Gray, Gray & Gray's Response to Coronavirus & Important Resources
As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find updates on Gray, Gray & Gray’s response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.
An Update from Our Leading Partner, Jim DeLeo – May 2021:
To Our Clients and Business Associates:
As Governor Baker lifts the COVID Restrictions and the CDC and state continue to issue further guidance, we too are adjusting our office plans accordingly. One thing that remains unchanged: the safety and well-being of our employees and clients remains our top priority in 2021.
Starting July 12th, our office will officially be open to all employees and clients. Many of our employees will operate in a hybrid work model, with continued flexibility of working both on-site and remotely. Our clients can rest assured that this model will enable us to be readily available to serve you with the same quality service you have come to expect from us.
Client meetings at our office will be welcomed and on-site work at clients’ offices will be encouraged based on the needs/desires of the client and safety of all involved.
Staff and clients may choose to continue leveraging virtual meetings and digital document transfers as appropriate as well. Should you have any questions, please contact your engagement partner. You may call our main office line at 781.407.0300 for our dial by name directory.
Additionally, you can refer to this Coronavirus Response & Resources page for ongoing updates on Gray, Gray & Gray’s response to the pandemic as well as resources to help you successfully manage your business and individual finances. From informative webinars and articles, to links to helpful resources, we are committed to providing thought leadership that assists you both now and in the future.
We look forward to seeing everyone again and want to thank you for your understanding over these past several months.
Stay safe,
Jim DeLeo, CPA, MBA/MST
Leading Partner
Gray, Gray & Gray, LLP
Our Response to the Coronavirus
The unprecedented spread of the novel Covid-19 “Coronavirus” continues to impact our daily lives, including the way in which we conduct business. Gray, Gray & Gray leadership is closely monitoring the information shared by the Centers for Disease Control and Prevention (CDC) and State officials about the virus, and is exercising necessary precautions. The health and safety of our employees and clients is our number one priority.
For clients who need to provide us with documents necessary for preparation of their tax returns, we request that you consider sending all necessary tax information through secure electronic means when possible. Please refer to the “Tax Update” section below for more details on our secure electronic processes.
Our staff remain fully accessible via email and phone to continue serving you.
Tax Update
Massachusetts to Extend 2020 State Tax Individual Filing Deadline: On March 18th, it was announced that following the lead of the federal government, the Massachusetts legislature is taking steps to extend the state’s individual income tax filing deadline from April 15, 2021 to May 17, 2021. The deadline extension will be added to a COVID-19 relief bill that is already moving through the legislative process. We are still recommending that taxpayers file their returns as early as possible.
2020 Federal Individual Income Tax Filing Deadline Extended to May 17: On March 17th, the Internal Revenue Service (IRS) announced that the April 15, 2021 tax filing deadline for individuals has been extended until Monday, May 17, 2021. At this time the postponement of the tax filing deadline applies only to individual federal income returns and associated payments related to the 2020 tax year. This relief does not apply to 2021 first quarter estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. It also does not apply to C corporations. State filing and payment deadlines vary and may not be the same as the federal deadline. You should check with your tax professional or state tax department to confirm state filing deadlines. Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.
Any tax clients who have not yet submitted their tax source information to Gray, Gray & Gray are encouraged to take advantage of our secure electronic processes:
PLUS – tax return delivery is also performed electronically. Our team utilizes SafeSend Returns and/or the Client Portal for secure electronic delivery of tax returns.
Resources
Gray, Gray & Gray is providing ongoing information and support to help our clients and friends successfully manage their businesses and individual finances during the evolving coronavirus crisis. From informative webinars and articles, to links to helpful resources, we are committed to assisting and supporting you.
