GKG CPAs Blog

What is a 1031 Exchange?

A 1031 exchange is derived from Section 1031 of the IRS tax code.  This section allows an investor who uses a properly structured 1031 exchange to sell a property, to…

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Withholding Surprises

With the passage of the Tax Cuts and Jobs Act that was enacted on December 22, 2017, tax rates and tax deductions were impacted starting January 1, 2018. Before the…

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Is QuickBooks Online a Better Solution than Desktop?

QuickBooks Online or QuickBooks Desktop: Which is Better for You? If you are you always on the go or need your accountant to access your financial information in real-time, this…

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Key Provisions of the New Tax Act and What They Mean to Your Business

It was a long time coming but the Republican House was able to pass the largest tax overhaul this Country has seen since the Regan Era tax code changes of…

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Meals and Entertainment Changes
Under Tax Reform

The Tax Cuts and Jobs Act of 2017 contains many changes effecting individuals and businesses. A particular area of angst that is going to require proper tracking by businesses is…

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What is an Accountant’s Copy of QuickBooks?

You receive a call or email from your CPA requesting an Accountant’s copy of your QuickBooks. An Accountant’s copy? What is an Accountant’s copy? QuickBooks has the ability to create…

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Getting The Full Tax Benefit From Your Charitable Donations

There are many reasons why individuals donate to charitable organizations. Some people donate simply because they are passionate about the mission of the charity they are contributing to. Others like…

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Race to the (Divorce) Finish Line

As preliminary versions of the new tax bill were released, it was apparent that big changes were on the horizon in the spousal support (alimony) arena. The prospect had attorneys…

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NYS DIVORCE BUSINESS VALUATION:
Should Non-Operating Assets
Be Reflected by the Business?

Should it matter to the divorcing parties if non-performing business assets appear on the business’ balance sheet? You better believe it should! Let me explain. Business value may be apportioned…

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Should You Contribute to Your Company’s 401(k) Plan?

Most private companies offer a 401(k) retirement plan. When you begin a new job after graduating from college, you will be asked if you would like to contribute to the…

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