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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.

Get your financial statements on track

By | 2017-07-07T17:26:42+00:00 July 7th, 2017|Audit & Accounting|

Do you procrastinate when it comes to closing your books and deliver your year-end financial statements late? Lenders and investors may think the worst if a company’s financial statements aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your business has a late financial statement. 1. You’re hiding negative results No [...]

Is a charitable lead trust right for your family?

By | 2017-06-22T18:49:02+00:00 June 22nd, 2017|Estate & Trusts|

Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates have crept up in recent years, they remain historically low. 2 types [...]

How can your company’s income statement improve business operations?

By | 2017-06-15T00:29:43+00:00 June 15th, 2017|Audit & Accounting|

By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how many have actually used them to improve business operations in the future? Producing financial statements is more than a matter of compliance — owners and managers can use them to analyze performance and find ways [...]

FASB Revises Reporting Requirements for Employee Share-Based Payments

By | 2017-06-01T00:16:33+00:00 June 1st, 2017|Audit & Accounting|

Has your company found the process of reporting share based payments, such as employee stock options and restricted stock, overly complex? The Financial Accounting Standards Board (FASB) agrees — and it has simplified the rules starting in 2017 for public companies and 2018 for private companies. Here’s how. Old rules Under current U.S. Generally Accepted [...]

Map your company’s success with pro forma financials

By | 2017-05-24T13:41:54+00:00 May 16th, 2017|Audit & Accounting|

Running a business is like going on a road trip — and a detailed business plan that includes a set of pro forma financials can serve as a road map that improves your odds of arriving on time and on budget. If your plan doesn’t cover the prospective quantitative details in pro formas, expect to [...]

Trump Administration’s 2017 Tax Reform Outline – A Wolters Kluwer Tax Briefing

By | 2017-06-01T17:17:26+00:00 May 5th, 2017|News|

From the briefing: "President Trump has unveiled a tax reform outline- the "2017 Tax Reform for Economic Growth and American Jobs". The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, doubling the standard deduction, and more than halving the corporate tax rate; along with changing the tax [...]

Company Car Perk: Address the Tax Complexities

By | 2017-05-24T13:42:01+00:00 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 | 2017-05-24T13:42:01+00:00 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 | 2017-05-24T13:42:02+00:00 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 | 2017-05-24T13:42:02+00:00 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 [...]

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