/Articles

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 [...]

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 [...]

Employer provided vehicles – 2019 IRS updates

By |2019-06-06T21:03:06+00:00May 22nd, 2019|Articles, Blog|

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs [...]

Adding your grandchild’s college tuition into your estate plan

By |2019-05-10T18:10:00+00:00May 10th, 2019|Articles, Blog|

  The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases, grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan. Make payments directly to the college A [...]

The unique considerations in estate planning for single parents.

By |2019-05-09T00:00:27+00:00May 8th, 2019|Articles, Blog|

    Estate Planning for Single Parents Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families [...]

When is the best time for subsequent events to be reported?

By |2019-04-17T22:06:59+00:00April 17th, 2019|Articles, Blog|

Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications for the prior period or for the future. Here’s a look at what’s reportable and what’s not. How subsequent events [...]

Consider these four tips if art donations are included in your estate plan

By |2019-04-11T16:46:03+00:00April 11th, 2019|Articles, Blog|

Art Donations Charitable giving is a key part of estate planning for many people. If you have a collection of valuable art, you may consider donating one or more pieces to receive tax deductions. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes. Because the top federal capital gains rate [...]

Gumbiner Savett Inc’s Michael Savoy to be the Featured Speaker for the California Board of Accountancy’s (CBA) Outreach Event

By |2019-05-29T19:20:09+00:00April 8th, 2019|Articles, Blog, News|

Michael Savoy, CPA, CGMA The two-hour program will discuss the rewards and values of the CPA License   Santa Monica, CA — March 8, 2019 — Gumbiner Savett Inc., is pleased to announce that shareholder Michael Savoy, CPA, CGMA, will be speaking at the CBA’s CPA Exam Information Session this Thursday, April 11 [...]

The Adoption Tax Credit: 10 Things You Need to Know

By |2017-05-24T13:42:08+00:00March 16th, 2016|Articles, Tax Planning|

IRS UPDATE: If you adopted or tried to adopt a child in 2015, you may qualify for a tax credit. Here are ten things you should know about the adoption credit. 1. Options. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more than your tax, [...]

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