/News

Retirement Changes Due to the CARES Act

By |2020-04-03T00:59:52+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 |2020-04-02T17:38:27+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 |2020-03-31T18:55:43+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 [...]

Gumbiner Savett Inc. Announces a New Departmental Leader

By |2020-01-15T22:26:54+00:00January 15th, 2020|Blog, News|

Gumbiner Savett Inc., a full-service public accounting firm based in Southern California, has a new leader for its tax department. Valerie Colin, a senior tax shareholder in the firm, will now hold the position. David Thaw, CPA, MST, also a tax shareholder, steps down after seven years at the helm.   Thaw is also the co-leader [...]

Major Changes to IRA Rules

By |2020-02-24T02:03:23+00:00January 9th, 2020|Blog, News|

The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law on December 20, 2019.  The Act contains major retirement related provisions aimed at expanding retirement savings.  The provisions apply to both employers and to individuals, and will have wide-ranging impact on both retirement planning and estate planning. This article will focus [...]

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