Eblast Archive
- 05/27/21 What the IRS Traffic Jam Means for You
- 05/07/21 Successfully Navigating the Employee Retention Tax Credit
- 05/04/21 PPP Runs Out of Money
- 04/29/21 Restaurant Revitalization Fund Registration Opens Friday
- 04/02/21 Forgiven PPP Loans, Some Unemployment Income Not Taxable in Massachusetts
- 04/01/21 IRS Will Issue Automatic Refunds to Early Filers with Unemployment Exclusion
- 03/30/21 Mass to Require Advance Sales & Use Tax Payments for Some Businesses
- 03/25/21 Senate Passes PPP Application Extension Bill
- 03/25/21 SBA Raises Covid-19 EIDL Loan Cap to $500,000
- 03/18/21 Massachusetts to Extend State Tax Individual Filing Deadline
- 03/17/21 2020 Federal Individual Income Tax Filing Deadline Extended to May 17
- 03/16/21 IRS: Wait to Refile for Unemployment Exclusion
- 03/16/21 EIDL Payment Deferral Extended Until 2022
- 03/11/21 Legislation in Process to Eliminate Small Business Tax on PPP Loans
- 03/10/21 House Passes Pandemic Relief Bill
- 03/09/21 New Webinar Announced! Everything You Need to Know About Employee Retention Tax Credits
- 03/08/21 PPP Update
- 03/04/21 Balancing a PPP Loan and Employee Retention Tax Credits
- 02/26/21 IRS Apologizes for Erroneous Tax Delinquency Notices
- 02/26/21 Forgiven PPP Loans May Be Taxed in Massachusetts
- 02/22/21 PPP to Offer Two Week Window for Smaller Businesses
- 02/11/21 PPP Application Process Speeds Up
- 02/08/21 Can I Appeal a PPP Loan Forgiveness Decision?
- 01/27/21 SBA Works to Speed PPP Review Process
- 01/22/21 CORRECTION Important Updates on 1st & 2nd Round PPP Loans, Forgiveness Guidance, & More
- 01/22/21 Important Updates on 1st & 2nd Round PPP Loans, Forgiveness Guidance, & More
- 01/19/21 IRS to Start Accepting Returns on February 12
- 01/15/21 SBA Issues Guidance on Reapplication and Increases in PPP Loans
- 01/13/21 New Webinar Announced! PPP Round Two: More Relief is on the Way
- 01/12/21 What You Need to Know about the Second PPP Program
- 01/06/21 Employee Retention Credit Extended, Now Available to PPP Borrowers
- 12/29/20 Highlights of the New Stimulus Bill for Business
- 11/19/20 Rules on Deducting Expenses Under PPP Clarified
- 11/09/20 SBA Will Issue Additional Forms for Larger PPP Loans
- 10/25/20 Massachusetts Offers Further Pandemic Funding for Small Businesses
- 10/09/20 Revisions to PPP Loan Forgiveness and Loan Review Procedures
- 10/08/20 PPP Payment Deferral Extension Applied to All Borrowers
- 10/06/20 PPP Loan Status When You Sell Your Business
- 09/21/20 Sales & Use Tax Filing Deadline Extended
- 08/26/20 New PPP Forgiveness Guidance Issued by SBA
- 08/13/20 Massachusetts Tax Revenues Fall Short, But Trend Higher
- 08/12/20 Additional FAQs About PPP Loan Forgiveness
- 08/05/20 New FAQs Published on PPP Loan Forgiveness
- 07/13/20 EIDL Advance Program Ends
- 07/02/20 PPP Extension Passed in House; Automatic Forgiveness Measure Introduced
- 07/01/20 PPP May Be Extended by 5 Weeks
- 06/19/20 Mass. Sales and Use Tax Deadlines Extended Again
- 06/18/20 Simplified PPP Forgiveness Applications Released
- 06/17/20 “Double Hit” Quarterly Tax Payments Coming on July 15
- 06/09/20 Further Clarification on PPP Flexibility Act
- 06/09/20 Extended Deadlines for New Revenue Recognition and Lease Accounting Standards
- 06/08/20 PPP Flexibility Act Now Law
- 06/04/20 PPP Flexibility Act Passed
- 06/01/20 House Passes Bill Easing PPP Forgiveness
- 06/01/20 Resources for Bringing Employees Back to Work Properly
- 05/29/20 PPP Forgiveness Rules May Be Loosened
- 05/20/20 New Revenue Recognition Standards for Private Companies Delayed
- 05/18/20 PPP Loan Forgiveness Application Available
- 04/20/20 Details on Moratorium on Evictions and Foreclosures
- 04/13/20 Beware Bank Scams Alert
- 05/14/20 SBA Extends Safe-Harbor Period to 5/18 for Returning PPP Funds
- 05/13/20 Guidance Issued for PPP Loan Certification
- 05/7/20 SBA Extends Safe-Harbor Period for Returning PPP Funds
- 05/6/20 Will PPP Loan Be Forgiven If Employees Won’t Work?
