Gettry Marcus News

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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WEBINAR: Selling Your Business – An Overview of the M&A Process

September 23, 2021

Gettry Marcus CPA, P.C. presented Selling Your Business – An Overview of the M&A Process Thursday, October 21, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for the first webinar in our 3 part M&A Series, focusing on the M&A Process. 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 firm’s Health Care […]

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HHS Announces 60-Day Grace Period for Provider Relief Fund Reporting for Period 1 and New Phase 4 – General Distribution

September 14, 2021

HHS Announces 60-Day Grace Period for Reporting Period 1 The September 30, 2021 Reporting Period 1 deadline has not changed. However, in response to challenges providers are facing given the Covid surges and natural disasters around the country, a 60-day Grace Period is in place. This period allows providers to come into compliance with their PRF reporting requirements should they fail to meet the September 30, 2021 deadline. The grace period ends November 30, 2021. For more information, visit Provider Relief Fund Reporting Requirements and Auditing. NEW: Phase 4 – General Distribution On September 29, 2021, health care providers will be able […]

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New York Issues Guidance on the New Pass-Through Entity Tax (PTET)

September 9, 2021

As part of the 2021-2022 budget law enacted last April, New York State created a new optional pass-through entity tax, similar to those initiated recently by several other states. Based on guidance issued by the Treasury in 2020, these taxes are designed to avoid the $10,000 limit on the itemized deduction for state and local taxes of individuals, estates, and trusts. The State has recently issued guidance on the operation of the PTET, and has now opened the online portal allowing pass-through entities to elect into the tax for 2021. Following are key provisions of the PTET: It is an […]

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WEBINAR: Apocalypse Now – Residency During the Pandemic

August 31, 2021

Gettry Marcus CPA, P.C. and Capell Barnett Matalon & Schoenfeld presented Apocalypse Now: Residency During the Pandemic Thursday, September 30, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. and Capell Barnett Matalon & Schoenfeld for a discussion on New York State/New York City residency audits and telecommuting. If you are moving out of New York, or if you have multiple residences, you are at risk of an audit. We will focus on best practices and planning. Domicile, statutory residency, and the 183-day rule are included.  Program Panelists Dean L. Surkin is a tax director at Gettry […]

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Announcement: Robert Pellegrino Has Been Named a Partner

August 17, 2021

Robert 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 […]

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HHS Provider Relief Fund Online Reporting Portal Now Open

July 29, 2021

History, 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 […]

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WEBINAR: Tax Aspects of Selling a Business – Pass-through Entities

July 20, 2021

Gettry Marcus CPA, P.C. presented Tax Aspects of Selling a Business – Pass-through Entities Wednesday, August 25, 2021 | 12:00 p.m. – 1:00 p.m. Join Gettry Marcus CPA, P.C. for our upcoming discussion exploring the tax consequences and strategies for structuring sales of a business, or interest in a business operated as a partnership, LLC, or S corporation. This discussion will offer information on matters such as: Asset vs. Entity Sales  Asset Category Allocations  Options for Buying Out a Partner or Shareholder  The Transaction Process from Negotiations to Closing Program Panelists Dean L. Surkin, JD, LLM, is a tax director […]

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SBA Announces Guidelines on Restaurant Revitalization Fund (“RRF”)

April 21, 2021

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the COVID-19 pandemic. This past March, the SBA announced a new relief fund called the Restaurant Revitalization Fund program (“RRF” or the “Program”).  The RRF is a $28.6 billion dollar grant that provides funding for hard hit restaurants and bars. This fund is a component of the American Rescue Plan Act, which is a $1.9 trillion stimulus package signed into law by President Biden. This past Saturday, April 17, 2021 the SBA published a Program […]

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PPP Loan Application Deadline Extended to May 31, 2021

March 31, 2021

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the U.S. Treasury. On March 30, 2021, President Biden signed the PPP Extension Act, which extends the application process for first draw and second draw PPP loans through May 31, 2021.  Originally the deadline to apply for a PPP loan was March 31, 2021.  Indications from the federal government are that an estimated $88 billion dollars in PPP funds remain available to qualifying businesses.   If you would like additional information, please contact Gabe Shurek or […]

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