/Articles

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.

School expenses may be tax deductible for teachers

By |2020-07-30T21:34:26+00:00July 30th, 2020|Categories: Articles, Business Advice, COVID 19, Tax Planning|Tags: , , |

Although the school may look a little different this year, the IRS is advising eligible teachers and other educators that they can still deduct certain unreimbursed expenses on their tax return next year. IRS: Educator Expense Deduction, Topic Number 458. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 [...]

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).

Choosing between using GAAP or tax-basis for your business

By |2020-03-01T04:14:39+00:00November 11th, 2019|Categories: Articles, Blog|Tags: , , , , |

Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your situation. What they are GAAP is the most common financial reporting standard in the United [...]

Bonus Depreciation for Your Business: Let’s Review Your Options

By |2020-03-01T04:08:44+00:00November 5th, 2019|Categories: Articles, Blog|Tags: , , , , , |

  First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you [...]

Employer provided vehicles – 2019 IRS updates

By |2020-04-06T22:40:45+00:00May 22nd, 2019|Categories: Articles, Blog|Tags: , , , , , , |

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and [...]

Adding your grandchild’s college tuition into your estate plan

By |2019-05-10T18:10:00+00:00May 10th, 2019|Categories: Articles, Blog|Tags: , , , , |

  The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases, grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan. Make payments directly to the college A [...]

The unique considerations in estate planning for single parents.

By |2019-05-09T00:00:27+00:00May 8th, 2019|Categories: Articles, Blog|Tags: , , , , |

    Estate Planning for Single Parents Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families [...]

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