GKG CPAs News
GKG Collects Toys for TOYS FOR TOTS
Another fabulous show of generosity by the GKG family. Santa has picked up all the toys donated at both the Chestnut Ridge and Newburgh offices and will be delivering them to TOYS FOR TOTS sponsored by the NYSSCPAs Mid-Hudson Chapter. Thank you for everyone’s generosity!
GKG Raises Over $1,100 for Baking Memories 4 Kids at Growler & GIll's 2nd Annual Guest Bartender Fundraising Event
Thanks to GKG’s John Rosenberger & Brian Reilly and everyone who attended the 2nd Annual Guest Bartender Fundraiser at Growler & Gill. Guest bartenders, John and Brian collected over $1,100 in tips. All the money went to Baking Memories 4 Kids, an amazing charity that helps kids with terminal and life threatening illnesses and their families by sending them on an all expense paid trip to Florida theme parks.
If you would like to learn more about this charity or make a donation, you can do so here: http://bakingmemories4kids.com/donate/
GKG Helps The Orange County Chamber of Commerce Provide Relief Aid for Puerto Rico
GKG would like to thank The Orange County Chamber of Commerce and everyone who contributed to provide much needed relief aid for those hit hard by Hurricane Maria in Puerto Rico. Employees brought in essential items such as batteries, bottled water, non perishable food items, soap, toothpaste and many other items. Thank you for always helping us to help others!
Here's a Summary of Trump's “Unified Framework for Fixing Our Broken Tax Code”
On September 27, 2017, President Donald Trump unveiled his long awaited tax reform package. The proposed reforms will impact various aspects of income taxes. This tax package has an uphill battle as it must still pass through the House of Representatives and Senate which means the final bill will probably have significant revisions but the current proposal is as follows:
Personal income taxes are to be restructured into three tax brackets, 12%, 25% and 35%. Under current law the top rate is 39.6%.
Standard deductions are to be doubled to $24,000 for married taxpayers filing jointly and $12,000 for single filers but all personal exemptions will be repealed. This effectively eliminates the need for a 10% income tax bracket which is below these deduction thresholds.
The Child Tax Credit will increase and there will be a new non-refundable credit of $500 for Non-Child Dependents.
Most itemized deductions will be eliminated except for mortgage interest and charitable contributions. Other deductions such as state and local taxes will be eliminated.
The Alternative Minimum Tax will be eliminated. As the majority of taxpayers are subject to this tax due to the addback of itemized deductions from state and local taxes, the elimination of these as itemized deductions would make few people subject to it even if not repealed.
The Framework proposes the elimination of estate and generation-skipping tax.
Small and family owned business structured as sole proprietorships, partnerships and S corporations will benefit from a 25% maximum tax for income earned.
Corporations will benefit from a maximum corporate tax rate reduction from 35% to 20%. As a result of this decrease the administration has also proposed the elimination of the Domestic Production Activities Deduction. This deduction was intended to provide tax incentives for business that produce most of their goods in the United States.
Costs of new investments in depreciable assets other than structures made after September 27, 2017 can be expensed for at least five years.
Tax on repatriation of profits from a foreign subsidiary in which a U.S. parent owns at least 10% will be eliminated. There will be a transition period for earnings accumulated before the new law and any taxes due will be spread out over several years.
Wayne Martin, Partner at GKG CPA’s Chairs “Big Brothers Big Sisters’ 9th Annual
“Fore the Kids” Golf Classic at West Point Raising $61,000
Big Brothers Big Sisters of Orange County held its 9th Annual “Fore the Kids Golf Classic” on Monday August 28th at West Point Golf Course. Chairperson, Wayne Martin, Partner at GKG CPA’s in Newburgh, NY has successfully led this event for the past nine years, displaying his commitment to community and supporting children through mentoring.
This fun filled day included 18 holes of golf, cart, and lunch, beverages on the course, contests, raffles, prizes and an award’s dinner at the end of the day. Wayne Martin said, “The golf committee looks for the local support to raise a significant amount of money from the community for Big Brothers Big Sisters through this major event and we are so excited to have reached an amazing outcome this year. We can’t do it without the help of all of our supporters.”