- 05/1/20 PPP Loans Will Not Be Tax Deductible
- 04/30/20 PPP Loans Over $2 Million Will Be Audited
- 04/29/20 Smaller Lenders Get 8-Hour PPP Window
- 04/27/20 FICA Payments on Paycheck Protection Program Loans Can Be Deferred
- 04/24/20 Congress Approves Additional Funding for Paycheck Protection Program
- 04/22/20 Additional Funding for Paycheck Protection Program
- 04/23/20 Being Smart About PPP Loan Proceeds
- 04/23/20 How a Layoff or Furlough Might Impact Your Employee Benefit Plan
- 04/16/20 PayCheck Protection Program Rules Clarified
- 04/8/20 Further Clarification on Paycheck Protection Program and Tax Relief
- 04/3/20 SBA Releases Guidance on Paycheck Protection Program
- 03/17/20 Cybersecurity and the Coronavirus
- 04/2/20 Cybersecurity Threats Rise During Covid-19 Outbreak
Additional Resources
- Ebook: What You Need to Know About the CARES Act
- Latest IRS News Releases
- Mass Gov Information on the Outbreak of COVID-19
- Details on Moratorium on Evictions and Foreclosures
- Accounting for PPP Loan Forgiveness
- Being Smart About PPP Loan Proceeds
- How a Layoff or Furlough Might Impact Your Employee Benefit Plan
- PayCheck Protection Program Rules Clarified
- Further Clarification on Paycheck Protection Program and Tax Relief
- Resources to Help Mitigate Coronavirus Losses in Massachusetts
- Senate Passes Updated Economic Relief Plan (CARES Act) for Individuals and Businesses
- Coronavirus Tax Relief CARES Act CPAmerica Special Report
- Employee Retention Credit available for many businesses financially impacted by COVID-19
- Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
- Cybersecurity and the Coronavirus
- Cybersecurity Threats Rise During Covid-19 Outbreak
- White House Guidelines for Opening Up America
Check back for upcoming webinars!
Webinar Series: Managing Your Business Through the Covid-19 Crisis
Links to recordings and presentation slides:
- 12/2/2020 The Changing World of Work
- 6/25/20 The New Approach to Transactional & Succession Planning for Energy Companies
- 6/15/20 Reprieve! Making the Most of the PPP Flexibility Act
- 6/11/20 Helping Energy Companies Plan for What Comes Next
- 6/9/20 Getting Back to Business as (Not) Usual
- 5/26/20 Getting Your PPP Loan Forgiveness Application Right
- 5/13/20 Panel Discussion on Adapting to the New Normal
- 5/6/20 Demystifying Key Issues of the Paycheck Protection Program
- 4/23/20 How to Maximize Debt Forgiveness
- 4/21/20 Get Ready for the New Normal
- 3/31/20 Unwrapping the CARES Act Federal Relief Package
- 3/27/20 Managing Investments in Turbulent Times
- 3/25/20 Tax Relief, HR Issues & Cybersecurity Concerns
- 3/23/20 Steps to Take Right Now to Sustain Your Business