This article originally appeared in the April 2022 TaxStringer, a publication of the New York State Society of Certified Public Accountants. The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, author Dean L. Surkin, JD, LLM addresses the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method. Overview The partnership agreement determines each partner’s share of partnership items, provided it meets two requirements— the agreement must provide for allocation, and the […]
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Gettry Marcus Welcomes New Accounting & Auditing Partner Andrew Schneider
November 15, 2021Andrew brings over 30 years of experience working with privately held and private equity, and publicly held business in various industries including manufacturing & distribution, technology, Health Care, Life Science and Professional Services.
More [+]Announcement: Robert Pellegrino Has Been Named a Partner
August 17, 2021Robert Pellegrino, CPA has over 30 years of experience in public accounting and has been with Gettry Marcus for over 20 years. Robert provides accounting, tax and consulting services to clients in various industries, with a focus on real estate entities as well as […]
More [+]HHS Provider Relief Fund Online Reporting Portal Now Open
July 29, 2021History, Compliance and Reporting Guidelines History of HHS Provider Relief Fund As part of the CARES Act, the federal government allocated $175 billion in payments to be distributed, through the Provider Relief Fund (“PRF”), to hospitals and healthcare providers on the front lines of the coronavirus response. Qualified providers of healthcare, services, and support were eligible to receive PRF payments for healthcare-related expenses or lost revenue due to COVID-19. If providers comply with the terms and conditions of PRF pursuant to “post-payment reporting requirements”, then PRF payments do not need to be repaid to the federal government. With respect to […]
More [+]The Global Year in Breach 2021: What Happened in 2020, Why It Happened and What to Do Next
May 17, 2021In conjunction with our strategic relationship with Total Technology Solutions (“Total”), Gettry Marcus has been proactive in educating employees on the importance of preventing cybersecurity threats to our firm. Total examines the 2020 cybersecurity story and provides insights into how global events can rapidly transform the cybersecurity landscape. There were 5 key trends that transformed 2020 and will impact 2021. 5 Trends That Transformed 2020 The exponential increase in phishing Third-party and supply chain data breaches Cybersecurity weaknesses triggered by the remote workforce shift Ransomware everywhere The increase in dark web danger If you want to learn more about these […]
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