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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.

Receive an IRS audit letter? Here’s what you need to do.

By | 2017-05-24T13:42:03+00:00 February 15th, 2017|Non-profits|

In recent years, the IRS has increased its scrutiny — including actual audits — of not-for-profits. Do you know what to do if your organization receives an audit letter? What is an audit? An audit begins with the initial contact from the IRS and continues until a closing letter is issued. Before closing an audit, [...]

Estate planning as a single parent

By | 2017-05-24T13:42:03+00:00 February 3rd, 2017|Estate & Trusts|

In many respects, estate planning for single parents of minor children is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a [...]

3 steps to ensure a smooth external audit

By | 2017-05-24T13:42:03+00:00 January 30th, 2017|Audit & Accounting|

If your company issues audited financial statements and follows a calendar year end, these steps are a part of your external auditing 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 audit fieldwork [...]

Estate planning strategies for married couples

By | 2017-05-24T13:42:03+00:00 January 27th, 2017|Estate & Trusts|

It’s crucial to review and update your estate plan in light of significant life changes or new tax laws. It’s equally important to be aware of strategies that can be implemented after your death to achieve your estate planning goals. The flexibility postmortem strategies provide is especially important during times of estate tax law uncertainty, [...]

Tech Company Tax and Accounting Considerations

By | 2017-05-24T13:42:03+00:00 January 17th, 2017|Tax Planning|

If you run a technology business, you are aware of the high demands inherent in such a fast-paced field.  The need to stay ahead of the competition demands forethought and innovation like no other industry. But have you considered your success may depend on more than having the best product. Most high-technology businesses begin as [...]

Business Tax Return Due Dates Changing

By | 2017-05-24T13:42:03+00:00 January 9th, 2017|Tax Planning|

 Corporations and partnerships will have different due dates for their income tax returns starting for the 2016 year. Here is what you need to know. Earlier Due Dates for 2016 Partnership and LLC Returns Partnership federal income tax returns, filed on Form 1065, had been due three and a half months after the end of [...]

New Due Dates for 1099-MISC and W-2

By | 2017-05-24T13:42:03+00:00 January 6th, 2017|Tax Planning|

Businesses should be aware of new due dates for filing Forms 1099-MISC for their independent contractors, and employee W-2 forms. Previously, businesses had until the end of February to file these 1099s and W-2s with the IRS and the Social Security Administration (or by March 31 if filed electronically). Now, the due dates have been [...]

“Ghosting”— Another form of identity theft

By | 2017-05-24T13:42:03+00:00 January 5th, 2017|Uncategorized|

Criminals are taking identity theft to the next level by exploiting the identities of the deceased and leaving their families to deal with the consequences. The tactic is called “ghosting”. Each year, thieves steal the identities of nearly 2.5 million deceased Americans to fraudulently open credit card accounts, obtain loans and tax refunds, and get [...]

Your 2016 charitable contributions will offer both estate planning and income tax benefits

By | 2017-05-24T13:42:04+00:00 December 16th, 2016|Tax Planning|

During the holiday season your thoughts likely turn to helping those in need by making charitable donations. Doing so will benefit your favorite organizations and help you achieve your estate planning goal of reducing the size of your taxable estate. In addition, by donating during your lifetime, rather than at death, you’ll receive an income [...]

One Key Step in Your Audit

By | 2016-12-14T01:40:33+00:00 December 14th, 2016|Audit & Accounting|

When performing an audit, CPAs send confirmation letters to outside parties typically via the U.S. Postal Service (and often through email) in accordance with Interim Auditing Standard AU Section 330, The Confirmation Process. Confirmation responses may be used to verify account balances, as well as unusual contractual terms and transactions. But the use of confirmations sometimes [...]

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