A Deeper Look

Tax Basis Reporting Calculations and Analysis

April 4, 2022

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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Business Valuations in the Context of the Estate Tax Exemption

October 14, 2021

The 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 […]

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Congress Considers Tax Changes: Ways & Means Proposal 2021

October 7, 2021

The political situation is in flux as Congress debates the upcoming federal debt limit authorization. Nevertheless, the tax proposals issued by the House Ways and Means Committee indicate some of the issues at stake. The Ways and Means Committee issued a summary report on September 13th, and we touch on some of the topics that apply to many of our clients. As the legislation moves through Congress, some of the provisions may change.  Corporate Income Tax The 2017 Tax Cuts and Jobs Act changed the long-standing corporate tax rate from four brackets topping out at 35% to a flat rate […]

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Biden Administration Tax Proposals

December 8, 2020

 The incoming administration has floated a number of tax proposals. Any and all proposals are subject to negotiation with Congress. As of this writing, the Democrats control the House, albeit with a smaller majority than in 2018, and the Senate is up for grabs, awaiting the results of the January 5th Georgia runoff elections.  If the Republicans continue to control the Senate, it is unlikely that any of Mr. Biden’s proposals will be enacted. If the Democrats control the Senate, the fact that they would hold a bare majority (50 seats plus Vice-President-Elect Harris as tie-breaker) makes it unlikely that […]

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Cybersecurity: Myths That Could Put Your Business at Risk

October 22, 2020

Major events, like the COVID-19 pandemic, create new opportunities for cybercriminals to exploit. The reality is that 60% of small and medium-sized businesses will go out of business within 6 months of a cyber incident. Common misconceptions provide businesses with a false sense of security that could put them at a greater risk for harm due to a cybersecurity threat.  With the help of our strategic connection Total Technology Solutions (“Total”), Gettry Marcus has been proactive in educating employees on the importance of preventing cybersecurity threats as a small to midsized firm. If you agree with any of the myths […]

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Looking Forward to 2021: Legislative Outlook

October 5, 2020

In every presidential election year, there is interest in whether the next year will see changes in the tax laws. Predicting tax law changes is speculative, because it depends upon too many variables: who wins the presidency, which party controls the House, which party controls the Senate, whether there is unified or divided control of the government, and whether the economic and political climate after the election favors or disfavors any proposals that may have been floated during the campaign. As with any change in the tax laws over the last several decades, changes offer new opportunities for planning. Regardless […]

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Cybersecurity: Protecting Your Business from Dark Web Monitoring

July 24, 2020

Over the past year, it has been reported that business email compromise (“BEC”) scams have jumped by 60 percent. Hackers use your business email to impersonate you or your brand, putting your reputation and your customers at risk. It is time to check if the credentials to your business email are accessible to cybercriminals on the Dark Web. With the help of our strategic connection Total Technology Solutions (“Total”), Gettry Marcus has been proactive in protecting ourselves against BEC scams. Total’s Dark Web monitoring solution can help your business detect exposed credentials and enable you to take action and possibly […]

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Cybersecurity: Protecting Your Business Against Phishing Schemes

June 8, 2020

With over 90% of malware being delivered globally via e-mail it is important to know how to recognize and deal with phishing scams. While you or other employees might click on an email in good faith, it could pose a financial risk to your business. Phishing has become very sophisticated and almost undetectable, as criminals have found ways to make their emails as realistic as possible. Security awareness training and phishing simulations go hand in hand. Phishing simulations test employees on how they would respond to a real-life phishing attack. Gettry Marcus’ strategic relationship with Total Technology Solutions (“Total”) allows […]

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Important Tax Update

March 20, 2020

We want to keep you up to date on developments affecting your tax situation during the ongoing health crisis. Please remember that the situation is fluid and things may change rapidly. Postponement of April 15 filing deadline: IRS announced that the April 15 filing deadline will be pushed back to July 15 for all income tax returns. It is not necessary to file an extension. An additional extension of time to October 15 can be requested by July 15. Postponement of tax payments:  The IRS has provided tax payment relief for any person with a federal income tax payment due […]

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Key Provisions Under the SECURE Act

January 2, 2020

The “Setting Every Community Up for Retirement Enhancement” Act (the SECURE Act), which is part of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94) signed into law by the President on December 20, significantly modifies many requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts. Congress recently passed-and the President signed into law-the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here […]

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