Bulk Sale of Land Produced Ordinary Income Rather than Capital Gain

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An interesting tax question arises when a taxpayer decides to sell land in bulk.  To fully understand the issue, it is first necessary to describe the income tax strategy considered in such planning and the alternative treatments accorded an alternative finding by the Internal Revenue Service. Depending on the particular facts and circumstances, land can […]

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Memorial Day – Why it Matters

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Once again we are celebrating the beginning of summer with the Memorial Day holiday weekend.  As with every Memorial Day in the United States, the summer begins with backyard and poolside barbecues, the Indianapolis 500, professional and peewee baseball.  Sometimes, certain geographic regions of the country even get to enjoy some playoff hockey. It is, […]

Claudy Earns National CPA Exam Score Award

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GYF is  pleased to announce that Kathryn L. Claudy, an associate in the firm’s Assurance and Advisory Services Group, was one of the top 75 scorers in the nation out of more than 93,742 candidates who successfully passed the Uniform CPA exam in 2015. The American Institute of Certified Public Accountants (AICPA) has honored with […]

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GYF ERP Solutions Group Earns NetSuite 2-Star Partner Award

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The Grossman Yanak & Ford LLP (GYF) ERP Solutions Group has been recognized by NetSuite, the industry’s leading provider of cloud-based financial, ERP, CRM and Omnichannel Commerce software suites. NetSuite honored the GYF ERP Solutions Group with the 2-Star Partner Award for 2016, based on the business generated during the 2015 calendar year. As a […]

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Court Finds Emotional Distress Damages to Be Taxable

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Generally, under the Internal Revenue Code, amounts received in settlement or as a result of litigation for damages (other than punitive damages) received on account of personal physical injuries or physical sickness are not included in “gross income” for tax purposes. A recent case in the United States Tax Court sets forth the limitations of […]

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Career Opportunity

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IT Systems/Network Administrator Grossman Yanak & Ford LLP (GYF) is hiring an IT Systems/Network Administrator. This full-time position entails responsibility for keeping the computer network running  smoothly;  reviewing  and  analyzing  software  and  hardware  needs;  and recommending changes  and upgrades  where  applicable  to  provide  efficient,  effective  and  timely  service  to  users  in  the  Firm. Ideal candidates […]

GYF Professionals Present at NACVA Conference

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Bob Grossman and Melissa Bizyak were selected from over 150 submitters to speak at the 2016 National Association of Certified Valuators and Analysts National (NACVA) Business Valuation Conference held in San Diego, California in June. They will co-present a session titled, Valuation of Companies Owned by Employee Stock Ownership Plans After Great Banc. Bob will […]

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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 […]