Big Brothers Big Sisters provides children facing adversity with strong and enduring, professionally supported 1-to-1 relationships that change their lives for the better, forever. Research affirms that children who are mentored are less likely to begin using drugs or alcohol, have greater educational success, and contribute to stronger communities for all.
GKG Joins People to People in Helping Rockland Kids Go Back to School With Dignity
Once again, GKG is on a mission to help at-risk children from low-income families return to school with the tools they need to be successful. GKG donated notebooks, backpacks and other essential school supplies to People to People West Nyack’s annual “Back to School with Dignity” drive.
GKG Employees Celebrate the End of Tax Season
Another tax season has come and gone! It may have taken a few extra days to reach the finish line this year, but everyone finally made it to April 18th. To officially end the busy season, we took advantage of the opportunity to celebrate and unwind at Lucky Strike Lanes. Thanks to everyone’s hard work, we have made it through another year.
The hardworking men and women of GKG CPA’s make a successful tax season possible, and it is our firm and clients who reap the benefits of their dedication.
GKG Announces Recent Successful Peer Review Rating
GKG is pleased to announce that it has successfully completed a rigorous peer review of its accounting and auditing practice. The review team concluded the firm complies with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA) and was awarded the highest rating of “pass.”
GKG participates in the AICPA Peer Review Program. Peer reviews are required every three years for membership in the AICPA. The reviewers made an independent assessment of the firm’s quality control policies and procedures and inspected the working papers and reports on a representative sample of accounting and auditing engagements. They also inspected the firm’s administrative files and records and interviewed professional personnel.
Peer review helps assure users of CPA services that their CPA firm measures up to the profession’s high standards of professionalism and is committed to improving the quality of its practice. We are certainly pleased with successfully completing our fifth consecutive peer review, especially with the ongoing scrutiny of the quality of audit work conducted by the accounting profession.
If you would like to meet with one of our experienced professionals, please give us a call at 845-356-6100.
Form 1099-MISC and 1096 for the Year Ending 2016 - Important Due Date Change
Form 1099-MISC are to be issued to individuals, attorneys, and non-corporate entities that you have paid at least $600 for non-employee compensation, professional fees, royalties, prizes/awards, rents and other income payments in the course of your trade or business during the calendar year 2016. This requirement does not only apply to business entities but also includes individuals that file Schedule C Profit or Loss from Business, Schedule F Profit or Loss from Farming or Schedule E- Income or Loss from Rental Real Estate and Royalties.
Form 1099-MISC must be given to the recipients no later than January 31, 2017. In addition, the NEW deadline for filing these forms with the Internal Revenue Service is NOW January 31st as well. Penalties for not filing on time can grow depending on how many forms are late and when they are actually filed. The range is from $50 to $260 per 1099-MISC.
If you have any questions, please contact us.
GKG's Evelyn Rodriguez volunteering this weekend for one of our favorite charities, Baking Memories 4 Kids.
By purchasing a batch of their cookies you help to send kids with terminal and life threatening illnesses and their families on an all expense paid trip to Florida amusement parks. For one week, they can create amazing memories that will lift their spirits and give everyone a chance to forget about their battle with their illness.
All the profits from the sales of their cookies go to fund these trips and a portion of the donations goes to support the St. Jude Children’s Research Hospital to help find a cure.
Find out more about how you can help support this wonderful organization here:
John Rosenberger Offers Insight to COMMERCE Magazine on How to Help Family Businesses Succeed
Commerce Magazine asked New Jersey accounting firms, banks and law firms to discuss how to help family businesses to succeed in New Jersey in the November 2016 issue. Our very own John Rosenberger offers his insight and expertise for making these enterprises thrive.
Steven Fultonberg Offers Expert Advice to Entrepreneurs in COMMERCE Magazine
Commerce Magazine asked New Jersey accounting firms, banks and law firms to offer advice for entrepreneurs, and share some of the keys to success that have helped their business clients thrive, grow and profit in the Garden State. Our very own Steven Fultonberg offers his expertise in the October 2016 issue:
GKG CPA' Volunteer at the Food Bank of the Hudson Valley
GKG CPA volunteered at the Food Bank of the Hudson Vally on Saturday, November 5th. During our two hour shift,we were able to sort and repack over 3 tons of frozen food, literally emptying out their freezer!
