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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.

Year-end inventory counts could be impacted by COVID-19

By |2020-12-02T17:07:10+00:00December 3rd, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , |

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the [...]

Depreciation tax savers for small businesses

By |2020-12-02T17:09:34+00:00December 2nd, 2020|Categories: COVID 19, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

The Section 179 deduction provides a tax benefit to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Anniversaries at Gumbiner Savett

By |2020-11-20T22:39:50+00:00November 20th, 2020|Categories: Blog, Firm Happenings, News|Tags: , , |

Congratulations to two of our shareholders for celebrating work anniversaries in November. Their longevity has contributed to the firm's success as GS Inc. continues to celebrate our 70th anniversary in 2020!  Rick Parent, Managing Director and Audit and Accounting Shareholder, celebrated 15 years on November 7, 2020. Kevin Yardumian, Shareholder, will celebrate 30 years on [...]

Gumbiner Savett Trio Named to List of Women Leading the Accounting Industry

By |2020-10-29T22:05:55+00:00October 29th, 2020|Categories: Articles, Audit & Accounting, Firm Happenings, News, Press|Tags: , , , |

Gumbiner Savett Inc. congratulates Valerie Colin, Karla Chavez Luna and Helena Song for being recognized as “Women of Influence in Accounting” in the Los Angeles Business Journal. The accolade is a result of the 2020 Accounting MOVE Project Report that looks at the inroads women accountants have made towards equality in the accounting field. “This [...]

Gumbiner Savett Announces Promotions

By |2020-09-10T21:58:56+00:00September 10th, 2020|Categories: Articles, Blog, Firm Happenings, News|Tags: , , , |

Gumbiner Savett Inc. congratulates the newly promoted staff members as of July 2020. The firm promoted Tara Wilson to Tax Principal, Vivian Cha to Tax Senior Manager, Kimberlie Shiao to Audit & Accounting Senior Manager, Suresh Narayanamoorthy to Tax Manager, Kathryn Hoppers to Tax Senior, and Yvette Zhu and Megan Jiang to Audit & Accounting Seniors.

What the President’s payroll tax deferral means for businesses

By |2020-09-10T22:18:35+00:00September 3rd, 2020|Categories: Articles, Blog, CARES Act, COVID 19|Tags: , |

The President's four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people were taken in an effort to offer more relief due to the COVID-19 pandemic. The action defers the taxes, which means they’ll have to be paid in the future.

Is your hobby providing you profit during COVID-19?

By |2020-08-23T14:59:17+00:00August 24th, 2020|Categories: Business Advice, COVID 19, Creative, Tax Cuts and Jobs Act|Tags: , , , , |

Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people, stay-at-home parents and those who have been laid off or taken a pay cut during the COVID-19 crisis. For example, [...]

Businesses should be aware of the potential tax implications of PPP loans

By |2020-08-21T22:52:37+00:00August 21st, 2020|Categories: Business Advice, CARES Act, COVID 19, Paycheck Protection Program, Tax Planning|Tags: , , , |

Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]

Disclosing Critical Audit Matters In Audit Reports During COVID-19

By |2020-08-19T17:08:24+00:00August 19th, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , |

Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more) in fiscal years ending on or after June 30, 2019. It goes into effect for smaller public companies [...]

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