During this difficult time, DGC provides you with updates and resources here.
COVID-19, also known as the coronavirus, is impacting individuals and businesses across the globe. Our primary concern is for the health and well-being of our clients, employees and all others who we work with.
During this difficult time, DGC will provide you with updates and resources that can help you and your business deal with any challenges related to the coronavirus. As always, please contact a member of your DGC client service team if you have any questions or click here.
New PPP Loan Forgiveness FAQs Released by Small Business Administration
George Shaw, CPA and Kimberley Train, CPA, ABV on August 5
On August 4th, the Small Business Administration released ten pages of new Paycheck Protection Program Loan Forgiveness FAQs. The FAQs clarify some notable issues and concerns that borrowers may have. READ MORE
An Alternative to PPP Loans - Why the Main Street Lending Program Deserves Further Consideration
Eric Bookbinder, CPA, Jackie Reinhard, CPA and Nicholas Tamvaklis, CPA, MST on July 24
Companies with fewer than 500 employees have until August 8 to apply for the remaining $130 billion available under the Paycheck Protection Program. READ MORE
Podcast: State Tax Filing – Companies with Remote Workers Beware
Scott Thomas, JD, LLM on July 22
Now that we are working from home more than ever before, companies may encounter new state tax filing responsibilities. How will a company know if and when to make adjustments? READ MORE
SecureWorld Boston Key Takeaways, Panel Clips and Video Message
Nick DeLena, CISSP, CISA, CRISC, CDPSE and Donald J. Butler, CPA, CISA on July 21
We have included video excerpts from Nick DeLena's panel discussion which focus on two areas that are top of mind for everyone, including COVID-19. READ MORE
Article by David Sullivan Published in BreakingGround Magazine: Three Things to Ensure Business Success Post COVID-19
David M. Sullivan, Jr., CPA on July 8
BreakingGround is a source of market information for all professionals in the construction and real estate business in Pittsburgh and Western Pennsylvania. READ MORE
New IRS Guidance Discusses Required Minimum Distribution Rollover Relief
Sahri D. Zeger, JD, MBA on July 7
The CARES Act extends favorable tax treatment to qualified individuals who take “coronavirus-related distributions” from IRAs, 401(k) plans and certain other retirement plans. READ MORE
Making the Most of Your Charitable Giving During 2020
Laura K. Barooshian, CPA, MST, AEP®, CAP on July 2
The CARES Act includes two provisions to increase the deduction for charitable donations claimed by individuals during 2020. READ MORE
Dawn Hagman Interviewed by Journal of Accountancy for Paid Time Off Article
Dawn Hagman, SPHR, SHRM-SCP on June 30
Because of the COVID-19 pandemic, many employees at public accounting firms are not using their Paid Time Off in the summer months as they normally would. READ MORE
SBA’s New Interim Final Ruling Clarifies Certain PPP Loan Forgiveness Issues
George Shaw, CPA and Kimberley Train, CPA, ABV on June 24
The Small Business Administration (SBA) released a new Interim Final Ruling which discusses Paycheck Protection Program Loan (PPP Loan) forgiveness. This new guidance provides some much-needed clarity concerning some issues discussed during our recent PPP Loan Forgiveness Webinar. READ MORE
Webinar Slides & Recording: PPP Loan Forgiveness Update – Critical Changes for Borrowers
George Shaw, CPA and Kimberley Train, CPA, ABV on June 22
We discussed the Paycheck Protection Program and the Paycheck Protection Flexibility Act to outline key elements essential to maximizing loan forgiveness. READ MORE
New PPP Loan Forgiveness Guidance Announced by the SBA & ‘EZ Forgiveness Application’
George Shaw, CPA and Kimberley Train, CPA, ABV on June 17
In a revised and newly released forgiveness application and list of instructions, more details were provided about the legislation passed by Congress. READ MORE
IRS Announces Deadline Extensions for New Markets Tax Credits
Matthew Mulroney, CPA, MST on June 16
The IRS has announced extended deadlines for purposes of the new markets credit, along with the due dates for making investments, making reinvestments, and expending amounts for construction of real property that are due to be performed or expended on or after April 1, 2020, and before December 31, 2020. READ MORE
Chad DaGraca to Speak at ACEC/MA’s Accounting & Finance Forum on June 24
Chad DaGraca, CPA, MST
The event is entitled, “Updates on PPP Loan Forgiveness and the PPP Flexibility Act: What This Means for Your Firm.” It is open to all ACEC/MA members. READ MORE
IRS Provides Extended Deadlines for Qualified Opportunity Funds and Investors
