SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12b-25

                         Commission File Number 0-18299

                           NOTIFICATION OF LATE FILING

(Check One):    |_| Form 10-K   |_| Form 20-F   |_| Form 11-K   |X| Form 10-Q
                |_| Form N-SAR  |_| Form N-CSR

For Period Ended:                       December 31, 2003
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|_| Transition Report on Form 10-K         |_| Transition Report on Form 10-Q
|_| Transition Report on Form 20-F         |_| Transition Report on Form N-SAR
|_| Transition Report on Form 11-K

For the Transition Period Ended:
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  Read attached instruction sheet before preparing form. Please print or type.

      Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.

      If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:

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                         Part I. Registrant Information

Full name of registrant:                GILMAN + CIOCIA, INC.
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Former name if applicable:
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Address of principal executive office (Street and number):  11 Raymond Avenue
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City, State and Zip Code:               Poughkeepsie, New York 12603
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                        Part II. Rule 12b-25 (b) and (c)

      If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)

|X|   (a)   The reasons described in reasonable detail in Part III of this form
            could not be eliminated without unreasonable effort or expense;

|X|   (b)   The subject annual report, semi-annual report, transition report on
            Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
            filed on or before the 15th calendar day following the prescribed
            due date; or the subject quarterly report or transition report on
            Form 10-Q, or portion thereof will be filed on or before the fifth
            calendar day following the prescribed due date; and

      (c)   The accountant's statement or other exhibit required by Rule
            12b-25(c) has been attached if applicable.



                               Part III. Narrative

      State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)

      The Registrant cannot file the quarterly report on Form 10-Q because it
      requires additional time to adjust for its recently filed Form 10-Q for
      the quarter ended September 30, 2003 and the effects of such Form 10-Q on
      the Quarter ending December 31, 2003.

                           Part IV. Other Information

      (1) Name and telephone number of person to contact in regard to this
notification

          Ted Finkelstein                (845)                485-5278
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              (Name)                     (Area code)          (Telephone number)

      (2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).

                                                                  Yes |X| No |_|

      (3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?

                                                                  Yes |X| No |_|

      If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.

      It is anticipated that the Registrant will report a loss of $731,345 for
      the quarter ending December 31, 2003 as compared to a loss of $3,763,714
      for the corresponding period in the prior year.

                              GILMAN & CIOCIA, INC.
                              ---------------------
                  (Name of registrant as specified in charter)

Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.


Date: February 17, 2004                             By: /s/ Ted Finkelstein
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                                                        Name:  Ted Finkelstein
                                                        Title: Vice President