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 »
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 Jim DeLeo, CPA, MBA/MSTGray, 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, at
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 »
By Michael D. Koppel, CPA, PFS, CITP, MBARetired PartnerDecember 1, 2019 Editor: Marcy Lantz, CPA It is not unusual to read news stories about companies being sued for classifying workers as independent contractors when they claim to be employees. Being designated an employee can have a profound effect on everything from overtime pay to fringe
Independent Contractor or Employee? Varying Tests Read More »
Elvira Lawlor, CPAGray, Gray & Gray, LLP Both the federal government and the Commonwealth of Massachusetts are eager to help fuel the ongoing development and construction boom with some very attractive tax programs. Here are three tax programs you should know about. Opportunity Zone ProgramA brand-new tax incentive program was created by the Tax Cuts
Taking Advantage of Tax Benefits You May Not Know About Read More »
On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and
New Law Increases Holding Period for Carried Interests Read More »