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Gerry Clancy
National Partner in Charge - Tax
Gerry Clancy is a prominent Tax Partner at Armanino LLP, where he serves as the Partner-in-Charge of Tax. He specializes in taxation and business advisory services, focusing on a variety of sectors, including manufacturing and real estate. His expertise encompasses areas such as international tax, federal tax credits, state and local tax compliance, and comprehensive tax planning for affluent individuals and families.124
Professional Background
Before joining Armanino LLP in 2014, Gerry was a partner at Comyns Smith McCleary & Deaver LLP, where he provided advisory services on entity selection and tax compliance strategies.5 He holds a degree from California Polytechnic State University-San Luis Obispo and is a Certified Public Accountant (CPA) .3
Areas of Expertise
Gerry's work involves:
- Tax Compliance: Helping businesses navigate complex tax regulations.
- Business Advisory: Offering strategic insights to enhance business operations.
- Real Estate Tax Consulting: Advising on property tax matters to optimize portfolio performance.
- Wealth Management: Developing integrated tax strategies for high-net-worth clients.124
Through his role at Armanino, Gerry aims to build lasting relationships with clients, ensuring they meet their business and personal financial goals while minimizing tax liabilities.1
Highlights
The commercial real estate market is full of uncertainties—from deal flow to compliance hurdles, rising interest rates, security breaches and economic shifts that threaten your operation.
Before you start your next transaction, be sure to examine these key areas for potential risk exposure:
🛡️ Cyberattacks: Protect your portfolio and transaction data from evolving threats.
💼 Talent gaps: Address workforce shortages through outsourcing and AI.
⛓️ Supply chain instability: Diversify your supplier base and plan for disruptions.
💲 Economic fluctuations: Monitor and adapt to market changes.
🌎 Changing ESG standards: Stay compliant with evolving sustainability rules.
Explore more ways to identify and manage risks to your CRE firm: https://ow.ly/MbgU50SEKPH
#CommercialRealEstate #SupplyChain #RiskManagement #CRE #Cybersecurity
📢 Attention Illinois taxpayers! With the recent signing of HB 4951, significant changes are coming to the state's corporate income tax and sales tax laws starting December 31, 2024.
Here's what you need to know:
🔹 Extended NOL Deduction Limitation: Net operating loss (NOL) deduction limitation is extended, with the limitation cap raised to $500,000 annually.
🔹 New Apportionment Methodology: Financial organizations will now have a new formula for calculating investment and trading income.
🔹 Sales and Use Tax on Leases: For leases of tangible personal property entered or renewed on or after Jan. 1, 2025, sales and use tax will apply, with certain exemptions.
🔹 Retailers’ Occupation Tax Discount Cap: The 1.75% discount on the Retailers’ Occupation Tax will now be capped at $1,000 per month.
Stay informed about these important updates to ensure compliance and optimize your tax strategies. Consult with our SALT team for detailed guidance and potential benefits from these new measures.
Discover more here: https://ow.ly/1Hax50SEKQg
#Illinois #SALT #CorporateTax #SalesTax
