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 […]
Why the Quality of Your Audit Matters Read More »
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
You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations Read More »
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
Proposed Changes to Gift and Estate Tax Could Have Huge Impact Read More »
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
How Your PPP Loan Can Impact Overhead Rate Calculation… and What You Can Do About It Read More »
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
IRS May Claw Back Advance Child Tax Credit Read More »
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
R&D Capitalization Starts Next Year (Maybe). Are You Ready? Read More »
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
Balancing Tax Credits with COVID Stimulus Read More »
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
PPP Forgiveness Deadline Looming Read More »
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
Child Tax Credit Letters Read More »
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
Will There Be a Three-Year Extension for Biodiesel Tax Credit? Read More »