Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the [...]
The Section 179 deduction provides a tax benefit to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.
Congratulations to two of our shareholders for celebrating work anniversaries in November. Their longevity has contributed to the firm's success as GS Inc. continues to celebrate our 70th anniversary in 2020! Rick Parent, Managing Director and Audit and Accounting Shareholder, celebrated 15 years on November 7, 2020. Kevin Yardumian, Shareholder, will celebrate 30 years on [...]
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.
CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.
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).
The IRS has reissued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic.
Financial Reporting in your Company How confident (or assured) are you that your financial reports are reliable, timely and relevant? In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as [...]