Employers who withhold the 6.2% Social Security tax from employee paychecks may now defer collection and payment of withholding amount for pay periods beginning September 1, 2020 and extending through December 31, 2020. However, the taxes are only deferred – not exempted – and must be paid between January 1, 2021 and April 30, 2021, […]
Payroll Tax “Holiday” Beginning September 1, 2020 Read More »
By Martin E. Prendergast, MBA Gray, Gray & Gray, LLP Architects and engineers are adept at working with their clients to create and implement a vision for the future. However, when it comes to preparing for their own future, many A&E firm partners can be slow to make plans. That can lead to complications in
Architects & Engineers Should Avoid Delaying Succession Planning Read More »
The U.S. Small Business Administration (SBA) has issued further guidance to clarify the loan forgiveness provision of the Paycheck Protection Program (PPP) part of the CARES Act. In particular, the new guidance addresses questions about the eligibility for forgiveness of owner compensation and specific non-payroll costs. In response to public questions about C- and S-Corporation
New PPP Forgiveness Guidance Issued by SBA Read More »
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 »
Canton, MA (August 6, 2020): Gray, Gray, & Gray, LLP (www.gggcpas.com) has been named one of the country’s Top 200 accounting firms by INSIDE Public Accounting magazine. The publication ranked Gray, Gray & Gray as the 172nd largest accounting firm in the U.S., and fourth largest independent accounting firm in Massachusetts. This is the eighth consecutive year the firm
Gray, Gray, & Gray Ranked Among Top 200 Accounting Firms in U.S. Read More »
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 exercising necessary precautions. The health and
An Important Announcement for Our Clients Regarding Coronavirus 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,