The Food Bank of the Hudson Valley runs a massive warehouse which collects bulk food donations from area supermarkets, sorts and repacks it, and then distributes the food to over 1,000 charitable agencies throughout the region ( food pantries, soup kitchens, emergency shelters, etc.) Nearly 50% of the people served by those food pantries are children by the way. We were all very impressed by the size of the operation and struck by the importance of their mission.
Paul Conniff, CPA, CGMA has joined GKG as Partner
GKG CPA’s is pleased to announce that Paul Conniff has joined as a partner of the firm. Paul Conniff is a seasoned certified public accountant and comes with over 20 years experience working for the Big 4, larger regional accounting firms and private industry. He specializes in auditing, tax, budgeting, forecasting, financial reporting and analysis in the hospitality, manufacturing, distribution, construction and non-profit industries.
Mr. Conniff earned his Bachelor of Accounting from Bryant University and is a veteran of The United States Army Special Forces Green Beret. He is a member of RISCPA and AICPA and has served as a board and finance committee member for Special Olympics of Rhode Island.
John Rosenberger, CPA has been named a partner of GKG CPAs
Rosenberger has more than 20 years of diversified experience in federal, state and local taxation. As a tax manager with GKG for the past seven years, he has been instrumental in helping the tax practice flourish. Due to his vast understanding of Federal and State audit procedures, he has assisted numerous clients receive favorable tax outcomes. Prior to GKG, Rosenberger worked with business owners and high net worth individuals to create strategies to help minimize taxes and transfer wealth.
“John adds a great deal of value to the team. He focusses on planning opportunities for clients and provides expert advice related to their unique tax situations,” said Don Karlewicz, CPA, managing partner. “His experience and diligence align perfectly with our approach to comprehensive and remarkable client service.”
“After many wonderful years as the Tax Manager at GKG, I am delighted to be joining the ranks of partner,” Rosenberger said. “I look forward to continue working with such talented professionals and investing in our clients as they are the foundation of our business.”
Rosenberger is a graduate of St. Thomas Aquinas College and is a member of the American Institute of Certified Public Accountants.
34th Annual County Executive Youth Awards
GKG CPAs was selected for the “Asset Builder/Outstanding Business Community Partner Award,” a category at the 34th Annual County Executive Youth Awards. We were recognized for our support of Big Brothers Big Sisters of Orange County, NY. We are honored to have been selected and look forward to continuing to support the organization.
2016 Distinguished Citizen Award
GKG CPAs will be honored at the Hudson Valley Council of the Boy Scouts of America Grand Reception on Thursday, June 9 at The Nyack Seaport. We are receiving the organization’s “2016 Distinguished Citizen Award” for our philanthropic activities within the Hudson Valley community. We are pleased to support the organization, which benefits over 6,500 youth, and are grateful for being selected for the award.
October 19, 2015
GKG CPAs volunteering at the “Food Bank of the Hudson Valley.” A satisfying day for all …
Our Own Terry Ann Wheeler Was Chosen to Participate in NYSSCPA's Monthly CPA Roundtable
The topic of the round-table this month was: In your opinion, what do up-and-comers in the profession agonize about needlessly? Conversely, what areas should they probably give more thought to?
Terry Ann Wheeler, GKG CPAs, Newburgh, responded: There seems to be a concern among the younger generation that older firm partners are not keeping up to speed with technology, but from what I’ve experienced—and from what I hear of other firms—that’s not the case. Technology is being embraced—it just may not be happening as instantaneously as younger professionals are used to. As for the second part of the question, I’m not seeing a strong enough focus on the CPA exam. Many younger professionals seem to delay taking it, and I’m not sure why. Maybe they feel like they have time and don’t need to get it done right away, or maybe they think their firms aren’t giving them enough support. Yes, firms can do their part to help by providing CPA candidates with the time and resources they need to pass their sections. But to me, it’s part of being a professional—it’s on you as an individual to take responsibility for preparing for and passing the exam.
