/Tag: corporate tax planning and deductions

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 [...]

Final Tangible Property Repair Regulations

By |2017-05-24T13:42:29+00:00February 17th, 2014|Categories: Articles, Business Advice, Real Estate, Tax Planning|Tags: , , , , , , , |

Business owners have lots of questions when it comes to deciding whether to expense costs or capitalize fixed assets, such as: Can I expense a laptop computer that I purchased for $699 in the current year? What qualifies as standby emergency spare parts, and can I capitalize them for tax purposes? Can I use the [...]

Review Expiring Tax Breaks Before Year-End

By |2017-05-24T13:42:31+00:00October 28th, 2013|Categories: Articles, Business Advice, News, Tax Planning|Tags: , , , , , , |

Although tax legislation signed into law this past January made a wide variety of tax breaks permanent, it extended several valuable breaks for businesses only through Dec. 31, 2013. It’s possible that some, or even all, of them could be extended again. But with the battle in Washington over tax reform, it’s difficult to predict [...]

Deferring Taxes for Your Contracting Business

By |2017-05-24T13:42:31+00:00October 14th, 2013|Categories: Articles, Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , , , , |

If you withhold retainage (known as a portion of a contract's final payment withheld by a principal — client or owner — until the project is complete in all respects), from subcontractors, you may be able to defer some of your taxable income to future years. This opportunity stems from the way retainage payable is [...]

Private Companies May Receive A Break on Variable-Interest Entity (VIE)

By |2017-05-24T13:42:32+00:00August 28th, 2013|Categories: Audit & Accounting, News|Tags: , , , |

The Financial Accounting Standards Board (“FASB”) issued a draft on August 21, 2013 proposing an alternative within U.S. GAAP that would address a common source of frustration for private companies and their financial statement preparers. The FASB exposure draft would exempt many private companies from the requirement to apply variable-interest entity (“VIE”) consolidation guidance to [...]

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