/Gumbiner Savett Editor

About Gumbiner Savett Editor

Gumbiner Savett Inc. editors are comprised of tax and audit practitioners ranging from manager to shareholder. They are dedicated to staying on top of the latest rules and regulations in the accounting and finance industry.

Company Car Perk: Address the Tax Complexities

By | April 26th, 2017|Tax Planning|

The perk of a company car isn't entirely "free" for employees. Generally, employees are taxed on the personal value of this fringe benefit, subject to certain special rules and annual limits. Significantly, the IRS recently announced the 2017 thresholds applicable for valuations of vehicles. Background Information An employer that provides taxable fringe benefits to employees is [...]

Tax Implications When Retiring to a Different State

By | April 24th, 2017|Tax Planning, Uncategorized|

When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here's what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially [...]

A Tax Court Victory for Homebuilders Might Not Apply to Others, Says the IRS

By | April 21st, 2017|Real Estate|

In a significant case, homebuilders that want to realize income under the completed contract accounting method based on an entire development won a victory. However, the IRS recently responded by announcing that it generally wouldn't follow the decision in cases involving other taxpayers. The U.S. Court of Appeals for the Ninth Circuit upheld a lower [...]

3 financial statements you should know

By | April 7th, 2017|Audit & Accounting|

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income statement The income statement (also [...]

Correctly Report Your Rental Income

By | March 29th, 2017|Real Estate|

Reporting income from rental properties may seem straightforward, but that’s not always the case. The IRS definition of rental income may be broader than property owners realize. Such misunderstandings could prove costly if uncovered by an IRS audit. What is Rental Income? Rental income is any payment you receive for the use or occupation of [...]

9 IRA Tax Tips for the 2016 Tax Year

By | March 15th, 2017|Tax Planning|

Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under age 70½ at the end of the tax year to [...]

How an ILIT can help your family

By | March 6th, 2017|Estate & Trusts|

If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. Going a step further and setting up an irrevocable life insurance trust (ILIT) to hold the policy offers additional estate planning benefits. Asset protection If you’re concerned about your heirs’ money management skills, an ILIT may be [...]

What to do when you receive a letter from the IRS

By | March 2nd, 2017|Tax Planning|

Do you know what to do when you receive a letter from the IRS?  Your first reaction may be to panic, but your letter is most likely one of millions that the IRS sends to taxpayers every year.  So, wipe the perspiration from your forehead, take a deep breath, and calm the shaky hands. The [...]

Gumbiner Savett Recognized by the Los Angeles Business Journal

By | February 24th, 2017|News|

Gumbiner Savett Inc., a Santa Monica-based full-service accounting, taxation and consulting firm, was recently named the twentieth largest “Accounting Firm” in the city by the Los Angeles Business Journal. The full list of top accounting firms was published in the February 13-19, 2017 issue. “At Gumbiner Savett, we strive to be a leader in the [...]

Planning to leave your IRA to someone other than your spouse?

By | February 20th, 2017|Estate & Trusts|

An IRA can be a powerful wealth-building tool, offering tax-deferred growth (tax-free in the case of a Roth IRA), asset protection and other benefits. But if you leave an IRA to your children — or to someone else other than your spouse — these benefits can be lost without careful planning. “Inherited IRA” stretches tax [...]

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