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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.

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 [...]

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 [...]

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