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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.

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 [...]

UTPs reported in 2016 could be affected by business tax reform plans

By | 2017-05-24T13:42:04+00:00 December 7th, 2016|Tax Planning|

Navigating the tax code — and staying atop the latest tax law developments — can be challenging for business owners. In turn, financial reporting for uncertain tax positions (UTPs), such as pending IRS audits or lawsuits, is complicated and subjective. Here’s some guidance to help clarify matters. Applying the threshold Companies that follow U.S. Generally [...]

Millennial employees might be more interested in a Roth 401(k)

By | 2017-05-24T13:42:04+00:00 December 5th, 2016|Business Advice|

Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s. Under a Roth 401(k), participants make after-tax contributions to a qualified plan and receive tax-free distributions, provided the funds are in the plan for [...]

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

By | 2016-11-30T23:47:27+00:00 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 | 2016-11-23T02:09:17+00:00 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 | 2016-11-12T00:56:03+00:00 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 | 2017-05-24T13:42:04+00:00 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 | 2016-11-05T00:20:38+00:00 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 | 2017-05-24T13:42:04+00:00 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 [...]

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