered Venue Operators Grant (SVOG) program on April 8, 2021. Eligible grant recipients include live …

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