Choosing between using GAAP or tax-basis for your business

By |2019-11-11T19:11:45+00:00November 11th, 2019|Articles, Blog|

Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your situation. What they are GAAP is the most common financial reporting standard in the United [...]

Gumbiner Savett Inc. Supports Breast Cancer Awareness

By |2019-11-07T17:09:55+00:00November 6th, 2019|Blog, News|

The firm raised funds for local LA charity, Dr. Susan Love Foundation for Breast Cancer Research Gumbiner Savett Inc., a full-service public accounting firm in Southern California, dedicated their October 2019 fundraising effort to Breast Cancer Awareness Month, specifically to the Dr. Susan Love Foundation for Breast Cancer Research. The firm held bake sales throughout [...]

Bonus Depreciation for Your Business: Let’s Review Your Options

By |2019-11-05T19:27:54+00:00November 5th, 2019|Articles, Blog|

  First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you [...]

How Much Can Businesses Deduct for Vehicles Placed in Service in 2019?

By |2019-10-29T21:15:38+00:00October 29th, 2019|Blog|

Does your business need to add one or more vehicles? If so, the purchases may qualify for tax breaks under current tax law. Here are the details.   First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are [...]

Cash flow is your business’s trump card

By |2019-10-22T22:28:54+00:00October 22nd, 2019|Blog|

Cash flow with businessman holding a tablet computer on a dark vintage background In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets and 4) net worth. But, when it comes to gauging short-term financial performance and creditworthiness, the trump card [...]

Gumbiner Savett Inc. and BKR International Award Scholarship to Accounting Student

By |2019-10-15T16:31:39+00:00October 15th, 2019|Blog, News|

The Santa Monica CPA firm chooses a University of Southern California (USC) student as the recipient. Gumbiner Savett Inc., a full-service certified public accounting firm in Southern California, is pleased to announce that USC accounting student Hiroko Kubo has been awarded the BKR International Scholarship Award. As the host firm of the BKR International Worldwide [...]

The benefits of a franchise audit

By |2019-10-03T16:46:38+00:00October 3rd, 2019|Blog, News|

It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral out of control. The importance of royalty payments Royalties are typically [...]

Don’t overlook intangibles when valuing your business

By |2019-09-03T20:44:39+00:00September 3rd, 2019|Blog|

The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting Principles (GAAP), unless they’re acquired from a third party. Instead, GAAP generally calls for the costs associated with creating and maintaining [...]

Is electing to make your business a S corporation the right decision?

By |2019-08-20T16:58:10+00:00August 20th, 2019|Blog|

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps for federal tax purposes. But [...]

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