The economic impact of the COVID-19 crisis on Massachusetts is being seen in a $3 billion tax revenue shortfall for fiscal year 2020, as reported by the Department of Revenue. Yet that news came in conjunction with a report that July tax revenues were higher than expected, at $4.5 billion. Part of the July collections […]
Massachusetts Tax Revenues Fall Short, But Trend Higher Read More »
While not exactly a “traditional” gift for a high school graduate, paying for the creation of an estate plan for a young adult can have long term benefits for both the grad and their family. If you have a child, grandchild or other relative who recently graduated or reached age 18, an estate plan is
An Estate Plan Makes a Great Graduation Gift Read More »
While much attention has been paid to the federal government’s Paycheck Protection Program (PPP) loans, the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program has also been an important source of funding for small businesses during the COVID-19 pandemic. EIDL loans usually only provide assistance after natural disasters like tornadoes, wildfires or floods. But
How You Can Use an SBA EIDL Loan Read More »
By Kevin F. Howley, CPA Gray, Gray & Gray, LLP The economic disruption caused by the COVID-19 pandemic has generated a need for many businesses to take a hard look at expenditures in order to carefully guard their cash flow. Unfortunately, some companies that license intellectual property or operate as a franchise may be tempted
Collecting Royalty Payments in a Down Economy Read More »
By Jim DeLeo, CPA, MBA/MST Gray, Gray & Gray, LLP The COVID-19 pandemic and resulting economic disruption has seen unemployment rates, both nationally and locally, rise steeply. Unlike many previous economic downturns, the impact is being felt across the board, including traditionally “white collar” jobs. But certain occupations are proving to be, if not recession-proof,
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
The Importance of Cash Flow Management in a Time of Crisis Read More »
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
Extended Deadlines for New Revenue Recognition and Lease Accounting Standards Read More »
Discover proven, accessible approaches to thinking strategically about your business in order to make more informed decisions, with a focus on the six business drivers that will put you in a position to succeed. By Bryan E. Pearce Director of Strategic Business Planning Gray, Gray & Gray, LLP Successful entrepreneurs and business owners understand that there are
Strategy Session: The Strategy Behind Strategic M&A Transactions Read More »
Discover proven, accessible approaches to thinking strategically about your business in order to make more informed decisions, with a focus on the six business drivers that will put you in a position to succeed. By Bryan E. PearceDirector of Strategic Business PlanningGray, Gray & Gray, LLP Successful entrepreneurs and business owners understand that having sufficient capital to
Strategy Session: Finance & Owner Wealth Management Read More »
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
Cybersecurity Defense Starts by Training Your People Read More »