/Lionel Sanders

About Lionel Sanders

Lionel Sanders, CPA is a Principal at Gumbiner Savett Inc. who assists his clients with accounting, taxation, and all aspects of the management of a business. As a collector and donor of fine art, Lionel cultivates a professional focus in the visual arts, where he understands the needs of clients who are individual collectors, artists, galleries, and print shops. Lionel's other areas of specialty include income taxes, estates & trusts, real estate, law firms, the health industry, retail, wholesale distribution, entertainment, technology, and manufacturing.

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

By |2020-03-04T19:07:21+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 [...]

Antiques, Art & Collectibles – Plan To Maximize Tax Benefits

By |2019-06-04T22:03:34+00:00April 3rd, 2019|Blog|

Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.

Art, Antiques & Collectibles – Plan To Maximize Tax Benefits

By |2017-08-10T22:18:20+00:00August 9th, 2017|Tax Planning|

Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.

Five Tips For 1099 Filing Obligations

By |2017-05-24T13:42:21+00:00January 14th, 2015|Tax Planning|

The IRS uses Form 1099 as a tool to help verify that taxpayers are reporting their income. Businesses file Form 1099 with the IRS to report payments to vendors or recipients, then the IRS attempts to verify that these payments are actually reported as income on the tax return of that individual or company. For the reporting year 2014, businesses need to prepare 1099s in time to be given to vendors by February 2, 2015, and IRS copies must be filed by March 2, 2015. The IRS due date is extended to March 31, 2015, for electronically filed returns.

Tax Court Cautionary Tale: Classifying Workers as Contractors

By |2017-05-24T13:42:21+00:00January 5th, 2015|Tax Planning|

The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent U.S. Tax Court decision on the classification of a manager in the home care industry.

4 Tips to Buying Art as an Investment

By |2017-05-24T13:42:22+00:00September 11th, 2014|Articles, Estate & Trusts, Tax Planning|

Should you buy art as an investment? It is a good question, and one that merits some careful consideration. Although I love art, my job as the accountant is to advise my clients regarding the tax ramifications and keep them compliant with the tax rules. But sometimes clients need a sounding board so my general advice breaks down into these key points:

Are you a Baby Boom Entrepreneur?

By |2017-05-24T13:42:26+00:00March 12th, 2014|Articles, Business Advice, Succession Planning|

The oldest of the baby boomers—born between 1946 and 1964—currently are winding down their careers, including thousands of business owners. Unlike previous generations, however, baby boom entrepreneurs are expected to face fierce competition when courting potential buyers. With approximately 25% of the total US population made up by baby boomers (as of 2011), many as [...]

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