The recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, a review of the new rules can help you maximize the credit you are allowed. North American assembly requirement. One of the new rules is in effect for vehicles delivered after August 16, 2022. To qualify for the electric vehicle credit, final assembly of the vehicle must take place in North America. You can check whether a particular vehicle meets this requirement by entering […]
More [+]Tax Credits for Buying a Plug-In Electric Vehicle
IRS Surprise Announcement: Automatic Abatement of Failure to File Penalties for Tax Year 2019 and 2020
August 29, 2022Taxpayers affected by the Covid-19 pandemic will be relieved of certain listed failure-to-file penalties relating to 2019 and 2020 tax returns without having to request the relief. For income tax filers to qualify for this penalty relief, any “eligible income tax return” must be filed on or before September 30, 2022. Common eligible returns include: Form 1040, U.S. Individual Income Tax Return Form 1041, U.S. Income Tax Return for Estates and Trusts; Form 990-PF, Return of Private Foundation; Form 1120, U.S. Corporation Income Tax Return; Form 1120-S, U.S. Income Tax Return for an S corporation, and Form 1065, U.S. Return […]
More [+]Gettry Marcus Partners Featured in Howard Rubin’s On the Mark Podcast
May 23, 2022Gettry Marcus partners Steven Marcus and Jed Dallek spoke with Howard Rubin of On the Mark Podcast; a podcast series that explores the effect the COVID-19 pandemic has had on various businesses and how companies can survive, thrive, and sometimes experience even greater success. This new series of On the Mark focuses on how businesses are recovering from the COVID-19 pandemic. It discusses how this pandemic has affected the future of businesses, how they have adapted, and the permanent changes they have had to make. In this episode, Steven and Jed discuss how this pandemic has affected Gettry Marcus, their […]
More [+]Changes to NY State PTET in 2022 Budget Bill
May 13, 2022The Budget Bill was signed into law on April 9, 2022. Included in the tax provisions are two key changes to the Pass-Through Entity Tax (PTET): S Corporations with Resident Shareholders Unlike partnerships, S corporations must allocate all items of income and deduction pro-rata based on stock ownership. Therefore, NY resident shareholders, who are subject to state income tax on all of their income, cannot be treated differently from nonresidents, who are only taxed on income allocable to the state. As a result, the PTET base for S corporations under the original law only allowed for allocated income of all […]
More [+]WEBINAR: M&A Due Diligence: What to Expect, How to Plan, and How Due Diligence Impacts Purchase Price
May 6, 2022Gettry Marcus CPA, P.C. presentedM&A Due Diligence: What to Expect, How to Plan, and How Due Diligence Impacts Purchase Price Thursday, June 16, 2022 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for a webinar in our continuing M&A Series focusing on M&A Due Diligence. Lee Ferber, partner-in-charge of the firm’s Business Advisory and M&A Transaction Advisory Service Groups, will guide the discussion on what to expect, how to plan, and best practices to maximize purchase price. Moderator Lee Ferber, CPA, is partner-in-charge of Gettry Marcus’ Business Advisory and M&A Transaction Advisory Service Groups and Co-Chairs the […]
More [+]Gettry Marcus Promotes Four to Partner
January 24, 2022Gettry Marcus CPA, P.C. is pleased to announce that Stephen Bauer, Raymond Chang, Jason Goldberg, and Robert Pellegrino have been promoted to Partner. Steven L. Marcus, the Managing Partner, made the announcement during the firm’s end-of-year staff meeting. Stephen Bauer, CPA, a resident of Seaford, NY, is a new partner in the Real Estate Group at Gettry Marcus CPA, P.C. Stephen started as a Senior Accountant and rose through the ranks to Senior Manager prior to his current promotion. As a member of the Real Estate Group, Mr. Bauer advises both commercial and residential landlords, developers, and hotel operators on […]
More [+]New York State Enacts Mandatory Retirement Plans
November 19, 2021Last month, New York joined the ranks of states requiring certain employers to offer a qualified retirement plan or join a state-facilitated retirement savings program. Below are some key features of the New York State Secure Choice Savings Program. This Secure Choice Savings plan applies to the following for-profit and non-profit employers in New York State if they: Had at all times during the previous calendar year at least ten employees in the state. Have been in business for at least two years, and Do not offer a qualified retirement plan such as a 401(k) or 403(b). All three of […]
More [+]WEBINAR: The Pandemic’s Impact on Selling Your Business: Valuation Issues, Deal Structuring, and Negotiating Strategies
November 15, 2021Gettry Marcus CPA, P.C. presented The Pandemic’s Impact on Selling Your Business: Valuation Issues, Deal Structuring, and Negotiating Strategies Thursday, December 9, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for the second webinar in our 3-part M&A Series, focusing on the pandemic’s impact on selling your business. Lee Ferber, partner-in-charge of the firm’s Business Advisory and M&A Transaction Advisory Service Groups, will guide the discussion on what to expect, how to plan, and best practices to maximize purchase price. Moderator Lee Ferber, CPA, is partner-in-charge of Gettry Marcus’ Business Advisory and M&A Transaction Advisory Service […]
More [+]Business Valuations in the Context of the Estate Tax Exemption
October 14, 2021The Federal Estate Tax Exemption: High net worth individuals benefit from a Federal estate tax exemption, currently at $11.7 million. This exemption is in the cross hairs of the Biden administration. Will there be legislation in the near future that drastically reduces this exemption? If such legislation is enacted into law will it be retroactive to the beginning of the year? One can only guess. What many individuals may not realize is that even if nothing is done legislatively, the gift Federal gift tax exemption is set to “sunset” on December 31, 2025. On January 1, 2026 the exemption is scheduled to return […]
More [+]Restaurant Revitalization Fund: Use of Funds Validation
October 13, 2021The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds may be used for specific business expenses as follows: Payroll costs (including sick leave); Payments on any business mortgage obligation; Rent payments; Debt service; Utility payments; Maintenance expenses; Construction of outdoor seating; Supplies, including protective equipment and cleaning materials; Food and beverage expenses (including raw materials); Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for […]
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