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.
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the current expected credit loss (CECL) standard. Here are the details. Updated Standard The Financial Accounting Standards Board (FASB) issued Accounting Standards Update [...]
With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.
With almost any organization, your accounting function is important and should be reviewed regularly. I have seen the following six errors made by not-for-profits organizations. Make sure your finance department addresses each area.
Last year, the merger and acquisition market was red hot. In fact, the $2.3 trillion value of U.S. deals was the highest since 1980. Deal volume was up 64% from 2014. The momentum gained in 2015 is expected to continue this year. As a result, many business owners are considering if it's time for them [...]
Small construction firm owners and contractors can find it especially difficult to comply with the strict letter of the law when it comes to filing their income tax returns. The IRS recognizes the potential problems and wants to lend a helping hand. The tax agency periodically updates several publications geared to contractors, most notably Publication [...]
Do you review your statements each month? With the prevalence of automated bill payment, many busy consumers don't bother to review their monthly bank or credit card statements anymore. Or they may review only those charges above a certain amount. But a recent indictment by the Federal Trade Commission highlights how important it is to [...]
From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information. But it also brings the risk of online identity theft. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Thieves use personal data to access accounts, [...]
The U.S. Department of Labor (DOL) has made dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as “white-collar workers” — are entitled to overtime pay under the Fair Labor Standards Act (FLSA). The new rules will make it more difficult for employers to classify employees as exempt from [...]
When you start a business, you have many decisions to make. One very important decision is the method of accounting your business will use for reporting income and expenses on your tax return. The two methods most commonly used are Cash and Accrual. Cash Method The cash method is the easiest to implement, and is [...]
