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 [...]
As the world is struck by Olympic fever, we stand in awe of the commitment these athletes have made to become the best of the best. Have you ever wondered, is that Olympic gold medal taxable? The medal is considered a prize, and the U.S. taxes the value of prizes. Some may think paying tax [...]
One way to attract and retain valuable employees is to offer the best compensation package possible. An important part of any compensation package is fringe benefits, especially those that are tax-free to your employees. One of the most important fringe benefits is health insurance. Disability, life, and long-term care insurance can also be important in [...]
The IRS has released Announcement 2016-25 related to the Porter Ranch gas leak at the Aliso Canyon natural gas storage facility. The announcement declares that the IRS will not assess tax on reimbursements paid to, or on behalf of, the residents of affected area. The leak affected an entire community, causing widespread health issues and [...]
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 [...]
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 [...]
Does your professional services firm have a minimal marketing budget or lack in-house marketing staff? Are some of your competitors outspending you 2, 5 or even 10 to 1? Under such circumstances, attracting new business may seem like an impossible goal. But professional service firms with small budgets can market themselves effectively and build their [...]
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 [...]
With proper planning, collectors can enhance the financial benefits of their art collection. If you are a serious art collector, you should be aware of the numerous tax issues related to the ownership and transfer of art and collectibles. Following is a discussion of some of the more relevant tax issues and related tax planning [...]
Michael Savoy, CPA, CGMA, a senior shareholder at Gumbiner Savett Inc., is being honored with the Humanitarian Award at the National Jewish Health and Los Angeles Professional Services Black and White Ball to be held on June 4, at the Skirball Cultural Center, in West Los Angeles. The Humanitarian Award recognizes an honoree who has [...]