Matthew Mulroney, CPA, MST on June 10
As part of its continuing response to the COVID-19 pandemic, on June 4, 2020, the Internal Revenue Service issued Notice 2020–39. This Notice provides relief to Qualified Opportunity Funds with regards to five time-sensitive actions that need to be taken under Internal Revenue Code Section 1400Z–2 (often referred to as the “OZ Act”). READ MORE
PPP Loan Forgiveness Bill Passed by the Senate – DGC’s Webinar Will Review Highlights
George Shaw, CPA and Kimberley Train, CPA, ABV on June 4
In light of these new changes, DGC will hold a PPP Loan forgiveness webinar where we will discuss these measures in greater detail. Look for an invitation with the date and a registration link coming soon. READ MORE
House Passes PPP Loan Forgiveness Bill, Senate Vote is Next
George Shaw, CPA and Kimberley Train, CPA, ABV on May 29
If passed by the Senate, it would make changes such as the eight-week covered period would be extended to 24 weeks. READ MORE
CARES Act Real Estate On-Demand Webinar Series – Qualified Improvement Property
Laura Gregoriadis, CPA and Joel Rothenberg, CPA, JD, LLM on May 28
This 9-minute webinar discusses important changes made to the definition of Qualified Improvement Property and how you should proceed if you have already filed your 2019 tax return. READ MORE
The CARES Act: Impact on Real Estate
Laura Gregoriadis, CPA and Keith LeBlanc, CPA on May 27
This article discusses accelerated depreciation on Qualified Improvement Property, modification of Business Interest Limitations, and modification of limits on business losses for noncorporate taxpayers. READ MORE
SBA PPP Loan Forgiveness Guidance – A Closer Look
George Shaw, CPA and Kimberley Train, CPA, ABV on May 21
The SBA issued on May 15, 2020 the PPP Loan Forgiveness Application Form which provides borrowers with additional guidance on the loan forgiveness calculation and clarified certain issues. READ MORE
FASB Delays New Revenue Recognition Standard Adoption Due to COVID-19 Pandemic
Nicholas Tamvaklis, CPA, MST on May 21
This decision was meant to alleviate one of the many hardships companies are facing as they turn their focus to decreased operations, collections, staffing decisions, and other uncertainties of COVID-19. READ MORE
PPP Loan Forgiveness Application Now Available
George Shaw, CPA and Kimberley Train, CPA, ABV on May 18
This 11-page PDF is completed by the borrower and then submitted to the borrower’s Lender or the Lender that is servicing their loan. READ MORE
Webinar Recording & Slides: COVID-19 Related Tax Strategies for Businesses and Individuals
Stephen Minson, CPA, MST, Matthew Mulroney, CPA, MST and Sahri Zeger, JD, MBA on May 15
The CARES Act and other stimulus legislation provides various tax planning opportunities that businesses and individuals can take advantage of. READ MORE
PPP Loan Return of Funds Extended Further to May 18th
George Shaw, CPA on May 14
The SBA has now issued FAQ #47, which extends the deadline from May 14th to May 18th for PPP Loan borrowers to consider returning the funds. READ MORE
SBA Releases Good-Faith Certification Guidelines for PPP Loans
George Shaw, CPA on May 13
Any borrower (and its affiliates) that received PPP Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. READ MORE
Chad DaGraca to Speak at BSA Webinar Roundtable on May 19th
Chad DaGraca, CPA, MST
Chad will speak at the Boston Society for Architecture’s Finance and Operations Network webinar roundtable and will discuss PPP Loan forgiveness and reporting requirements. READ MORE
PPP Loan Forgiveness and the Impact on Your Overhead Rate
Nicholas Tamvaklis, CPA, MST on May 6
The CARES Act is a breath of fresh air for small businesses during uncertain times, but how will it affect the overhead rate used for pricing government contracts? READ MORE
New PPP Loan Forgiveness Guidance FAQs Include Details About Rehiring Employees
George Shaw, CPA on May 4
If a borrower offers a laid-off employee their job back for the same wage/salary/pay rate and hours but the former employee rejects that offer, that employee will be exempted from the borrower’s PPP Loan FTE dilution forgiveness calculation. READ MORE
Webinar Recording & Slides: PPP Loan Forgiveness – A Process to Optimize Results
George Shaw, CPA and Kimberley Train, CPA, ABV on May 1
DGC has a proven process that incorporates our data analytics experience and accounting expertise. Learn how you can proactively apply this to your situation, and lead to increased loan forgiveness. READ MORE
New IRS Guidelines – No Tax Deductions For Expenditures Derived From Forgiven PPP Loan Proceeds
Stephen Minson, CPA, MST and Matthew Mulroney, CPA, MST on May 1
A taxpayer cannot claim tax deductions, even for the wages, rent, utilities, interest, etc. from forgiven PPP loan proceeds that would otherwise be fully deductible. READ MORE
