GKG CPAs Blog

Proper Business Insurance is a Must Have

I was recently chatting with a business associate who is experienced in the insurance industry.  He indicated that quite often business owners are not well informed of the types of…

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Non-Profits and the Impact of
ASU No. 2016-14 Presentation of Financial Statements of Not-for-Profit Entities

In August 2016 the FASB issued a new Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities which contains changes in reporting requirements that will significantly affect how Non-Profits…

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Paid Family Leave Act:
What New York State Employers Need to Know

New York Employers Must Prepare for Paid Family Leave Act On July 19, 2017, Governor Cuomo announced final regulations implementing New York’s Paid Family Leave Program.  The program will provide…

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You Filed a Tax Extension in April
Now What?

You filed a Federal Form 4868 requesting a six-month extension to file your individual income tax return, you may be wondering what’s next.  Filing the extension on time by April…

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Occupational Fraud and Abuse 2016 Report by the ACFE Summary Findings

The Association of Certified Fraud Examiners (“ACFE”) published its annual report on occupational fraud and abuse covering the results from its survey analyzing the results of over 2400 cases of…

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Knock Knock. Who’s There? What To Do When Faced with a Business Tax Audit

No matter how accurate you think your accounting records are and how hard you try to follow all the rules, when we get those IRS audit letters in the mail,…

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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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