Thanks to the far-reaching Consolidated Appropriations Act passed in December 2020, small businesses that used funds from a first round Paycheck Protection Program (PPP) loan to pay eligible expenses were also granted the right to take a deduction on their 2020 tax return – even if the PPP loan was forgiven (or was expected to […]
2020 PPP Loan Expense Deductions Can Be Brought Forward Read More »
The original CARES Act in March 2020 provided much needed relief for small businesses in the form of Paycheck Protection Program (PPP) loans. But a lesser known component was the Employee Retention Tax Credit (ERTC), which allowed eligible employers – of any size – to earn a refundable tax credit against certain federal employment taxes.
Balancing a PPP Loan and Employee Retention Tax Credits Read More »
By Elvira Lawlor, CPA, MBA Gray, Gray & Gray, LLP The research and development (R&D) tax credit is one of the most powerful tools your architectural or engineering firm could use to ease your tax burden. In light of the global pandemic, with many businesses struggling to stay afloat, R&D could become a great boost
Are you taking advantage of CARES ACT opportunities for tax refunds? Read More »
Canton, MA (December 9, 2020): Forbes magazine has named Gray, Gray & Gray, LLP to its list of America’s Best Tax and Accounting Firms for 2021. The firm was recognized as one of the most recommended firms for tax services in the U.S. Gray, Gray & Gray was also named to the 2020 Forbes list. This is the
By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is
Multiple-employer plans for small businesses Read More »
Classifying a worker as an employee or independent contractor has long been a complicated task for employers, with significant consequences. Misclassification can result in fines and penalties, and, in some cases, employers may be required to pay back wages and taxes to a worker who is reclassified as an employee. Now the U.S. Department of
New Rules on Employee/Contractor Classification Proposed Read More »
By Michael L. Cecere, CPA, MSTGray, Gray & Gray, LLP Non-profit organizations that exist to address the needs of society occupy a special place in the business universe. Whether the mission is to provide support for disadvantaged communities, enlighten lives through art and culture, fund medical research, further a cause, or any one of thousands
Why Non-Profits Need to Think Strategically Read More »
Fraud is an unfortunate, but all too frequent, problem for many businesses. You need to be vigilant lest a customer, vendor, or employee tries to skim, cheat, embezzle or otherwise steal your hard-earned money. The best way to avoid getting ripped off is to have strong systems and processes in place to prevent such larceny.
Protecting Your Business from Fraud Read More »
Individuals who find themselves short of cash due to the economic disruption of the COVID-19 pandemic may find relief in their retirement savings. The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) includes a provision that eases restrictions on distributions from certain tax-qualified retirement plans, including 401(k), 403(b), tax-sheltered annuity plans, and IRAs. Prior
Using Your Retirement Account During the Pandemic Read More »
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 »