(212) 641-0673 george@nyc-account.com

Claiming expenses against K-1

Several times this year the following situation happened with clients either in the office or over email: “Here is my income – it is on a K-1. Now here are my deductions!” Not so fast: One would logically think that since you can deduct items against...

Tax Treatment of Crypto Currency Trading

2017 is the year that Crypto Currencies reached a peak popularity – and some peak profits. Predictably, investors in these types of instruments have been reaching out to accountants in a state of perplexed confusion. Others are looking back at prior year profits and...

Past-Due Tax Returns

We have been approached frequently with requests to reconcile past records and file past-due tax returns. Even if you have lost your W2s, 1099s, or other business and personal records due to the passage of time, our team will assist in sorting out your records. There...

Income Projection Letter for Rental Apartment

We have been getting quite a few requests from clients all over the U.S. that need an “Income Projection Letter” certified by a CPA as part of their rental application. This is typically requested of clients that are self-employed, independent contractors,...

LLC vs. S-Corp

LLC vs. S-Corp We receive frequent requests for consulting on what option is best for a new business – LLC or S-Corp. Due to the volume of such queries we feel it necessary to break out the advantages to each as well as a possible combined solution. The benefits of an...

Certified Statement of Assets & Liabilities

Certified Statement of Assets & Liabilities: We have frequently received requests from clients to prepare a “Certified Statement of Assets & Liabilities,” otherwise known as a “Certified Statement of Net Worth.” These are common requests from banks, mortgage...

Information System Feedback Loops

Environment and Components of an Accounting Information System: Feedback Loop – occurs when outputs of a system are routed back as inputs as part of a chain of cause-and-effect that forms a circuit or loop. See below image for a graphical example: The mechanics...

Annual Budget for Condo & Co-Ops

Annual operating budgets for Condos and Co-ops are typically done in excel and follow a predictable structure. They are discussed and agreed upon by the board of the building. Budgets can be prepared by the board, the treasurer of the board, the CPA firm in charge of...