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Architects & Engineers Should Avoid Delaying Succession Planning

By Martin E. Prendergast, MBA Gray, Gray & Gray, LLP Architects and engineers are adept at working with their clients to create and implement a vision for the future. However, when it comes to preparing for their own future, many A&E firm partners can be slow to make plans. That can lead to complications in …

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The Importance of Cash Flow Management in a Time of Crisis

Although the U.S. economy is once again opening for business, the impact of the COVID-19 shutdown will have a lingering effect on businesses across virtually all industries. The acute disruption of “business as usual” will continue to make managing your company’s cash flow a top priority. Here are 11 tips for controlling and managing your …

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Extended Deadlines for New Revenue Recognition and Lease Accounting Standards

Citing the global COVID-19 pandemic, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities. ASU 2020-05 extends the effective date of the new revenue recognition and lease accounting standards for private companies and not-for-profit organizations …

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SBA Releases Paycheck Protection Program Loan Forgiveness Application

Click HERE to access the Small Business Administration (SBA)’s Paycheck Protection Program (PPP) Loan Forgiveness Application.  Click HERE to access the Instructions for the PPP Loan Forgiveness Application. Click HERE to access the SBA’s PPP EZ Loan Forgiveness Application. Click HERE to access the Instructions for the PPP EZ Loan Forgiveness Application. Gray, Gray & Gray has developed a proprietary PPP loan calculator …

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Cybersecurity Defense Starts by Training Your People

By Bobby Garrett Director of IT & Cybersecurity Gray, Gray & Gray, LLP When it comes to protecting your company’s information from cyberattack you want to be sure you deploy robust detection and prevention methods, including firewalls, enhanced systems and network monitoring, secure networks, and powerful encryption. But to be truly effective your defenses must start with …

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How PPP Loan Forgiveness Will Impact Overhead Rates for Architects & Engineers

Businesses that apply for and receive loans through the federal Paycheck Protection Program (PPP) would be wise to comply with spending guidelines that could lead to loan forgiveness. But companies working on federal and state contracts should be aware that any loan forgiveness will have an impact on their overhead rate calculated in accordance with …

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Details on Moratorium on Evictions and Foreclosures

The Massachusetts legislature has passed an emergency act that institutes a moratorium on non-essential evictions and foreclosures of residential units and small businesses during the governor’s COVID-19 emergency declaration. The act is expected to be signed into law by Governor Baker immediately and will extend for 120 days from the date of signing, or 45 …

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Paycheck Protection Program Rules Clarified

The U.S. Small Business Administration (SBA), which is administering the Paycheck Protection Program (PPP) loan portion of the CARES Act, has issued a “new interim final” rule that clarifies eligibility for certain self-employed individuals and partnerships, calculation of eligible loan amounts, and rules regarding use of PPP funds in order to potentially qualify for loan …

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Preserving Cash Flow

[vc_row][vc_column][vc_column_text]By Jenna Rice, CPA, MSA Manager Gray, Gray & Gray, LLP The economic disruption caused by the Covid-19 pandemic has been sharp, steep and sudden. With significant portions of the business world either shuttered or forced to work remotely, revenue streams have been impacted across the board. It is imperative that you take steps to …

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Further Clarification on Paycheck Protection Program and Tax Relief

The speed at which tax relief and financial support legislation has been enacted and implemented has resulted in some confusion and “tweaks” when it comes to final execution. We have been monitoring the various programs and are happy to pass along some clarification regarding the federal Paycheck Protection Program (PPP) and Massachusetts tax relief efforts. …

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