Industry News

Tax Alerts
Tax Briefing(s)

Since taking office in January, President Trump has called for comprehensive tax reform. The President’s recently released fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming weeks. These details are expected to describe rate cuts for individuals and businesses, new incentives for child and elder care, elimination of certain deductions and credits, and more.


The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any ACA repeal and replacement bill may be weeks if not months away.


Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses, but they may not be. As a general rule, meals and entertainment are deductible as a business expense only if specific conditions are met. What's more, the deduction for either type of expense generally is limited to 50 percent of the cost.


As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS "tax tips" is that recordkeeping has generally become easier in the digital age. However, it remains the primary responsibility of the taxpayer to preserve adequate records whether or not caused by a disaster.


Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate in partnership activities. Thus, a limited partner's share of partnership income is passive income. However, general partners or acting general partners may hold limited partnership interests and materially participate in the partnership.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2017.


BDO Alliance USA

As an independent member of BDO Alliance USA, we are able to draw upon the resources and experience of BDO USA, LLP and other Alliance members.

Welcome

At Gibbons & Kawash, A.C. our focus is responding to your needs and exceeding your expectations. We combine broad technical knowledge developed from years of experience with an entrepreneurial approach to problem-solving to help our clients meet all the challenges before them. An extensive library of accounting, auditing, and tax planning materials and the latest in state-of-the-art technology are valuable tools in our development of innovative solutions. But perhaps the most important element in our approach is the personalized service that enables us to develop and maintain an in-depth knowledge of your business. Our professionals take the time to listen and acquire a thorough understanding of your business needs.

Firm News

Nonprofit Standard Spring 2017Nonprofit Standard - A Newsletter of the BDO institute for Nonprofit Excellence

Nonprofit organizations are managing transformational change at every level. From reactions to the new administration's plans, to responding to new requirements for financial reporting, post-employment benefit plans, and employment tax issues, to guiding an organization through succession planning - nonprofits will need resilience and diligence to further their missions in 2017.

Asset Protection

Asset Protection - Shielding Your Individual Wealth Today

Many affluent individuals have worked hard for years to accumulate assets and create wealth, but haven't taken steps to protect their hard-earned assets. Learn strategies you can put in place.

Bus Val

Business Valuations: A Learning Process

A professional business valuation can serve many purposes beyond being a necessary step when a business owner is ready to sell the business: from being better able to secure financing to gaining a better understanding of the company.

R&D Tax Credit

Is Your Business Taking Advantage of the R&D Tax Credit?

One potentially lucrative tax break often overlooked by business owners is the research and development (R&D) tax credit. Learn the rules behind getting the credit.

Summer Vacation

How to Reap Tax Benefits From a Summer Vacation

People who are self-employed and planning a vacation this summer can potentially reap financial benefits by combining the summer getaway with a business trip and claiming some valuable tax deductions.

A History Of Service

25 years ago, our firm was founded on a commitment to provide clients with the highest quality services and professional guidance. That commitment remains paramount, and is deeply rooted in every aspect of our practice. It is the reason Gibbons & Kawash has become one of the area's leading accounting and consulting firms.

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Planning for Social Security

More than 90% of Social Security recipients are not maximizing their benefits. Determining when to apply can be an overwhelming task that affects the amount you will receive for the rest of your life. Improper planning could cost you tens of thousands over the course of your retirement. Our comprehensive Social Security planning services provide you with an individualized plan for how and when to apply to maximize your Social Security benefits.

Contact Us

Timothy J. Gibbons, CPA/ABV,CVA,CFF,NSSA

Virginia Supcoe,   CPA/ABV,CVA,CFE,NSSA

NSSA