EXHIBIT 14

Code of Ethics For Senior Financial Officers and the Principal Executive Officer
of Gilman + Ciocia, Inc.

      Gilman + Ciocia, Inc. (the "Company") is committed to conducting its
business in compliance with all the applicable laws and regulations of the
countries in which it operates and in accordance with high standards of business
conduct. The Company strives to maintain the highest standard of accuracy,
completeness and disclosure in its financial dealings, records and reports.
These standards serve as the basis for managing the Company's business, for
meeting the Company's duties to its shareholders and for maintaining compliance
with financial reporting requirements. All of the Company's financial executives
must agree to comply with the following principles, and the Chief Executive
Officer, in his or her capacity as the Company's principal executive officer, to
whom all senior financial officers ultimately report, will promote and support
this Code of Ethics, and, to the extent consistent with his or her duties and
responsibilities, comply with the following principles:

      Each senior financial officer of the Company will adhere to and advocate
the following principals and responsibilities governing his or her professional
and ethical conduct, each to the best of his or her knowledge and ability:

1.    Act with honesty and integrity and in an ethical manner, avoiding actual
      or apparent conflicts of interest in personal and professional
      relationships.

2.    Promptly disclose to the Company's general counsel any material
      transaction or relationship that reasonably could be expected to give rise
      to a conflict of interest between personal and professional relationships.

3.    Provide constituents with information that is accurate, complete,
      objective, relevant, timely and understandable.

4.    Comply with rules and regulations of federal, state, provincial and local
      governments and other appropriate and private and public regulatory
      agencies.

5.    Act in good faith, responsibility, with due care, competence and
      diligence, without misrepresenting material facts or allowing my
      independent judgment to be subordinated.

6.    Use good business judgment in the processing and recording of all
      financial transactions.

7.    Respect the confidentiality of information acquired in the course of the
      Company's business, except when authorized or otherwise legally obligated
      to disclose such information, and not use confidential information
      acquired in the course of work for personal advantage.

8.    Share knowledge and maintain skills important and relevant to his or her
      constituents' needs.

9.    Promote ethical behavior among constituents in the work environment.

10.   Achieve responsible use of and control over all assets and resources
      employed or entrusted to him or her.

11.   Comply with generally accepted accounting standards and practices, rules,
      regulations and controls.

12.   Ensure that accounting entries and promptly and accurately recorded and
      properly documented and that no accounting entry intentionally distorts or
      disguises the true nature of any business transaction.

13.   Maintain books and records that fairly and accurately reflect the
      Company's business transactions.

14.   Sign only those documents that he or she believes to accurate and
      truthful.


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15.   Devise, implement and maintain sufficient internal controls to assure that
      financial record keeping objectives are met.

16.   Prohibit the establishment of any undisclosed or unrecorded funds or
      assets for any purpose and provide for the proper and prompt recording of
      all disbursements of funds and all receipts.

17.   Not knowingly be a party to any illegal activity or engage in acts that
      are discreditable to my profession or the Company.

18.   Respect and contribute to the legitimate and ethical objects of the
      Company.

19.   Engage in only those services for which he or she has the necessary
      knowledge, skill and expertise.

20.   Not make, or tolerate to be made, false or artificial statements or
      entries for any purpose in the books and records of the Company or in any
      internal or external correspondence, memoranda, or communication of any
      type, including telephone or wire communications.

21.   Report to the Company's general counsel any situation where the Code of
      Ethics, the Company's standards or the laws are being violated.

      Those required to comply with this Code of Ethics understand that failure
      to comply with this Code of Ethics will not be tolerated by the Company
      and that deviations therefrom or violations thereof will result in serious
      consequences, which may include, but may not be limited to, serious
      reprimand, dismissal or other legal actions.

The parties subject to this Code of Ethics will acknowledge in writing that they
agree to comply with these requirements.

                                Acknowledgements

Michael P. Ryan, Chief Executive Officer, agrees that I will promote and support
this Code of Ethics, and to the extent consistent with my duties and
responsibilities, comply with the Code of Ethics.


/s/ Michael P. Ryan
-------------------------------------
Michael P. Ryan
President and Chief Executive Officer
Date:  January 16, 2004

Dennis Conroy, Chief Accounting Officer, agrees to comply with all of the
principles in this Code of Conduct.


/s/ Dennis Conroy
-------------------------------------
Dennis Conroy
Chief Accounting Officer
Date:  January 16, 2004


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