Congratulations to Shreedar Kothari, CPA; Karla Chavez Luna, CPA, MST; and Vaibhav Tandon, CPA, who were named Most Influential Minority CPAs by the Los Angeles Business Journal.
How to determine "reasonable compensation" for corporate business owners
During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) [...]
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Clarifications [...]
Gumbiner Savett Inc. congratulates four staff members who were promoted to new positions as of January 1, 2021: Ron Hauser was elevated to Tax Manager (from Tax Senior Associate), while Eduard Danielyan, Tiffany Delemo and David Sussman will assume their new roles as Tax Senior Associates (formerly Staff Accountants).
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 [...]