Bob Grossman to Present at TEI

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Bob Grossman is presenting to the Pittsburgh Chapter of the Tax Executive’s Institute on Wednesday, February 3rd. The topic for that presentation is a comparison of the proposed tax changes offered by each of this year’s Presidential candidates. Click here for more information and registration.

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IRS Backs Off Controversial Alternative Charitable Contribution Substantiation Regulations

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To the chagrin of the charitable organization community, the Internal Revenue Service (IRS) issued new reporting rules introduced in the fall of 2015. Those proposed regulations were intended to implement the exception to the “contemporaneous written acknowledgement” requirement for substantiating charitable contribution deductions of $250 or more. The proposed regulations provided a new option for […]

GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

“Disguised Sale” of State Tax Credits Ruling Upheld on Appeal

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Transactions between partners and partnerships can be exceedingly complex. As such, to ensure that there are not unanticipated tax consequences, such transactions have to be carefully vetted before they are undertaken. In a recent appellate ruling in the Fourth Circuit, a limited liability company (LLC), treated as a partnership for federal and state income tax […]

business tax, internal revenue code, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Business Tax Changes for 2016

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In a year when no single major piece of tax legislation moved through Congress to the desk of the President, a number of tax bills combined to add  substantial changes to the Internal Revenue Code which will affect businesses in 2015 filings and beyond. On December 16, 2015, Senate Finance Committee Chairman Orrin Hatch (R-Utah), […]

GYF New Hires

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Grossman Yanak & Ford LLP (GYF) is pleased to announce the addition of two new professionals. Josh Guiser, a graduate of Geneva College, was hired as an Associate in the Assurance & Advisory Services Group upon finishing his Master of Business Administration in 2015. Guiser previously served as an intern in both the Tax and […]

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IRS Releases New Form to Report Distributions to Estate Beneficiaries

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The Internal Revenue Service has released draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent. The new form is intended to allow taxpayers to satisfy the new basis consistency reporting requirement for estates. The basis consistency rule of Internal Revenue Code Sections 6035(a) and 1014(f) applies when: (1) the estate is required to […]

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IRS Guidance on ACA Provisions for Employer-provided Coverage and Compliance

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On December 16, 2015, The Internal Revenue Service released Notice 2015-87, providing lengthy and complex guidance on how various provisions of the Affordable Care Act (ACA) apply to employer-provided health coverage. The 31 page Notice provides significant guidance on the “employer mandate” rules (aka employer shared responsibility or “play-or-pay”) and on information reporting requirements. It […]

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2016 Tax Season Begins in January

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Even with the last-minute, year-end tax extender legislation signed into law on December 18, 2015, which retroactively extended 50 or so “extender” tax provisions, modified or made many permanent (or both) certain of these provisions and added a number of non-extender provisions, the Internal Revenue Service has announced that it still plans to open the […]

Presidential Candidate Ben Carson Announces Tax Plan!

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Another Presidential Campaign – another proposal for a flat tax. Republican presidential candidate and famed neurosurgeon Ben Carson released on Monday, January 4, the flat tax plan as he aims to introduce, if elected President. Given the immediate problems facing the Candidate’s campaign, with recent resignations of some of his top people, the timing is […]