Overview of the New Audit Rules Under the new streamlined audit approach, the IRS will audit the partnership’s items of income, gain, loss, deduction, credit and partners’ distributive shares for a particular year of the partnership (the “reviewed year”). Any adjustments will be made at the partnership level and taken into account by the partnership in the year that the audit or any judicial review is completed (the “adjustment year”). In a significant departure from previous rules, the general rule is that an “imputed underpayment” will be assessed and collected at the partnership level. An adjustment that does not result […]
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Not-For-Profits ( NFP ) Accounting Changes – Are You Ready?
August 30, 2018Since 1993, targeted financial reporting standards for Not-For-Profit (“NFP”) organizations have been relatively unchanged. However, FASB’s soon to be effective ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial statements of Not-for-Profit Entities (“amendments”), contains significant targeted changes and enhancements to the NFP financial reporting model. These amendments change the presentation and disclosure requirements (qualitatively and quantitatively) for several NFP areas such as: (i) reduction in net asset classes (ii) reporting on functional expenses (iii) disclosure of liquidity, flexibility and availability of financial resources, and (iv) several other areas. Transparency, disaggregation, modernization and understanding liquidity were the underlying themes for […]
More [+]Quality of Earnings Reports
August 27, 2018It is clear that the economy is growing stronger and investment dollars are flowing more freely, particularly in certain industries such as HealthCare. Accordingly, many enterprises are evaluating if they should sell their business or expand through acquisitions. Human nature is to explore the sell side first. However, no matter which side of the fence an enterprise is on (i.e., buyer, seller, or in the process of determining which side their enterprise should be on), relying on an external professional analysis is one of management’s most valuable tools to help arrive at an answer and to provide third party comfort […]
More [+]New Proposed Regulations Under IRC SEC. 199A
August 16, 2018On August 8, 2018 the Treasury Department issued long-awaited guidance in the form of proposed regulations under Section 199A, which deals with the new 20% deduction for “Qualified Business Income” (QBI). Following is a question-and-answer discussion of the key points in the regulations. 1. SPECIFIED SERVICE TRADE OR BUISNESS Income from a “specified service trade or business” (SSTB) does not qualify for the deduction unless the taxpayer’s taxable income is under $157,500/$315,000 threshold. The law lists various service-type businesses that are treated as SSTB’s, including consulting, financial services, brokerage, and any trade or business where “the principal asset is the […]
More [+]Gettry Marcus Chosen as a Best of the Best CPA Firm 2018
August 13, 2018Gettry Marcus CPA, P.C., is pleased to announce that for the 3rd consecutive year it has been ranked as a Best of the Best CPA Firm by INSIDE Public Accounting (IPA). Additionally, Gettry Marcus continues to be ranked among IPA’s 2018 Top 200 Largest Accounting Firms. INSIDE Public Accounting’s annual Best of the Best recognition honors 50 CPA firms that demonstrate long-term consistency and overall exceptional financial and operational performance. More than 550 CPA firms nationally participated in this year’s IPA Survey and Analysis of Firms, which continues to be the gold standard on the nation’s largest accounting firms and […]
More [+]2017 Tax Cuts and Jobs Act: Major Provisions Affecting Real Estate
July 25, 2018
With its implementation, the 2017 Tax Cuts and Jobs Act provided for the most significant changes to the Internal Revenue Code in decades and will affect almost every taxpayer. Gettry Marcus has created an overview of the most significant topics affecting the Real Estate Industry. DOWNLOAD PDF More [+]
Wayfair-What Does This Mean?
July 5, 2018On June 21, 2018, in a 5-4 decision, the U.S Supreme Court, in South Dakota v. Wayfair, Inc. overruled its 1992 Quill Corp. v. North Dakota decision in holding that an out of state seller can be required to collect sales tax without being physically present in a state. South Dakota’s statute provides that there is nexus if a seller has more than $100,000 of sales into the state or more than 200 separate transactions. The statute also states it could not be applied retroactively. The Court acknowledged the changing times as to how businesses operate today. In discussing Quill, […]
More [+]Gettry Marcus Announces Major Expansion to Consulting Practice Group
May 17, 2018Gettry Marcus CPA, P.C. is proud to announce the expansion of their Business Advisory Services Group. The Business Advisory Group, spearheaded by partner Lee Ferber, works collaboratively with business owners and their management teams to develop and implement strategic initiatives to increase growth and profitability, as well as improve business performance. Gettry Marcus’ expertise, approach, and in-house resources allows their advisors to work with clients to develop, facilitate and implement strategic business plans that are essential to achieving long-term business goals. “As we listened to our clients’ needs, we determined that it was imperative to expand our Business Advisory services” […]
More [+]NYS 2018-2019 Budget Bill Highlights
April 23, 2018On March 31, 2018, Governor Cuomo signed the New York State (“NYS”) Fiscal Year 2018-2019 Budget Bill (“Bill”). Some of the changes were in direct response to the Federal Tax Cuts and Jobs Act (“TCJA”) while others were not. Discussed below are the major highlights of the Bill. Federal TCJA Responses: Contributions to Charitable Trust Funds Beginning on or after January 1, 2019, individual taxpayers will be allowed an income tax credit equal to 85% of any donation made to certain state-operated charitable funds for the tax year following the year in which the donation is made. The charitable funds include the […]
More [+]Specific Company Risk – Russ Glazer
March 30, 2018The income approach is applied in virtually all valuations of closely held businesses. This requires several inputs, including an estimate of future cash flows and the determination of an appropriate rate of return (discount rate). An important element of the discount rate is historical data on the annual returns from the public stock markets over a long period of time. But the public market returns cannot fully capture the unique characteristics of the subject company, so the analysis must exercise informed judgement and add a “company specific’ risk component” to the analysis. The company specific risk is intended to allow […]
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