UPDATE: Middle-Market Relief Through the Main Street Lending Program
Elisabeth da Silva, CPA, CFF and Jackie Reinhard, CPA on May 1
On April 30th, the Federal Reserve expanded the scope and broadened eligibility criteria for its $600 billion Main Street Lending Program. READ MORE
COVID-19 Individual Tax Relief – Six Items to Consider
Sahri D. Zeger, JD, MBA on April 30
Congress has passed numerous tax measures in response to the COVID-19 pandemic that impact individuals. We have compiled a list of six items that you should consider. READ MORE
Small Lenders Have Dedicated Period to Submit PPP Loan Applications on 4/29
George Shaw, CPA on April 29
The Treasury has dedicated an eight-hour period today, April 29th from 4:00pm to 11:59pm ET for the smallest lending institutions and their small business clients to submit applications for PPP loans. READ MORE
Dave Sullivan to Speak at Morrissey Goodale's U.S. A/E M&A Symposium on June 11
David Sullivan, CPA
During this livestream event, Dave will discuss deal structuring in today's turbulent market. How are deals currently being structured? READ MORE
Additional Funding Granted for Paycheck Protection Program Loans
George Shaw, CPA and Rick Strout, CPA on April 24
If you have not applied for a PPP Loan, we recommend that you begin preparing for the filing process immediately because funding is expected to run out quickly. DGC can assist you with qualification guidelines, calculations, and the steps you should take. READ MORE
Business Interruption Claims Checklist
Jackie Reinhard, CPA and Elisabeth da Silva, CPA, CFF on April 23
It’s critical that you preserve your right to recovery and quantify losses under the terms of a business interruption insurance policy if you are affected by a covered coronavirus-related event. READ MORE
Four Steps to Maximize Your CARES Act PPP Loan Forgiveness
George Shaw, CPA on April 21
if your PPP Loan application was not processed by your bank or the SBA in time, you should still pursue filing an application as Congress is considering an expansion of the funding. READ MORE
UPDATE: Summary of Key Provisions of the Paycheck Protection Program of the CARES Act
Rick Strout, CPA on March 30, Updated on April 7 and April 16
In a brief announcement on their website, the Small Business Administration has announced they are no longer accepting new loan applications for the Paycheck Protection Program because funding has run out. READ MORE
IRS Issues Guidance on Payroll Tax Deferral
Stephen Minson, CPA, MST on April 16
The CARES Act contains a provision allowing businesses to defer paying the employer share of Social Security tax incurred between March 27, 2020 and December 31, 2020. READ MORE
Financial Reporting in the COVID-19 Era: Five Steps Companies Should Take to Prepare Accurate and Transparent Financial Statements and Disclosures
Jon P. Klerowski, CPA, ABV, CFE and Elisabeth da Silva, CPA, CFF on April 16
Companies must think critically about how the coronavirus pandemic may impact each aspect of financial reporting, including required disclosures. READ MORE
SBA PPP Loan Program - Additional Guidance Issued for Partnerships and LLC Owners
Rick Strout, CPA on April 16
The guidance clarified that a partner’s self-employment income may be included in the calculation of payroll costs for the purposes of calculating the loan amount and loan forgiveness. READ MORE
Webinar Recording: Business Interruption Claims – Optimizing Your Likelihood for Success
Elisabeth da Silva, CPA, CFF
They discussed the potential for economic relief through business interruption insurance and outline key elements of a successful claim submission. READ MORE
IRS Announces Additional Relief Due to COVID-19 Pandemic
Stephen Minson, CPA, MST and Matthew Mulroney, CPA, MST on April 14
The additional relief, outlined in Notice 2020-23, applies to a wider variety of tax filers. The IRS also has announced new tools for taxpayers expecting Economic Impact Payments. READ MORE
Middle-Market Relief Through the Main Street Lending Program
Jackie Reinhard, CPA and Elisabeth da Silva, CPA, CFF on April 14
This program is meant to provide financing through private financial institutions for small and mid-sized companies with up to 10,000 employees, and less than 2.5 billion in revenue for 2019. READ MORE
Week in Review - April 13
We have released a variety of articles and case studies recently that cover topics such as business interruption insurance claims, the proposed delay of the lease accounting standard, and CARES Act updates. READ MORE
Chad DaGraca Appears on AIA Vermont COVID-19 Virtual Town Hall
Chad DaGraca, CPA, MST on April 10
