Guilmartin, DiPiro & Sokolowski, LLC is committed to providing our clients with efficient and personal service, as well as relevant and reliable information. With innovative solutions that keep pace with changing needs, we help clients manage financial priorities, make the most of new opportunities and maximize growth potential.
Our goal is to help all clients to plant strong roots and continue to grow in today’s uncertain environment. Our team is large enough to cover a wide range of accounting and tax specialties yet small enough to ensure that you receive personalized service.
GDS partners and staff sadly recognize the one-year anniversary of the passing of our friend and partner, Michael Sokolowski (Sok). He was tragically taken from us on October 28, 2022 after a courageous 11-month battle with brain cancer.
In Mike’s memory, GDS created a charitable foundation, Sok Up the Sun Foundation, with the purpose of providing assistance to the disabled, a client base Sok was very passionate about serving.
As we wrap up 2023, it’s important for our individual and small business clients to review your 2023 and 2024 tax situations. Now is the time to identify opportunities for reducing, deferring, or accelerating their tax obligations.
We’re here to help you develop a customized tax plan for your tax and financial well-being. Please contact your GDS tax professional for any questions or guidance on your specific situation.
In the meantime, here’s a look at some issues to consider as we approach year-end. As an independent member of BDO Alliance USA, we have prepared tax planning guides to share important information with our clients.
- 2023 Year-End Tax Planning for Individuals (pdf)
- 2023 Year-End Tax Planning for Small Businesses (pdf)
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as BOI) of certain entities from people who own or control a company.
It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. The intent of the BOI reporting requirement is to help US law enforcement combat money laundering, the financing of terrorism and other illicit activity.
The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.
Click the button below to download preliminary information for you to consider as you approach the implementation period for this new reporting requirement. This information is meant to be general only and should not be applied to your specific facts and circumstances without consultation with competent legal counsel and/or other retained professional adviser.
Please contact your GDS tax professional for questions and further guidance.
The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans.
This landmark legislation builds on the original SECURE Act that was enacted on December 19, 2019, and aims to expand coverage and increase retirement savings while simplifying and clarifying retirement plan rules.
Introducing Our Tax Return Delivery System
While we cannot eliminate your tax-filing requirement, we can make the process hassle-free by utilizing a delivery process known as SafeSend Returns. SafeSend Returns allows us to automate the delivery, review, and signature of your federal and state income tax returns. You will be able to do this from the convenience of your computer, smartphone, or tablet. It is user-friendly, highly secure and an easier way for you to manage your tax return.
Online Payment Options
Working with an online partner, Guilmartin, DiPiro & Sokolowski, LLC offers two quick and easy online payment options to our clients. Click on the Make Payment button and choose the payment option that's best for you. Click here for options.