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About GS 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.

Don’t Skimp on Business Interruption Insurance

By |2017-05-24T13:42:08+00:00March 2nd, 2016|Business Advice|

In recent years, many businesses have been pounded by a wide variety of disasters, natural and man-made. From coast to coast, some businesses have fought to keep their doors open despite floods, wildfires, hurricanes, mudslides, vandalism, riots and more. These disasters serve as sobering reminders to expect the unexpected.

7 Key Deductible Alimony Requirements

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

When couples separate or divorce, one is often required to make payments to the other. If these payments meet the tax-law definition of alimony, the one making the payments can deduct them, and the recipient must include them as taxable income. Payments intended as alimony are often substantial, so it is important to identify and record these payments correctly.

3 Steps to Estate Planning

By |2017-05-24T13:42:09+00:00February 10th, 2016|Blog, Estate & Trusts|

If you own assets, you have an estate. This means that nearly everybody has an estate, whether it is small or large and therefore should have a written plan. Without a plan in writing your state of residence will choose who receives your assets when you die. The state's choice may not be the result you intended. We see issues like this even in very large estates. How can you ensure your intentions will be realized? We outline three basic steps to get you started in planning:

Year-End Giving Tips from IRS

By |2017-05-24T13:42:13+00:00December 7th, 2015|Tax Planning|

To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, amount paid, and the transaction posting date.

Consider Social Security in your retirement planning

By |2017-05-24T13:42:13+00:00December 2nd, 2015|Estate & Trusts, Tax Planning|

If you are approaching retirement age and will qualify for Social Security benefits, you need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Many people take a passive approach to this decision, heading into retirement without an actual plan. It is typically more of an afterthought. Having a plan and looking at your personal situation ahead of time can make a big difference in your benefit payout.

GS Makes Changes to the Dress Code Policy Based on Employee Feedback

By |2017-05-24T13:42:13+00:00December 1st, 2015|News, Press|

The notion that “Happy employees lead to a happy workplace,” has been taken to heart at the Santa Monica based accounting firm, Gumbiner Savett Inc. The firm has recently adjusted its dress code to adhere to casual Fridays every week.

Manufacturing Sales and Use Tax Exemptions

By |2017-05-24T13:42:13+00:00November 25th, 2015|Tax Planning|

The California State Board of Equalization recently announced a new law beginning on July 1, 2014 allowing manufacturers and some research and developers to obtain a partial exemption of sales and use tax on purchases of certain manufacturing and research and development equipment. Below is select information from the BOE website.

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