This online event gave AIA Vermont members the opportunity to learn how Vermont firms may need to make adjustments to paid leave and unemployment policies. READ MORE
Case Study: Business Interruption Insurance Claim Successfully Resolved
Jackie Reinhard, CPA and Elisabeth da Silva, CPA, CFF on April 9
A New England-based insurance company was the victim of a cyberattack. The attacker rendered the company’s IT systems completely unusable and demanded payment of a ransom. READ MORE
FASB Proposes Delay of Lease Accounting Standard Implementation Due to COVID-19
Jonathan Butler, CPA and Donald Butler, CPA, CISA on April 9
Under this proposal, the effective date of the new lease accounting standard would be delayed for one year. READ MORE
Chad DaGraca and Rick Strout to Speak at BSA Webinar Roundtable on April 14th
Chad J. DaGraca, CPA, MST and Rick Strout, CPA
Chad and Rick will discuss a variety of CARES Act topics and provisions that impact architectural firms such as the Paycheck Protection Program and SBA loans. READ MORE
How the CARES Act Impacts Employee Benefit Plans
Linda McLean, CPA and Donald Butler, CPA, CISA on April 6
Every business owner who offers employee benefit plans to their staff members should consult with their advisor to ensure they are well-positioned for these CARES Act provisions and their plan document is properly amended for these changes. READ MORE
Webinar Recording - A Practical Guide to the CARES Act for Architectural Firms
Stephen Minson, CPA, MST and Rick Strout, CPA on April 6
DGC hosted a webinar in conjunction with the Boston Society of Architecture entitled, "A Practical Guide to the CARES Act for Architectural Firms" on Monday, April 6th. Stephen Minson, CPA, MST and Rick Strout, CPA discussed the CARES Act and what architectural firms need to know to ensure you are taking advantage of the provisions. READ MORE
Cybersecurity and Phishing: Working Remotely Requires a New Type of ‘Home Security’
Nick DeLena, CISSP, CISA, CRISC on April 6
Many companies are operating in contingency mode with physical offices closed and the majority of employees working from home. For many companies, this is the first time they are enacting their Business Continuity Plan. READ MORE
CARES Act – Business Tax Overview
Stephen Minson, CPA, MST on April 3
Important topics and changes that business owners need to know about such as net operating losses, limitation on losses for taxpayers other than corporations, and modification of credit for prior year corporate alternative minimum tax. READ MORE
Boston’s Small Business Relief Fund
Posted on April 3
The City of Boston has created a fund to help small businesses that have been impacted by COVID-19. READ MORE
SBA Loans – What You Need to Know and How DGC Can Assist
George Shaw, CPA, Rick Strout, CPA, and Jackie Reinhard, CPA on April 2
The SBA loan program is available to businesses impacted by the pandemic, and the CARES Act created Paycheck Protection Loans. We encourage you to turn to a member of your client service team at DGC who can assist you with the details about this program, qualification guidelines, calculations, and the steps you should take. DGC can also advise you on the most appropriate loan based on your business and situation. Because time is of the essence and some of the calculations are complex, we encourage you to begin compiling data as soon as possible. READ MORE
Important CARES Act Business Provisions to Consider
Matthew Mulroney, CPA, MST on April 1
Businesses are being incentivized to retain employees through difficult times by instituting provisions like the employee retention credit, employer benefits under paid leave, and deferral of payment of employer payroll taxes. READ MORE
CARES Act – Individual Tax Overview
Matthew Mulroney, CPA, MST on April 1
We provide a detailed overview of the key individual tax measures in the CARES Act that impact areas such as recovery rebates, retirement accounts/funds, charitable deductions, and federal student loan borrowers relief. READ MORE
This Week in Review - March 27
In an effort to minimize the number of email alerts you receive from us during these challenging times, we are including articles and other resources in this weekly summary. We will continue to send individual alerts as needed. READ MORE
Individual MA Tax Filing and Payment Deadline Extended to July 15, 2020
Stephen Minson, CPA, MST on March 26
Governor Baker’s office announced an agreement with the Massachusetts legislature to extend the 2019 state individual income tax filing and payment deadline from April 15, 2020 until July 15, 2020. READ MORE
WEBINAR RECORDING - COVID-19 – Business Interruption: Mitigating Risk, Managing Liquidity, and Unlocking Economic Relief
Elisabeth da Silva, CPA, CFF & Jackie Reinhard, CPA on March 27
