/Tag: corporate tax planning and deductions

Tips to determine “reasonable compensation” for corporate business owners

By |2021-04-23T19:30:56+00:00April 23rd, 2021|Categories: Articles, Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , , , , |

How to determine "reasonable compensation" for corporate business owners

Businesses can benefit from the enhanced Employee Retention Tax Credit

By |2021-03-25T23:35:29+00:00February 12th, 2021|Categories: Business Advice, CARES Act, COVID 19, News, Paycheck Protection Program, Tax Planning|Tags: , , , , , |

Can your business benefit from the enhanced Employee Retention Tax Credit?

Are you qualified to take the qualified business income (QBI) deduction?

By |2020-12-17T22:46:42+00:00December 17th, 2020|Categories: COVID 19, Estate & Trusts, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well [...]

Depreciation tax savers for small businesses

By |2020-12-02T17:09:34+00:00December 2nd, 2020|Categories: COVID 19, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

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.

Gumbiner Savett Announces Promotions

By |2020-09-10T21:58:56+00:00September 10th, 2020|Categories: Articles, Blog, Firm Happenings, News|Tags: , , , |

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.

COVID-19 Tax Relief Impact on Your Financial Statement

By |2020-06-12T16:43:27+00:00April 30th, 2020|Categories: Audit & Accounting, COVID 19, Tax Planning|Tags: , , |

CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.

Preparing for the Cadillac Tax on High Cost Health Plans

By |2017-05-24T13:42:14+00:00October 7th, 2015|Categories: Tax Planning|Tags: , , , , |

News stories recently have been mentioning a new Cadillac Tax, but it’s not a tax on cars.  The Cadillac tax is the Affordable Care Act’s tax on high cost health plans, which is set to start in 2018.  The tax targets so-called Cadillac health plans, which are plans with the most generous level of benefits [...]

Pros and Cons of Incorporating

By |2017-05-24T13:42:23+00:00August 20th, 2014|Categories: Tax Planning|Tags: , , , , |

If you own a small business, you have probably wondered at some point if you should incorporate. There can be advantages to incorporating, but there are also potential disadvantages. Here are some facts to consider.

Foreign Account Tax Compliance Act — New Update from the IRS

By |2017-05-24T13:42:25+00:00March 26th, 2014|Categories: Articles, International Tax|Tags: , , , , |

The Internal Revenue Service (IRS) has recently released new versions of three critical forms to help financial institutions and withholding agents meet the requirements of the Foreign Account Tax Compliance Act, including draft versions of the Form 8966 and Form 1042-S, and a final version of Form 1042. All three forms are posted to the [...]

Understanding the Home Office Deduction

By |2017-05-24T13:42:25+00:00March 19th, 2014|Categories: Articles, Business Advice, Tax Planning|Tags: , , , , , , , , |

The deduction for expenses related to a home office can be attractive, but the rules can be confusing and often leave taxpayers wondering if they should bother with the deduction.  Understanding the rules is key.  Here we explain what you need to know, so that if you truly have a home office that meets the [...]

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