Post-Tax Season Insights and Planning Strategies
Tax planning is not usually included in a summertime agenda, but now is the time to get a head start. Waiting until the end of [...]
Enhancing Business Management Improvement for Food Processors
Gorfine, Schiller & Gardyn (GSG) recently attended the 2017 American Commodity Distributors Association annual conference in Denver, Colorado, which addressed significant challenges within the food [...]
FASB Streamlines Presentation of Defined Benefit Costs
The Financial Accounting Standards Board (FASB) issued an accounting standards update on March 10, 2017 designed to enhance the transparency of financial reporting on pension [...]
Penalties for Worker Misclassification in Maryland
Beginning October 1, 2016, Maryland now imposes penalties on employers who misclassify employees as independent contractors. It is the employer’s burden to prove proper classification [...]
Secretary of State Announces New Threshold for Financial Reviews and Audits
Effective October 1, 2016, organizations that receive at least $300,000 but less than $750,000 in charitable contributions must submit a financial review with their registration. [...]
New Rules Affecting 2016 Tax Returns
Several laws passed during 2015 created new rules that will affect your 2016 tax returns. Here’s an overview. New Due Dates Form 990. The initial [...]
IRS Proposed Regulations regarding Family Owned Businesses
On August 4, 2016, the Internal Revenue Service (IRS) issued proposed regulation REG-163113-02 which, if adopted, would limit or preclude the use of valuation discounts [...]
Accounting Standards Update (ASU) 2016-14 for Not-for-Profit Entities
On August 18, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-14, Not-for-Profit Entities (NFPs). The new guidance contains significant changes to the financial [...]
Should you pay more attention to cash flow in your business?
In assessing their businesses, most owners focus on growth in sales and profits. Yet these do not guarantee business health and success. Another important gauge [...]
Every estate plan should have these basic documents
Estate planning is not just a task for the wealthy. Even though federal tax implications kick in only if your estate exceeds $5,430,000, there are [...]