Our experts discussed best practices and actionable steps you can take to appropriately position your business during times of business interruption—such as analyzing, forecasting and performing stress tests. WATCH THE RECORDING
CARES Act Will Provide Relief to Individuals, Businesses, State and Local Governments, and the Healthcare System
Stephen Minson, CPA, MST on March 26
The CARES Act includes a “Marshall Plan” for the health care system to help provide needed treatment during the pandemic and financial assistance to state, local, tribal and territorial governments, as well as to private nonprofits providing critical and essential services. READ MORE
DOL Releases Mandatory Coronavirus Poster and Families First Coronavirus Response Act FAQs
Dawn Hagman, SPHR, SHRM-SCP on March 26
In order to satisfy the DOL requirements of the mandatory poster, employers must email (or direct mail) this notice to their employees or post this notice on an employee information internal or external website. The poster covers issues such as paid leave entitlements, eligible employees, qualifying reasons to leave related to COVID019, and DOL enforcement measures. READ MORE
IRS Releases Guidance for Federal Tax Deadline Extension
Stephen Minson, CPA, MST on March 25
The FAQs clarify filing applications for extensions after July 15, the due date for contributions to IRAs and HSAs, as well as other issues. READ MORE
Coronavirus: Business Interruption Insurance Coverage and Preserving Your Claim
Elisabeth da Silva, CPA, CFF & Jackie Reinhard, CPA on March 24
Business owners should review their insurance policies and consult with counsel. It is important that business owners prepare for coronavirus-related events, preserve their right to recovery and quantify their losses under the terms of a business interruption insurance policy. READ MORE
Families First Coronavirus Response Act – An Overview
Stephen Minson, CPA, MST and Dawn Hagman, SPHR, SHRM-SCP on March 23
This new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus pandemic. READ MORE
DGC Working Remotely, Offices Closed
Laurie Austin, CPA, MST on March 23
While our office buildings are closed, we are continuing to work remotely, and have the technological infrastructure in place to keep our teams engaged and move work forward. READ MORE
UPDATE: IRS Delays Federal Tax Filing Deadline to July 15th
Stephen Minson, CPA, MST on March 20
On March 20, U.S. Secretary of the Treasury Steven Mnuchin announced that the IRS will push back the Federal tax filing deadline to July 15 in response to the COVID-19 pandemic. READ MORE
Termination Checklist for Massachusetts Employers
Dawn Hagman, SPHR, SHRM-SCP on March 20
We have prepared a document for Massachusetts employers that explains the difference between a furlough, layoff and reduction in force (RIF) along with a checklist for employers. READ MORE
There’s No Place Like Home – Tips for Working Remotely
Michelle Downing, CPA, MST & Dawn Hagman, SPHR, SHRM-SCP on March 18
Adapting to working from home is not always easy. Here are some tips to help you make the transition from working in the office to working remotely. READ MORE
Coronavirus Concerns - Recommendations for Businesses
Chad J. DaGraca, CPA, MST on March 18
Many clients have asked us how they should respond to the impact the coronavirus has had on their business. We have created a checklist with steps you can take to ensure you are well-positioned. READ MORE
Coronavirus Relief Update
Stephen Minson, CPA, MST on March 17
The federal government has taken or is weighing significant steps to help the country deal with the spread and impact of the coronavirus (COVID-19) on individuals and businesses. READ MORE
Cybersecurity and the Coronavirus – Questions to Consider
Nick DeLena, CISSP, CISA, CRISC on March 17
This sudden shift to working remotely presents enormous operational and security challenges. Here are some questions that are important to consider. READ MORE
DGC Employees Now Working Remotely
Laurie Austin, CPA, MST on March 16
Beginning March 16th, our employees will work remotely. We will continue to reevaluate what is in the best interest of our employees, clients and others. READ MORE
Potential Impact on Tax Deadline from Coronavirus
Laurie Austin, CPA, MST on March 12
Here are some steps we are taking to deliver timely, quality services to you. Once again, we value our relationship with you and are here to help you navigate these uncertain times. READ MORE
Coronavirus – Mitigating Risk for Your Business
Elisabeth da Silva, CPA, CFF & Jackie Reinhard, CPA on March 6
We have identified five areas for you to think about as you consider the broader implications of the coronavirus on your business. We have extensive experience helping clients navigate and calculate disruption to their businesses. READ MORE
