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Evan S. Golar

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About Evan S. Golar

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    Advanced Member

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    Former NYS Sales & Use Tax Auditor


    Former Board Member of a local Credit Union, Former Treasurer of a Fire District Board of Fire Commissioners

    In addition to commercial business and tax clients, am familiar with exempt organization requirements.

    Past Board Member of Rockland Independent Living Center that advocates for people with disabilities.

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  1. "For what it may be worth, I am a proponent of removing the notes if real numbers can be placed in the financials to measure the effect. However, that is not always possible." You know, the more you open your ignorant trap the more ridiculous you sound. By not being a CPA - you apparently don't understand that. The whole purpose behind having footnote disclosures is to explain or clarify information contained in the financial data so they don't sound or appear to be misleading or to clarify financial information disclosed. They put more validity into the meaning of the financial st
  2. And precious little simple response to the question posed. There is no SIMPLE response to any overly complex subject such as GAAP. It's continually changing. If you are not providing GAAP financial statements for clients - as almost all states require CPA or alternate licensing to do so, then why the interest in book-to-tax adjustments based on GAAP. There is no crime in knowing what it is, but pretending to use CPA terminology when you are not a CPA is quite hypocritical. If you're that interested in GAAP compliance, then I suggest you search the multitude of CE publishers/pr
  3. If you're not functioning as a CPA - then why pose the question(s) about GAAP?
  4. Evan S. Golar


    What about the 50% that was gifted but no gift tax return filed? Yes - I qualify my response by the basis of the gift to daughter - lower of basis or FMV on date of gift. But for gift tax reporting purposes it's FMV on date of gift.
  5. Evan S. Golar


    Huh? No gift tax return filed in year of daughter's name put on deed? Daughter's basis should be 50% FMV on date of transfer, and mother's 50% FMV DOD. Without a will or trust created, mother's half needs to be probated.
  6. I would have the clients find out what their sales tax obligation is in each state for the boat. NYS Sales Tax loves when they can spot an out of state license plate registration on a boat docked in NYS to pick up use tax.
  7. 50% Waiver to non-1099R distribution A client who is required to take an RMD from an inherited IRA doesn't take it for 2018. Reason is irrelevant - but simply there was a screwup with the custodian. An extension was filed for 2018 to allow more time to receive the 2018 RMD prior to filing the return to request the 50% waiver. What happens if by October 15th the RMD isn't received? Is the 50% waiver request invalid because the return should have been filed by Oct. 15th, or does it carry through so long as the RMD is taken prior to filing the return?
  8. Wouldn't that be considered an incomplete gift?
  9. If on the accrual basis, then accrue salary at month end if paid shortly after month end date. It doesn't matter if the salary is fixed or variable, so long as it's determined by month end.
  10. Answer isn't that simple. Does the entity report financial activities on the cash basis or accrual basis?
  11. Here's the link for the Tennessee Board of Accountancy rules: https://www.tn.gov/commerce/regboards/accountancy/rules-laws/laws.html
  12. Did the Kentucky bank specify as to what level of service the financial statements should be? Compilation, Review, Audit? In my state NY, only CPAs can prepare Compilations. And even then, not every CPA can prepare Reviews or Audits unless they meet state mandated requirements of 1,000 hours of auditing experience a year and undergo a mandatory peer review program.
  13. https://www.aicpa.org/search.html?source=AICPA&q=capital+leases
  14. Are you (or your client) able to get cooperation from donor mother regarding the Trust? Basis information should be able to be easier to obtain since brokerage firms are not required - since around 2010 - to track basis, and applicable dates and amounts of investments prior to that to trace basis.
  15. Without appearing nosy into the cousins' personal finances, would you be able to get any pertinent details from the cousins as to dates of their inheritance from this family business?
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