/Tag: santa monica certified public accounting cpa firm

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.

Antiques, Art & Collectibles – Plan To Maximize Tax Benefits

By |2020-04-07T22:27:09+00:00April 3rd, 2019|Categories: Blog|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.

Gumbiner Savett Inc. merges with Katz Fram & Co.

By |2018-06-26T17:53:51+00:00June 8th, 2018|Categories: News, Press|Tags: , , , |

We are excited to announce that Gumbiner Savett Inc., has joined with Katz Fram & Co., a West Los Angeles CPA and business management firm, as of June 1, 2018. Katz Fram partner, Arnold I. Fram, comes to Gumbiner Savett as a principal and will spearhead the new business management practice. Katz Fram partner, Kurt Yamaguchi, also [...]

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 [...]

Defining a not-for-profit’s operating reserve

By |2017-05-24T13:42:04+00:00October 14th, 2016|Categories: Non-profits|Tags: , , , |

What is an operating reserve? And how much is too little — or too much? Let’s take a look. What it is An operating reserve is a portion of an organization’s net assets that’s unrestricted and relatively liquid. But it shouldn’t be defined so narrowly that it only includes cash or cash equivalents. (That would [...]

Fair Value Reporting: What it means to the FASB and you

By |2017-05-24T13:42:05+00:00September 23rd, 2016|Categories: Audit & Accounting|Tags: , , |

In 2002, the Financial Accounting Standards Board (FASB), as part of its move toward international financial reporting convergence, began to transition from the principle of historic cost to fair value reporting. Fair value estimates are now used to report such assets as derivatives, nonpublic entity securities, certain long-lived assets, and acquired goodwill and other intangibles. [...]

Keep Current Internal Controls for your Not-for-Profit

By |2017-05-24T13:42:05+00:00September 2nd, 2016|Categories: Non-profits|Tags: , , , , |

Your nonprofit’s internal controls are strong only if they’re current. So perform a risk assessment every time you experience major organizational changes, such as significant expansion, or when factors such as the loss of a large grant put new stresses on your not-for-profit. Two functions deserve particular scrutiny: 1. Cash inflows Receiving funds is an [...]

IRS Proposed Regulations Target Gift and Estate Tax Planning Strategies

By |2017-05-24T13:42:05+00:00August 19th, 2016|Categories: Estate & Trusts, News|Tags: , , , |

The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives. If finalized, the regulations would significantly limit the effectiveness of certain tax-saving vehicles, including family limited [...]

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