/Tag: accounting and auditing firms in Los Angeles

Art, Antiques & Collectibles – Plan To Maximize Tax Benefits

By |2017-08-10T22:18:20+00:00August 9th, 2017|Categories: Tax Planning|Tags: , , , , , , |

Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.

Get your financial statements on track

By |2017-07-07T17:26:42+00:00July 7th, 2017|Categories: Audit & Accounting|Tags: , , , , , , |

Do you procrastinate when it comes to closing your books and deliver your year-end financial statements late? Lenders and investors may think the worst if a company’s financial statements aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your business has a late financial statement. 1. You’re hiding negative results No [...]

Is a charitable lead trust right for your family?

By |2017-06-22T18:49:02+00:00June 22nd, 2017|Categories: Estate & Trusts|Tags: , , , , , , , |

Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates have crept up in recent years, they remain historically low. 2 types [...]

Receive an IRS audit letter? Here’s what you need to do.

By |2017-05-24T13:42:03+00:00February 15th, 2017|Categories: Non-profits|Tags: , , , , |

In recent years, the IRS has increased its scrutiny — including actual audits — of not-for-profits. Do you know what to do if your organization receives an audit letter? What is an audit? An audit begins with the initial contact from the IRS and continues until a closing letter is issued. Before closing an audit, [...]

3 steps to ensure a smooth external audit

By |2017-05-24T13:42:03+00:00January 30th, 2017|Categories: Audit & Accounting|Tags: , , , |

If your company issues audited financial statements and follows a calendar year end, these steps are a part of your external auditing 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 audit fieldwork [...]

Tech Company Tax and Accounting Considerations

By |2017-05-24T13:42:03+00:00January 17th, 2017|Categories: Tax Planning|Tags: , , , , |

If you run a technology business, you are aware of the high demands inherent in such a fast-paced field.  The need to stay ahead of the competition demands forethought and innovation like no other industry. But have you considered your success may depend on more than having the best product. Most high-technology businesses begin as [...]

Reporting contingent liabilities

By |2016-11-12T00:56:03+00:00November 14th, 2016|Categories: Audit & Accounting|Tags: , , |

Deciding whether to disclose pending litigation, a government investigation or another contingent liability is a highly sensitive matter, especially for public companies. Investors and other stakeholders want information about impending risks that may affect your company’s future performance. But you want to avoid alarming investors with losses that are unlikely to occur or disclosing your [...]

Accounting for “hard” assets

By |2016-10-27T00:10:05+00:00October 27th, 2016|Categories: Audit & Accounting|Tags: , , |

How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a fixed asset purchase, as well as in choosing depreciation methods and useful lives. Such leeway is part of the reason many business owners are uncertain [...]

Gumbiner Savett Inc. Launches New Website

By |2020-06-05T18:57:51+00:00October 25th, 2016|Categories: News|Tags: , , , |

Gumbiner Savett Inc., an accounting firm based in Santa Monica, has launched a newly revamped version of its website. The website, which is located at the same address of https://gscpa.com, went live on September 30th, 2016. “The new website is easy to navigate, and provides a more detailed overview of our services and culture, allowing [...]

Is your company ready for ASU No. 2014-09?

By |2016-10-11T21:55:34+00:00October 11th, 2016|Categories: Audit & Accounting|Tags: , , , |

A landmark financial reporting update is replacing about 180 pieces of industry-specific revenue accounting guidance with a single, principles-based approach. In May 2014, the Financial Accounting Standards Board (FASB) unveiled Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In 2015, the FASB postponed the effective date for the new revenue guidance by [...]

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