Gorfine, Schiller & Gardyn

When it comes to providing paid family and medical leave for employees, big changes are on the horizon for all Maryland employers with the state’s PFML program. Now’s the time for careful planning and proactive decision-making.

In the NFP arena, accounting and auditing can be very nuanced – from identifying risks for net assets classifications to auditing the tracking of donor restrictions to contribution accounting.

For any small business, effective accounting and financial planning is critical for long-term success – especially before we prepare to navigate the opportunities and challenges of a new year.

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

When it comes to tax planning, it is always best to leave no stone unturned when it comes to developing strategies that can help minimize your tax burden. The annual GSG tax planning guide provides broad suggestions for tax planning as we are coming to the end of 2024.

Even if you think it could never happen to your organization, internal or external fraud can happen at any time.

The IRS plans to close a tax loophole known as "partnership basis shifting," which allows wealthy taxpayers to move assets among related parties to avoid paying taxes. The U.S. Treasury Department estimates that ending this practice could generate over $50 billion in revenue over the next decade.

For many, the idea of turning a hobby into a viable business is a dream come true. If one can take a passion project and transition it into something profitable, it’s the ultimate combination of commerce and pleasure.

In the nonprofit arena, effectively managing resources is both a key priority and challenge. When it comes to accounting, nonprofits are also confronted with categorizing donations, and differentiating between income and profit.

With the “great wealth transfer” upon us, it is estimated that approximately $72 trillion of assets that baby boomers are sitting on will eventually be passed onto their heirs. In addition to the transfer of significant assets, there is much more to know when it comes to inheritance and estate taxes.

In this podcast interview, Melissa West breaks down everything you need to know on inheritance and estate taxes.

Matt Keefer, Director of Tax Services at GSG, breaks down everything taxpayers need to know about The Tax Relief for American Families and Workers Act of 2024.

For any small business, effective accounting and financial planning is critical for long-term success – especially when there’s a new year ahead of us. For 2024, small businesses have the opportunity to develop the right strategies to streamline and optimize critical accounting processes.

In November, Financial Crimes Enforcement Network (FinCEN) issued a final rule that beginning on January 1, 2024, many companies in the U.S. will have to report information about their beneficial owners to FinCEN.

Breaking down everything you need to know about the Employee Retention Credit (ERC) – from spotting scams to knowing if you are eligible, and beyond.

Katie Rodgville, the Marketing Summer Intern at GSG, shares her experiences and what she learned this summer in her role – in part two of this two part series.

On July 1, 2023, the state of Maryland made it legal for state-licensed shops to sell recreational cannabis to consumers 21 years old and older. During the first week, sales of cannabis totaled more than $20 million dollars, and the Maryland Cannabis Administration projects $600 million of recreational marijuana sales during the first year of legalization.

Katie Rodgville, the new Marketing Summer Intern at GSG, discussed her role in supporting the firm’s marketing department, and what she looks forward to learning this summer.