GKG CPAs Blog

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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Best Practices for Business and Travel Expense Policies

Time for Travel and Entertainment It’s that time of year when there is lots of travel and entertaining taking place. Probably more personal travel than business but certainly business entertaining…

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Why You Should Be Taking a
Year-end Physical Inventory

Inventory – the Good, the Bad and the Ugly Taking a year-end physical inventory takes time, resources and can interrupt your daily business activities. Finding time at year-end to count…

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5 Things To Do When an IRS Letter Appears in Your Mailbox

Receiving a letter from the IRS is unsettling and stressful. Often times, when people receive such a letter, they immediately think that something is wrong and that money is owed….

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The Backdoor Roth IRA

Choices when contemplating a contribution to an IRA account: There are two different options available for individuals who want to contribute to an IRA account, the Traditional IRA and the…

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Stricter Enforcement of Reporting Health Care Coverage on Your Tax Return

This upcoming tax filing season the Internal Revenue Service will no longer accept electronically filed tax returns if the return doesn’t properly report the health care coverage requirements of the…

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Long-Term Care Insurance…Too Often Overlooked

We insure our home, cars, life, and potential disability, but why do we overlook long-term care? We all know we need it, but we also really don’t want to think…

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Maximizing Financial Relief for Losses–
Before the Storm Hits

When one hears of a hurricane threat or other severe weather warning, often times the natural reaction is to go into planning mode. People generally make sure that they have…

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Should I Upgrade My QuickBooks?

“If it ain’t broke, don’t fix it…” can easily become one’s mantra when using QuickBooks for business accounting.  As users, once we establish a procedure for entering financial transactions, we…

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