Gumbiner Savett Inc. Managing Director earns fourth consecutive ‘LA500’ honor
Los Angeles Business Journal names Rick Parent to annual list of top executive leaders
Tips to determine “reasonable compensation” for corporate business owners
How to determine "reasonable compensation" for corporate business owners
Updated Guidance on Events that Trigger an Impairment Test
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Clarifications [...]
Gumbiner Savett Inc. celebrates International Women’s Day
We celebrate all women today on International Women's Day and give a special thank you to all of the exceptional Gumbiner Savett Inc. women we work with every day!
Tax Rules for Stock Options
The tax rules for incentive stock options (ISO) are complex. Using an example will help to understand the tax treatment of ISO.
Promotions Announced by Accounting Firm Gumbiner Savett Inc.
Gumbiner Savett Inc. congratulates four staff members who were promoted to new positions as of January 1, 2021: Ron Hauser was elevated to Tax Manager (from Tax Senior Associate), while Eduard Danielyan, Tiffany Delemo and David Sussman will assume their new roles as Tax Senior Associates (formerly Staff Accountants).
Is it time for your mid-year checkup?
Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. Midyear financial reports can be a great tool to assess where you are. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might [...]
3 Ways to Prepare for an External Audit
If your company issues audited financial statements and follows a calendar year end, the following steps are a part of your existing external audit preparation procedures. Once the engagement letter is signed, the process begins with preliminary financial statements and possible year-end physical inventory counts. However, audits can be complicated, so taking time to additionally streamline [...]
What to do when you receive a letter from the IRS
Do you know what to do when you receive a letter from the IRS? Your first reaction may be to panic, but your letter is most likely one of millions that the IRS sends to taxpayers every year. So, wipe the perspiration from your forehead, take a deep breath, and calm the shaky hands. The [...]
