Gorfine, Schiller & Gardyn

In this Gorfine, Schiller & Gardyn podcast interview, Jenny Estrada, Principal, Audit & Accounting Services at GSG, discusses HUD mortgage compliance requirements and how property owners and operators can reduce compliance risk.

Originally created under the 2017 Tax Cuts and Jobs Act, the Opportunity Zone program was designed to encourage investment in low-income communities by offering substantial tax benefits. The One Big Beautiful Bill permanently extends the program and introduces several significant changes that will impact both investors and communities.

From a higher SALT deduction cap to updated 1099 rules, new retirement contribution thresholds, and crypto reporting requirements, this year’s tax landscape presents several planning opportunities for individuals and small businesses.

From tariff uncertainty to changes in 1099 reporting thresholds, 2025 has been a highly unpredictable year for small businesses. In this timely conversation, Laura Shuman shares practical guidance on how business owners can protect their margins, stay ahead of compliance changes, and prepare for the year ahead.

In this Gorfine, Schiller & Gardyn podcast interview, Patrick Hom, Director of Tax Services at GSG, breaks down the latest tax changes in Maryland, including those that took effect on July 1, 2025, and others outlined in the Budget Reconciliation and Financing Act of 2025.

Chuck Faunce, Director of Business Valuation and Litigation Services at GSG, breaks down the implications of the recent Supreme Court decision in Connelly vs. United States, and why it could significantly increase estate tax obligations for closely held business owners.

Jenny Estrada, Principal of Audit and Accounting Services at GSG, discusses all things audit and GSG – from breaking misconceptions around auditing, to what it’s like to work for the GSG audit department, to the common responsibilities for the job, and much more.

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.

2023 has certainly been the year of Artificial Intelligence (AI) with non-stop news stories about how it will have a wide-range of impact on virtually every aspect of our lives. But the big question is can AI do your taxes and provide other financial services? We address this question head-on in this podcast interview – with the big takeaway being that AI is not ready for a full takeover of financial services. The human element and guidance from experienced tax and audit professionals remains vital.

Business valuation success comes down to measuring risk and reward for helping buyers and sellers come to a financial agreement in an acquisition. It is also used in litigation, as well as for compliance reporting. GSG was recently featured in a CFO Tech Outlook article about how business valuation helps to drive the understanding of the true worth of a company. Chuck Faunce provides a high-level overview of all things business valuation in this podcast interview.

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.

Kelly Wolverton, a Supervisor at GSG, discusses his unique path to a fulfilling career in accounting. It’s often the most untraditional paths towards a career in accounting that are the most interesting. Kelly Wolverton spent the first ten years of his career working as a soccer coach, including a stint as a coach at the University of the South.

Jesse Caples, a Supervisor at GSG, discusses how internships are a great launching pad for a fulfilling career in accounting.

Vera Adams, an Audit Supervisor at Gorfine, Schiller & Gardyn, discusses what it’s like to be a young professional in accounting, and shares her experiences working at GSG.

Changes in the workplace and organizational structure, industrialization, and legislation increase the chances of enterprises becoming victims of various frauds.

The rise in inflation has affected pretty much every aspect of our lives these days. However, inflation is especially impactful when it comes to business valuation. Chuck Faunce, Director, Business Valuation & Litigation Support at Gorfine, Schiller & Gardyn, discusses the impact of inflation on business valuation, and what can be done to counter it.

This may come as a surprise for many sports betting enthusiasts, but did you know that winnings from gambling are considered taxable income and need to be reported on your tax return for 2022?

Matt Keefer, Director of Tax Services at Gorfine, Schiller & Gardyn, discusses what you need to know about reporting digital assets, and how you cannot claim losses if you had a FTX account.

Joe Liberman, Director at Gorfine, Schiller and Gardyn, and Patrick Hom, Director of Tax Services at Gorfine, Schiller and Gardyn, provide annual tax planning tips for individuals and businesses. Click here to download the full GSG 2022 Year-End Year-Round Tax Planning Guide.

GSG’s Vicki Hitchcock recently authored a guest article for the Maryland Daily Record about how the SECURE 2.0 Act could help Maryland companies counter the “Great Resignation.” The law aims to expand automatic enrollment in retirement plans. It will also allow participants to make employer-matched Roth contributions. This means that employees can take advantage of the tax benefits, which includes only being taxed on the earnings of the money – and not being taxed on the actual contributions. Please contact us here to learn more about how GSG can help educate you on potential changes around the SECURE 2.0 Act.

