Honoring All Who Served...Veterans Day November 11, 2020
Gumbiner Savett Inc. congratulates Valerie Colin, Karla Chavez Luna and Helena Song for being recognized as “Women of Influence in Accounting” in the Los Angeles Business Journal. The accolade is a result of the 2020 Accounting MOVE Project Report that looks at the inroads women accountants have made towards equality in the accounting field. “This [...]
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.
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.
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 [...]
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.
Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).
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 [...]
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 [...]
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 [...]