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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.

Understanding the benefits for pass through entities under the TCJA

By | 2018-04-10T18:06:20+00:00 April 10th, 2018|Tax Cuts and Jobs Act, Tax Planning|

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but [...]

3 Ways to Prepare for an External Audit

By | 2018-03-22T17:06:51+00:00 March 22nd, 2018|Audit & Accounting|

If your company issues audited financial statements and follows a calendar year end, the following steps are a part of your existing external audit preparation procedures. Once the engagement letter is signed, the process begins with preliminary financial statements and possible year-end physical inventory counts. However, audits can be complicated, so taking time to additionally streamline [...]

If You’re a Home Equity Loan Borrower, Tax Reform Law Clarification Means Good News

By | 2018-04-09T23:29:47+00:00 February 28th, 2018|Tax Cuts and Jobs Act, Tax Planning|

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and [...]

The IRS Issues Updated 2018 Tax Withholding Tables

By | 2018-01-18T19:44:59+00:00 January 18th, 2018|News|

Due to the passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has released updated 2018 tax withholding tables, which is one of the first critical steps to institute the law’s overhaul of the federal income tax regime. These tables indicate how much employers should hold back from their employees’ [...]

GS Principal Pradeep Budhiraja Promoted to Shareholder

By | 2018-01-05T18:25:29+00:00 January 4th, 2018|News|

Gumbiner Savett Inc. is pleased to announce that Pradeep Budhiraja, CPA has been named a shareholder of the firm effective January 1, 2018. “Pradeep has been a valuable member of the firm for the past 17 years and is well respected among his clients and peers. We are proud that he is joining the shareholder [...]

Highlights of the new tax reform law

By | 2018-04-09T23:34:23+00:00 December 21st, 2017|News, Tax Cuts and Jobs Act|

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are [...]

Give Back and Save on Taxes with Charitable Contributions

By | 2017-12-12T00:01:08+00:00 December 12th, 2017|Tax Planning|

As the holiday season approaches, you may be thinking about making some charitable contributions. Be sure to do so before the end of the year in order to maximize the potential tax breaks. Here's a rundown of the potential tax benefits for your generosity: Itemized Deductions You can claim write-offs for contributions of cash and other [...]

House and Senate tax reform bills head to reconciliation

By | 2017-12-08T00:13:16+00:00 December 8th, 2017|News|

Early in the morning on December 2, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51 to 49. The U.S. House of Representatives passed its own version of the tax reform bill on November 16, and a conference committee of representatives from both houses of Congress [...]

Charitable remainder trusts can provide a wealth of benefits

By | 2017-11-10T21:26:51+00:00 November 10th, 2017|Estate & Trusts|

Charitable remainder trusts (CRT) may be a great estate planning strategy for the charitably inclined. A CRT allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, reducing or deferring income taxes, and enjoying investment planning advantages. How does a CRT work? You contribute stock [...]

Looming tax reform creates year end tax planning challenges

By | 2017-10-26T18:45:12+00:00 October 26th, 2017|News|

As the end of 2017 approaches, the prospect of dramatic tax reform could mean year end tax planning challenges for businesses. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses and changes to a variety of business [...]

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