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 – January 2021:
To Our Clients and Business Associates:
As we kick off 2021 and put 2020 behind us, we will continue to monitor the evolving COVID-19 situation, guidance from the CDC and state officials, and adjust our own office plans accordingly. One thing that remains unchanged: the safety and well-being of our employees remains our top priority in 2021.
Many of our employees will continue to work on a remote basis for the foreseeable future. As a client, you can rest assured that in this virtual setting, we are readily available to serve you with the same quality service you have come to expect from us.
We are encouraging virtual meetings in lieu of in-person meetings in our office or at client sites when possible, and request that clients provide Gray, Gray & Gray with source documents/deliverables digitally when appropriate. Should you have any questions, please contact your engagement partner directly via email or phone. 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 during this challenging time. 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.
Thank you for your patience and understanding as we adapt to the ever-changing environment and continue to do our part to help mitigate the spread of the virus.
On behalf of the entire firm, I wish you a healthy and prosperous New Year!
Stay safe,
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 is our number one priority.
Many staff will continue to serve clients on a remote basis during this time, including via telephone and video conferencing. Should you have any questions, please contact your engagement partner directly via email or phone. You may call our main office line at 781.407.0300 for our dial by name directory.
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.
Rest assured that we will not miss a beat. We have invested in the technology, communications processes and training necessary to make the transition to a remote “work from home” environment smoothly and seamlessly. We fully expect to meet all filing deadlines. Our staff remain fully accessible via email and phone to continue serving you during this unprecedented time.
Please refer to the “Tax Update” section below for more details about how Gray, Gray & Gray is working hard to serve our clients during the coronavirus pandemic.
Tax Update
On April 3rd Massachusetts extended the personal income and corporate excise tax filing and payment deadline from April 15th to July 15, 2020. This extension is for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due date for Q1 and Q2 estimated payments to July 15, 2020. While the guidance does not extend the April 15 deadline for C-corps, the DOR is waiving late-file and late-payment penalties (although interests will still accrue). For more details, click here to read our full eblast.
On March 27th Massachusetts extended the state individual tax filing and payment deadline from April 15th to July 15, 2020. This matches the previously announced extension for filing and payment of federal tax returns. The move was made in an effort to relieve the stresses of the coronavirus pandemic. State officials said the delay is automatic and taxpayers do not need to file any additional forms to qualify for the extension. Individuals who may be eligible for the payment deferral will automatically have interest or penalties waived. Any clients who may be due a refund are strongly encouraged to proceed with filing your return as soon as possible. For more details click here to read our full eblast.
On March 20th, Treasury Secretary Steven Mnuchin announced that the April 15th federal filing deadline is being extended to July 15, 2020. This change comes as the “latest emergency measure” amidst the growing financial concerns of the coronavirus outbreak. CNBC reported that “President Donald Trump ordered the extension that will give ‘all taxpayers and businesses’ more time to file returns and make tax payments ‘without interest or penalties,’” according to Treasury Secretary Steven Mnuchin.This news follows the March 17th announcement that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, 2020, while corporations can defer up to $10 million. Those who are eligible for the payment deferral will automatically have interest or penalties waived.Gray, Gray & Gray’s team is currently working diligently on client tax filings, with the vast majority of tax returns being completed electronically.
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
- 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
- 5/29/20 PPP Forgiveness Rules May Be Loosened
- 5/20/20 New Revenue Recognition Standards for Private Companies Delayed
- 5/18/20 PPP Loan Forgiveness Application Available
- 4/20/20 Details on Moratorium on Evictions and Foreclosures
- 4/13/20 Beware Bank Scams Alert
- 5/14/20 SBA Extends Safe-Harbor Period to 5/18 for Returning PPP Funds
- 5/13/20 Guidance Issued for PPP Loan Certification
- 5/7/20 SBA Extends Safe-Harbor Period for Returning PPP Funds
- 5/6/20 Will PPP Loan Be Forgiven If Employees Won’t Work?
- 5/1/20 PPP Loans Will Not Be Tax Deductible
- 4/30/20 PPP Loans Over $2 Million Will Be Audited
- 4/29/20 Smaller Lenders Get 8-Hour PPP Window
- 4/27/20 FICA Payments on Paycheck Protection Program Loans Can Be Deferred
- 4/24/20 Congress Approves Additional Funding for Paycheck Protection Program
- 4/22/20 Additional Funding for Paycheck Protection Program
- 4/23/20 Being Smart About PPP Loan Proceeds
- 4/23/20 How a Layoff or Furlough Might Impact Your Employee Benefit Plan
- 4/16/20 PayCheck Protection Program Rules Clarified
- 4/8/20 Further Clarification on Paycheck Protection Program and Tax Relief
- 4/3/20 SBA Releases Guidance on Paycheck Protection Program
- 3/17/20 Cybersecurity and the Coronavirus
- 4/2/20 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
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