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Extended Deadlines for New Revenue Recognition and Lease Accounting Standards

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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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Cybersecurity Defense Starts by Training Your People

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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

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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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Being Smart About PPP Loan Proceeds

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By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Despite a few delays and some initial confusion, the Paycheck Protection Program (PPP) loan program has distributed some $350 billion in low-interest loans to small businesses across the U.S and a new round of funding is in the works to be approved shortly. The

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How a Layoff or Furlough Might Impact Your Employee Benefit Plan

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By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Businesses reducing headcount during the coronavirus pandemic should be aware that choosing between a layoff or a furlough will create different impacts on the company’s retirement plan or defined benefit plan. A furlough is a short-term cessation of work for a defined period. Although

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Details on Moratorium on Evictions and Foreclosures

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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

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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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29th Annual Gray, Gray & Gray Energy Industry Survey Now Open

Energy, Energy & Petroleum, News & Events, Press Releases / By

Canton, MA  (April 13, 2020):  Gray, Gray & Gray, LLP, the energy industry’s leading accounting and business advisory firm, has launched its 29th Annual Energy Industry Survey. The survey, which is presented in conjunction with Oil & Energy magazine, is designed to identify industry-wide trends and provides fuel oil and propane marketers with key benchmarking

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Participate in Gray, Gray & Gray’s 2020 Energy & Propane Industry Survey

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2020 Energy and Propane Industry Survey Now Open!   Gray, Gray & Gray’s 2020 Annual Energy & Propane Industry Survey is here! Now more than ever it’s vital to measure key business metrics and have insight into industry benchmarks. Gray, Gray & Gray’s Energy & Propane Industry Survey is one more way of our team

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