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As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find updates on Gray, Gray & Gray’s response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.
OUR RESPONSE TO THE CORONAVIRUS
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 is exercising necessary precautions. The health and safety of our employees is our number one priority.
Per Governor Baker’s extension of the “Stay at Home” advisory, Gray, Gray & Gray is initiating a mandatory remote work policy for our staff effective immediately until May 4, 2020. We appreciate your understanding in this matter as we do our part to help stop the spread of the virus.
This includes canceling meetings in our office or at client sites. Staff will continue to serve clients on a remote basis during this time, including via telephone and video conferencing. Should you have any questions, please contact your engagement partner directly via email or phone. You may call our main office line at 781.407.0300 for our dial by name directory.
For clients who still need to provide us with documents necessary for preparation of their tax returns, we request that you consider sending all necessary tax information through secure electronic means when possible. Please click here for more details on our secure electronic processes.
Rest assured that we will not miss a beat. We have invested in the technology, communications processes and training necessary to make the transition to a remote “work from home” environment smoothly and seamlessly. We fully expect to meet all filing deadlines. Our staff remain fully accessible via email and phone to continue serving you during this unprecedented time.
Please refer to the “Tax Update” section below for more details about how Gray, Gray & Gray is working hard to serve our tax clients during the coronavirus pandemic.
RESOURCES ON MANAGING THE CHALLENGES OF CORONAVIRUS
Gray, Gray & Gray is providing ongoing information and support to help our clients and friends successfully manage their businesses and individual finances during the evolving coronavirus crisis. From informative webinars and articles, to links to helpful resources, we are committed to assisting and supporting you.
- Tax Update
- Webinar Series: Managing Your Business Through the COVID-19 Crisis
- Ebook: What You Need to Know About the CARES Act
- Latest IRS News Releases
- Mass Gov Information on the Outbreak of COVID-19
- Further Clarification on Paycheck Protection Program and Tax Relief
- SBA Releases Guidance on Paycheck Protection Program
- Resources to Help Mitigate Coronavirus Losses in Massachusetts
- Senate Passes Updated Economic Relief Plan (CARES Act) for Individuals and Businesses
- Coronavirus Tax Relief CARES Act CPAmerica Special Report
- Employee Retention Credit available for many businesses financially impacted by COVID-19
- Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
- Cybersecurity and the Coronavirus
- Cybersecurity Threats Rise During Covid-19 Outbreak
On April 3rd Massachusetts extended the personal income and corporate excise tax filing and payment deadline from April 15th to July 15, 2020. This extension is for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due date for Q1 and Q2 estimated payments to July 15, 2020. While the guidance does not extend the April 15 deadline for C-corps, the DOR is waiving late-file and late-payment penalties (although interests will still accrue). For more details, click here to read our full eblast.
On March 27th Massachusetts extended the state individual tax filing and payment deadline from April 15th to July 15, 2020. This matches the previously announced extension for filing and payment of federal tax returns. The move was made in an effort to relieve the stresses of the coronavirus pandemic. State officials said the delay is automatic and taxpayers do not need to file any additional forms to qualify for the extension. Individuals who may be eligible for the payment deferral will automatically have interest or penalties waived. Any clients who may be due a refund are strongly encouraged to proceed with filing your return as soon as possible. For more details click here to read our full eblast.
On March 20th, Treasury Secretary Steven Mnuchin announced that the April 15th federal filing deadline is being extended to July 15, 2020. This change comes as the “latest emergency measure” amidst the growing financial concerns of the coronavirus outbreak. CNBC reported that “President Donald Trump ordered the extension that will give ‘all taxpayers and businesses’ more time to file returns and make tax payments ‘without interest or penalties,’” according to Treasury Secretary Steven Mnuchin.This news follows the March 17th announcement that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, 2020, while corporations can defer up to $10 million. Those who are eligible for the payment deferral will automatically have interest or penalties waived.Gray, Gray & Gray’s team is currently working diligently on client tax filings, with the vast majority of tax returns being completed electronically.
Any tax clients who have not yet submitted their tax source information to Gray, Gray & Gray are encouraged to take advantage of our secure electronic processes:
PLUS – tax return delivery is also performed electronically. Our team utilizes SafeSend Returns and/or the Client Portal for secure electronic delivery of tax returns.
OUR WEBINAR SERIES
Managing Your Business Through the Covid-19 Crisis
An important free webinar series for all business owners and managers
WEBINAR #1: STEPS TO TAKE RIGHT NOW TO SUSTAIN YOUR BUSINESS
MONDAY, MARCH 23
VIEW THE RECORDING HERE
Business management authorities Jim DeLeo, Bryan Pearce and Derrick Rebello from Gray, Gray & Gray share practical advice on what to do right now to help better position your business to survive the current disruption, including:
- Managing customer expectations
- Cash flow management and forecasting
- Accessing working capital
- Personnel management
- Preserving your supply chain – vendor relations
- Banks, loans and leases
- Government programs – SBA and Mass. small business loans
- Disaster insurance
WEBINAR #2: Tax Relief, HR Issues, & Cybersecurity Concerns
WEDNESDAY, MARCH 25
VIEW THE RECORDING HERE
Members of Gray, Gray & Gray’s Human Resources, Tax and IT Leadership will share key information on:
- Managing Your People
- Remote work opportunities and issues
- Alternatives to layoffs
- Unemployment compensation
- Extension of payment deadlines
- Tax relief programs planned and in place
- Strategic tax planning today
- Cybersecurity Issues
- Remote working options
- Keeping communications open – an secure
- Cybersecurity issues in a remote working environment
WEBINAR #3: Managing Investments In Turbulent Times
FRIDAY, MARCH 27
VIEW THE RECORDING HERE
Gray, Gray & Gray’s Jim DeLeo, MBA, CPA/MST is joined by private wealth management leaders Dan Romano, CPA, PFS, and Justin Klunder, CFA, from Gray Equity Management, LLC, for a special Q&A session focused on the impact of the coronavirus outbreak on individuals and the investment market.
WEBINAR #4: Unwrapping the “CARES Act” Federal Relief Package
TUESDAY, MARCH 31
VIEW THE RECORDING HERE
On March 27th, the House of Representatives passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2 trillion relief and stimulus package to provide economic support to both individuals and businesses during the ongoing coronavirus crisis. Now the bill moves to the President for signature. This massive legislation goes far beyond tax policy changes to encompass a wide range of unemployment extensions and enhancements, and direct payments to nearly all Americans. Join Gray, Gray & Gray’s Jim DeLeo, Kelly Berardi, Derek Rawls, and Brad Carlson as they explain the key components of the CARES Act and how it may affect you and your business, including:
- Paycheck protection program
- Individual tax credits
- Refundable payroll tax credit
- Emergency business loans
Stay tuned for more webinars in the series.