Amir Malek, Senior Manager at GSG, discusses the new finance and accounting outsourcing solutions for the firms clients and prospects. With a high-level of turnover in most industries these days, many companies and organizations may find it difficult to fill key internal accounting and finance roles. In addition, many companies may find that they just don't have the resources to afford internal accounting staff. Contact us to learn more about our outsourcing services.

In the Gorfine, Schiller & Gardyn podcast interview, Matt Keefer, Director of Tax Services at GSG, breaks down the recent IRS tax inflation adjustments for the 2023 tax year. The IRS is adjusting many of its rules to account for the impact of inflation, ranging from individual income tax brackets for 2023 to the standard deduction. The changes could mean tax savings for some taxpayers next year. While the adjustments won’t apply until the 2023 tax year, understanding these changes is essential for overall tax planning, and GSG can help you to best take advantage of these potential tax savings. Following are some key highlights from this interview: · A high-level perspective on these recent IRS changes. (:33) · What this means for taxpayers. (2:53) · How can GSG help. (5:25) If you need guidance on how to best take advantage of these tax changes, please contact us here.

The Baltimore Sun recently published an editorial about how the “devil is in the details” when it comes to cutting property taxes in Baltimore. The article highlights how group called Renew Baltimore is proposing that Baltimore property taxes be reduced from 2.248% of assessed value to 1.25% over six years. If you need guidance on how to best manage your property taxes, please contact us here.

Matt Keefer, Director of Tax Services at Gorfine, Schiller & Gardyn, discusses the most optimal tax strategies around crypto holdings. If you have a crypto portfolio and need guidance on how to best manage your crypto holding taxes, please contact us here.

Laura Shuman, Principal, Small Business, discusses what small businesses in Maryland can do to best deal with today’s urgent inflation issue. If you own a small business and need assistance enhancing business processes to best manage inflation, please contact us here.

Alan Stein, Director of Audit and Accounting Services at GSG, discusses how commercial recipients of Provider Relief Funds (PRF) can meet the external audit requirements under the CARES Act. Current U.S. Department of Health and Human Services regulations impose an external audit requirement on commercial recipients of provider relief funds under the CARES Act. If affected, organizations would need to contract with a CPA firm to perform the required audit. If your care facility needs assistance in meeting the PRF audit requirements, please contact us here.

Chuck Faunce, Director of Business Valuation & Litigation Support explains why it’s important for business owners to know the difference between investment and fair market value, and how this knowledge can impact a business’s future success.

Scott Rodgville, Director at Gorfine, Schiller & Gardyn, recently presented at Capital Services’ Nonprofit Summit. This podcast shares Scott’s insights on how nonprofits are able to continue executing successful accounting and auditing operations in a remote environment.

Pat Isaac, Founder and CEO of Capital Services, Inc., and Scott Rodgville, Director of Gorfine, Schiller & Gardyn’s Audit and Accounting Services, discuss four healthcare funding options for nonprofits.

Scott Rodgville, who authored a Baltimore Business Journal article, discusses tips for getting involved with charities from a board perspective.

Timing and preparation are two important factors when it comes to tax planning. As we approach tax season, one filing deadline arrives earlier than the others, which is the Form 1099 on January 31. Read the blog!

It’s back-to-school season, and while students prepare for another school year, now is the time for taxpaying parents and guardians to consider ways to potentially offset the cost of higher education. Fortunately, there are a number of tax breaks available for taxpayers to take advantage of in order to make the cost of higher education more bearable. Read the blog!

For the past two tax seasons, the filing deadline was extended due to extensive tax code changes brought on by the COVID-19 pandemic and various relief programs offered to taxpayers. While most taxpayers may be experiencing tax season fatigue, now is the time to take advantage of 2021 tax planning while taxes are still top of mind. Read the blog!

The Employee Retention Credit (ERC) was implemented to help aid small businesses with cash flow, depending on eligible salaries and eligible employers. Read the blog!

The formal end of the Paycheck Protection Program (PPP) was on May 31, 2021, and for companies who received a PPP loan in round one, it’s more important than ever to ensure any deadlines to request forgiveness are not missed. Read the blog!