Changes to NY State PTET in 2022 Budget Bill

May 13, 2022

The 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 […]

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WEBINAR: M&A Due Diligence: What to Expect, How to Plan, and How Due Diligence Impacts Purchase Price

May 6, 2022

Gettry 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 […]

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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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Gettry Marcus Promotes Four to Partner

January 24, 2022

Gettry 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 […]

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New York State Enacts Mandatory Retirement Plans

November 19, 2021

Last 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 […]

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WEBINAR: The Pandemic’s Impact on Selling Your Business: Valuation Issues, Deal Structuring, and Negotiating Strategies

November 15, 2021

Gettry 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 […]

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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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Restaurant Revitalization Fund: Use of Funds Validation

October 13, 2021

The 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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COVID EIDL LOAN UPDATES

October 8, 2021

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status and availability of COVID-19 related grant and loan programs. Beginning October 8, 2021, the SBA will begin approving COVID Economic Injury Disaster Loans (“EIDL”) up to $2 million.  The following summarizes certain key facts with respect to the COVID EIDL program: Program Information COVID EIDLs are provided directly from the Small Business Administration (“SBA”), applicants must apply online through an SBA portal; This is a loan program, not a grant program; Interest rates are 3.75% for “for profit” businesses and 2.75% for non-profit businesses; Loan terms could […]

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