by George Dimov | Jan 7, 2018 | NYC Accounting
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...
by George Dimov | Oct 5, 2017 | NYC Accounting
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...
by George Dimov | Aug 22, 2017 | NYC Accounting
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...
by George Dimov | Aug 22, 2017 | NYC Accounting
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,...
by George Dimov | Jul 23, 2017 | NYC Accounting
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...
by George Dimov | Jul 22, 2017 | NYC Accounting
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...
by George Dimov | Mar 13, 2017 | NYC Accounting
When purchasing a luxury condominium or co-op in New York City, there are always numerous factors to consider. Some important factors to always keep in mind include the building’s physical condition as well as the building’s financial stability. Questions...
by George Dimov | Jan 15, 2017 | NYC Accounting
Often times, signed & notarized 12-month projections are required as part of HDC applications for Affordable Housing. These applications can be found through www.nyc.gov/housingconnect and require various application documents to be submitted in order to be...
by George Dimov | Nov 28, 2016 | NYC Accounting
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...
by George Dimov | Nov 22, 2016 | NYC Accounting
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...
