GKG CPAs Blog

Newlywed Tax Consequences to Avoid

The wedding was beautiful, the honeymoon unforgettable, and your new life together is off to an amazing start. However, there was no discussion concerning the tax consequences of being married;…

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Scholarship’s Affect on 529 Plan Withdrawals

Many parents establish 529 college savings accounts to cover some or all of their children’s college education costs. Distributions from a 529 account used for qualified education expenses are tax…

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When Do You Need a 401K Plan Audit?

Audited financial statements are required for your 401K Plan when your plan is considered a large plan.  The definition of a large plan is a plan that has 100 or…

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Double Dipping and Business Valuation
in Divorce

When divorcing parties are required to value a business for equitable distribution purposes, there is an additional equitable valuation issue to consider, commonly referred to as “Double Dipping.” This term…

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Buy-Sell Agreements: Why Your Business
Needs a “Prenup”

Sometimes referred to as a “Business Prenup” a Buy-Sell agreement defines what happens to the ownership of your business if there should be a triggering event involving you or a…

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Do Corporations or LLCs Always Protect You?

As an experienced forensic CPA and fraud examiner, there is very little I have not seen. Often, there may be several versions of the accounting records: one for the business…

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Fraud and Embezzlement is More Common Than You May Think

It seems like every day we read in the headlines, volunteer organizations have fallen victim to fraud and embezzlement. It can cause irreparable damage to the organization’s reputation, support base…

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The Business Valuation as an Incentive Management Tool

Wikipedia defines a business valuation as a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. A valuation or appraisal…

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Timing the Gift of Company Stock

Consider yourself lucky if you sold a stock at or near its high point or jumped in when it was near its bottom. As difficult as that is to accomplish,…

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Assessing the Impact of ASU No. 2014-09
 Revenue from Contracts with Customers

Now is the time to start analyzing the impact of the new revenue recognition accounting standard and begin to take the next steps toward implementation for annual periods beginning after…

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