Retirement Changes Due to the CARES Act

By |2020-04-06T22:12:00+00:00April 3rd, 2020|Blog, News|

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)  1. Does the CARES Act contain special rules that affect qualified retirement plans? Yes, the CARES Act contained provisions that allows certain individuals to take a new type of “coronavirus-related distribution”, increases the limitation for plan loans from the plan for certain individuals and [...]

CARES Act: Payment Protection Program Loan Application Information

By |2020-04-06T22:09:54+00:00April 2nd, 2020|Blog, News|

The Department of Treasury has released the Paycheck Protection Program and supplemental information, under the newly passed Coronavirus Aid, Relief and Economic Security Act (CARES) legislation. This article includes information which we recommend you review if you are considering applying for a loan under this program. The Paycheck Protection Program prioritizes millions of Americans [...]

Several key tax provisions for businesses provided by the new COVID-19 law

By |2020-04-06T22:18:53+00:00March 31st, 2020|Blog, News|

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Below are several key tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid [...]

Gumbiner Savett Updates Amid COVID-19 Pandemic

By |2020-03-30T20:35:57+00:00March 21st, 2020|Blog, News|

Dear Valued Clients and Colleagues: We hope that you are safe and well during these unprecedented times due to the COVID-19 pandemic. With new announcements from Federal, California and Los Angeles County government officials released almost daily, the latest extending the tax filing deadline to July 15, 2020 for both California and Federal filings, [...]

Tax Relief Update Due to COVID-19 Pandemic: Federal and California April 15th Filing Date Pushed back to July 15, 2020

By |2020-03-30T20:38:42+00:00March 20th, 2020|Blog, News|

The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) addressed tax relief measures for taxpayers affected by the coronavirus pandemic. These measures include a 90-day extension of time to file federal individual and business tax returns and pay certain federal income tax payments to July 15, 2020 and a 90 to [...]

News Alert Regarding COVID-19 Implications to GS Inc. Clients

By |2020-03-30T20:43:54+00:00March 18th, 2020|Blog, News|

At a press conference today, U.S Treasury Secretary Mnuchin announced extensions for federal income tax payments for individuals and business owners due the effects of COVID-19 on the nation. Individuals and businesses with an April 15, 2020 filing deadline will be given an additional 90 days (July 15, 2020) to pay the taxes they [...]

Your financial statements may be affected by the coronavirus

By |2020-03-30T20:46:41+00:00March 13th, 2020|Blog, News|

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Make considerations when preparing financial statements The duration and full effects of the COVID-19 outbreak are [...]

Six Steps for a Smooth Business Sale

By |2020-03-30T21:13:11+00:00March 12th, 2020|Blog, News|

Selling your business can be an emotional and life-changing decision. Despite years of hard work and nurturing your business, it might be time to sell. Following are a few key steps that can make the process easier: Be Realistic Don’t try to make assumptions of what your business is worth. Hire a seasoned valuation [...]

IRS Announces New Phone Scams During Filing Season

By |2020-03-30T21:22:13+00:00March 9th, 2020|Blog|

The IRS has reported the following information: More and more taxpayers are receiving scam calls from nefarious criminals posing as IRS agents trying to steal their money and personal information. The tax filing season, when people are thinking about their taxes, is a popular time for these phone scams. Here are some ways you [...]

January/February Birthdays at Gumbiner Savett

By |2020-03-03T17:49:28+00:00February 28th, 2020|Blog|

Cake break! Who doesn’t need a sweet treat during tax busy season? GS employees took a bit of time today to sing happy birthday and eat some delicious cake in celebration of our January and February birthday crew. Three kinds of cakes were offered to please any sweet tooth. Happy Birthday to all!

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