GKG CPAs Blog

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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The IRS’s New Year Resolution to Secure Your Tax Identity

This resolution of the IRS is similar to many resolutions we all make, in that they tend to be the same each year. In the IRS’s case, they seem to…

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What You Need to Know About FAFSA Changes for 2017-2018

Starting with the 2017-2018 Free Application for Federal Student Aid, the following changes have been put in place: Students are now able to submit their applications earlier. Filers of the…

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Stricter Rules for Valuation Discounting and Estate Planning

An estate and succession planning tool for passing down appreciable assets to family members utilizing discounts is soon to end. Current rules have flexibility and does allow for some advantageous…

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CHILDREN OFTEN UNLIKELY VICTIMS OF IDENTITY THEFT

Children are the newest victims of identity theft/fraud and most of the time they don’t even know they have been preyed upon. Children make a very tempting target for identity…

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Student Loan Interest Tax Deduction

The numbers can be staggering. During 2016, the accumulated student loan debt in the United States exceeded $1.4 trillion. Correspondingly, the average 2016 college grad accepts their diplomas with debt…

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