May 18, 2015
GKG CPAs was one of the sponsors WestRock Women’s Alliance breakfast meeting. This organization “bridges” the gap between Westchester and Rockland professional women. Our own Tracy L. Badgley , CPA, CGMA, CDFA ™, Partner, is on the steering committee and was a panelist among several women professionals discussing pressing issues facing small businesses.
March 25, 2015
Petra Hermstein, from GKG CPAs, will be volunteering for the 2015 Poughkeepsie, NY, Journal’s Tax Hotline. Local CPA’s man the phones to make sure there are trusted professionals to answer the caller’s questions. This is an honor to be chosen, and GKG CPAs is proud to have Petra on the panel.
The hotline will be held Wednesday, March 25 from 5 p.m. to 7 p.m. at the Poughkeepsie Journal, 85 Civic Center Plaza, Poughkeepsie, N.Y. 12601
Read more here:
February 18th, 2015
John Rosenberger, CPA, Tax Manager at GKG CPAs is the guest speaker at the Orange County Chamber of Commerce’s Entrepreneurial Success Program (ESP) tonight, February 18, 2015. This course is designed to enable and teach people how to create their own businesses and avoid the associated pitfalls. John’s focus will be on Financial issues and Tax implications. GKG CPAs is a proud member of the Orange County Chamber of commerce.
GKG is happy to welcome Jessica Bacine as our new Staff Accountant. Jessica received a Bachelor of Science in Accounting from Dominican College in Blauvelt, New York in 2015 and has 8 years of experience in retail management. Jessica currently lives in Nanuet, NY and is a very talented artist. Currently she is focusing her talents on the creation of stained glass (tiffany) lamps.
February 10, 2015
We are very pleased and humbled by the fact that we are this year’s RBA (Rockland Business Association) Pinnacle Award Winner for Corporate Citizenship. This recognition comes as a result of the benevolence, generosity, and philanthropy of our firm and its’ Partner’s and employees. View the video on our You Tube Channel: https://www.youtube.com/watch?v=1HHghoo2EZk
GKG Welcomes Terry Ann Wheeler
We are very pleased to welcome Terry Ann Wheeler to the GKG Team as our new Audit Manager. Terry Ann has 27 years of experience, with concentrations in auditing and not-for-profits. In addition to her Audit responsibilities she will also be assisting in the Tech Review process.
Press Release, 12/10/14
Tracy L. Badgley, CPA, CGMA, CDFA™, Receives CDFA™ Certification (Certified Divorce Financial Analyst)
GKG is pleased to announce that Tracy L. Badgley, Partner recently completed a specialized educational program in professional divorce analysis and is now a Certified Divorce Financial Analyst (CDFA™)
Tracy L. Badgley, Partner, CPA, CGMA, CDFA™ has over 25 years of public accounting experience. She has a focus on women-owned businesses, management transitions, financial statement preparation, strategic tax planning for individuals (and businesses), and corporate tax structuring. Now, Tracy also brings her CDFA™ certification to the firm in their Divorce Advisory Services department. A CDFA™ works with clients individually or as couples, helping them to come to grips with the financial reality of their individual divorce situation. Developing comprehensive insight of the short and long -term financial effects of divorce can save valuable time, money and distress, especially if the process is conducted early in the legal proceedings.
Divorce advisory provides help with positioning current assets and debt, household budget and cost of living projections, child and/or spousal support calculations, retirement asset review and planning, pension and Social Security calculations, business valuations and projections, dependent college expense projections, tax planning and estimating, tax filing status and tax preparation, and financial questions or changes post-divorce.
Since 1993, (CDFA™) has been the most established and recognized designation in financial planning for divorce.
Dennis Kremer Completes 3 Day Interactive Collaborative Divorce Training
Dennis Kremer, CPA/ABV/CFF/CGMA, CVA/CFE, Partner at GKG, CPAs, recently completed the introductory 3 day interactive Collaborative Divorce dispute resolution process.
