/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.

Michael Savoy, CPA elected as Vice President of the California Board of Accountancy for 2017

By | December 1st, 2016|News|

Michael Savoy, CPA, CGMA, a long-time shareholder in Santa Monica-based Gumbiner Savett Inc., has been elected vice-president of the California Board of Accountancy (CBA) for 2017. “I am so honored to remain a part of the CBA leadership team,” stated Savoy, “I’m looking forward to my year as vice-president and the opportunity to continue working [...]

Counting Seasonal Workers Under the ACA

By | November 23rd, 2016|Business Advice|

As an employer, your size – for purposes of the Affordable Care Act –  is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the [...]

Reporting contingent liabilities

By | November 14th, 2016|Audit & Accounting|

Deciding whether to disclose pending litigation, a government investigation or another contingent liability is a highly sensitive matter, especially for public companies. Investors and other stakeholders want information about impending risks that may affect your company’s future performance. But you want to avoid alarming investors with losses that are unlikely to occur or disclosing your [...]

Transfer your family business the tax-smart way

By | November 10th, 2016|Estate & Trusts|

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if [...]

Including Elderly Parents in Your Estate Planning

By | November 7th, 2016|Estate & Trusts|

Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Here are four critical [...]

Gumbiner Savett Inc. adopts casual dress code

By | October 31st, 2016|News|

Gumbiner Savett Inc. has joined its start-up neighbors in the surrounding area by relaxing its employee dress code. “This decision came from the managing partner down, and really serves as an example that our leadership values the input of all firm employees,” said Director of HR and Practice Development, Irene Valverde. After years of being [...]

IRS announces 2017 COL adjustments affecting pension plans

By | October 28th, 2016|News|

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.  The IRS today issued technical guidance detailing these items in Notice 2016-62. Highlights of changes for 2017 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement [...]

Accounting for “hard” assets

By | October 27th, 2016|Audit & Accounting|

How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a fixed asset purchase, as well as in choosing depreciation methods and useful lives. Such leeway is part of the reason many business owners are uncertain [...]

Don’t Get Scammed by Fake IRS Calls

By | October 26th, 2016|Tax Planning|

The IRS warns that scams using the IRS as a lure continue. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too. Be [...]

Gumbiner Savett Inc. Launches New Website

By | October 25th, 2016|News, Uncategorized|

Gumbiner Savett Inc., an accounting firm based in Santa Monica, has launched a newly revamped version of its website. The website, which is located at the same address of http://gscpa.com, went live on September 30th, 2016. “The new website is easy to navigate, and provides a more detailed overview of our services and culture, allowing [...]

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