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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.

Impact of COVID – 19 Brings “Going Concern” Issues to the Forefront

By |2020-05-07T22:44:33+00:00April 28th, 2020|Categories: Articles, Audit & Accounting, Blog, COVID 19|Tags: , , |

Companies of all sizes in all industries are faced with disruptions to their supply chains and customers due to COVID-19, creating “going concern” issues.

“Qualified improvement property” aided by CARES Act

By |2020-05-07T22:45:37+00:00April 24th, 2020|Categories: Articles, Blog, COVID 19, News, Tax Planning|Tags: , , |

Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).

The IRS Issues Answers to Frequently Asked Questions About the CARES Act Employee Retention Tax Credit

By |2020-04-28T23:51:21+00:00April 7th, 2020|Categories: Blog, COVID 19, News, Tax Planning|

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a [...]

Current Expected Credit Loss (CECL) Reporting Delayed by CARES Act

By |2020-04-15T21:00:33+00:00April 7th, 2020|Categories: Audit & Accounting, Blog, COVID 19, News|Tags: , , , , |

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the current expected credit loss (CECL) standard. Here are the details. Updated Standard The Financial Accounting Standards Board (FASB) issued Accounting Standards Update [...]

Retirement Changes Due to the CARES Act

By |2020-04-10T23:22:51+00:00April 3rd, 2020|Categories: Blog, COVID 19, News|Tags: , , , , , |

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 |2020-04-10T23:23:51+00:00April 2nd, 2020|Categories: Blog, COVID 19, News|Tags: , , , , |

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 |2020-04-27T23:22:08+00:00March 31st, 2020|Categories: Blog, COVID 19, News|Tags: , , , , , |

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 |2020-04-10T23:16:18+00:00March 21st, 2020|Categories: Blog, COVID 19, News|Tags: , , , |

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, [...]

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