This is a fast growing dispute resolution process in Family Law. Rather than using court intervention to resolve their disputes, team models (with coaches, a child specialist and a financial neutral) are used to help serve the needs of all family members.
With many years of expert involvement in appraisal services and testimony of contested and acrimonious matrimonial actions, he also has substantial experience in facilitation of a settlement prior to an expensive trial. Dennis is a partner in the Forensic, Litigation and Valuation (FLVS) of Goldstein Karlewicz & Goldstein LLP, working with the firm in the White Plains, Chestnut Ridge and Newburgh offices. He resides in Purchase, NY with his wife and Yorkie puppy sharing the memories of the girls (now young ladies) they raised in that home.
GKG Welcomes Judi Tannenbaum
Judi is a Marketing, Media and Advertising expert who comes to us as our new Marketing Coordinator. Judi spent years working for Advertising Agencies, the ABC Television Network, as well as having spent over 17 years in various Marketing and Media positions at IBM. Judi has a BS in Advertising from the Newhouse School of Communications at Syracuse University.
GKG Firm Update
We BBQ’d, vacationed and took some breathers in August but with Fall on our heels and tax season around the bend we kick off September with a new team member, new graduate, new blog and renewed annual commitment to walking for a cure.
We are happy to announce that Leon Granovsky has joined the GKG family in the Chestnut Ridge office. Leon comes to us with 12 years of tax experience. His primary responsibilities will include assisting the partners and tax manager in tax review and preparation. He can be reached at ext. 237 or via email, firstname.lastname@example.org
Dennis B. Kremer, Forensic CPA, Appointed Partner at GKG CPAs, LLC
Chestnut Ridge, NY (September 13, 2014)
GKG CPAs LLC, a New York based Accounting and Business Consulting firm is pleased to welcome Dennis B. Kremer, an experienced CPA specializing in Forensic Accounting, Valuation Services and Occupational Fraud to the position of Partner within the firm. Dennis residing in our Westchester County office, expands GKG’s footprint in the Lower Hudson Valley region of New York to three offices.
“We have certainly come a long way,” stated GKG Managing Partner, Don Karlewicz. “In this partnership with Dennis, we not only saw an opportunity to bring on a CPA with specialized skills and a shared focus, commitment and expertise in addressing complex litigation matters, but more importantly, we identified an opportunity to better serve our clients.” The move is being suitably described as the “perfect complement”, allowing clients to package services in a manner that can address accounting and financial forensic needs within a single entity.
With over three decades of experience, the strategic decision to partner with Dennis and his team affords GKG an opportunity to offer clients broader services within the niche offerings of divorce advisory and valuations – strengthening the firm’s commitment to providing complete accounting, auditing, personal and business finance management services. Dennis will work on all cases necessitating his forensic skills with a focused team comprised of the firm’s partners including Certified Divorce Financial Analysts and Certified Valuation Analysts.
“It Takes a Village” – GKG in the Community
June was a big month for graduations, and for the first time in many years I participated in the celebration! I proudly graduated from the Leadership Orange program. Their mission is, “To educate current and emerging leaders, both youth and adults, by providing skills to foster involvement in our community and the county as a whole, and knowledge to be catalysts for positive change.”
For over 30 years, GKG has been invested in the Hudson Valley “Village.”
We work here, we live here, and we shop here. This village is where we raise our families and foster relationships with our neighbors. The partners and managers of GKG sit on boards of numerous not-for-profit organizations; we recognize the importance of giving-back. We volunteer for the causes that are near and dear to our hearts, and we work to promote change and progression, where it is needed. We are more than accountants, we are fundraisers, parents, little league coaches, marathon runners and donors. We use our knowledge and experience to help our clients and our village.
Weekly, a member of the GKG team will be blogging and sharing not only financial advice but news about happenings within the community with which we are involved. We are looking forward to your comments, stories, questions and feedback. Please take a moment to listen to the Fox Radio spot below, where GKG partner, Wayne Martin discusses the Big Brothers, Big Sisters of Orange County’s sponsorship event. The BBBS is a profound organization to which we are very dedicated.