GKG CPAs Blog

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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Traditional CPA Auditing
vs. Forensic Auditing

Certified Public Accountants (CPA) are educated and experienced auditors who are accredited and licensed to examine financial statements and to report on whether others have followed policies. For example, are…

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New NYS Driver’s License Requirement for Individual Tax Returns

Beginning with Tax Year 2016, New York State is requiring additional identification to help prevent identity theft.  If a New York State personal income tax return is filed for 2016…

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Are You Paying Yourself Reasonable Compensation from your S-Corporation?

One tax advantage of setting up your company as an S-Corporation is that the income is taxed on a “pass-through basis” to the shareholders and this pass-through income is not…

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Lease Standard Reporting Changes

There will be significant changes in the way your company accounts and reports leases on your financial statements. The technical term is ASU No. 2016-02, Leases. The effective date for…

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Health Savings Accounts (HSA’s),
The Super Roth

With the high cost of health insurance these days, many people are opting for high deductible health plans (“HDHPs”). Also, with rising incomes and spousal coverage in retirement plans, those…

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