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Gumbiner Savett Inc.
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The official Google+ home of Gumbiner Savett Inc. providing Solutions + Perspective
The official Google+ home of Gumbiner Savett Inc. providing Solutions + Perspective

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GS employees had a great time last night supporting @csunorthridge ‏accounting students at the annual Accounting Association Awards Banquet!
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A #companycar is not totally free for employees. The #IRS recently announced 2017 thresholds for this work perk http://ow.ly/BxpA30b88Zz

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Moving to a different state after #retirement for better weather? Might want to consider state tax implications too http://ow.ly/fK8o30b80JJ

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In a significant case, homebuilders that want to realize income under the completed contract accounting method based on an entire development won a victory. However, the IRS recently responded by announcing that it generally wouldn't follow the decision in cases involving other taxpayers. http://ow.ly/BbsB30b4hoQ

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Medical deduction for alternative care allowed. In a small tax case bench opinion, the U.S. Tax Court ruled that a woman suffering from spinal disease could deduct expenses for "integrative medical care" as a medical expense. Her doctor recommended the treatment, which addresses a full range of physical, emotional, mental, social, spiritual and environmental influences that affect a person's health, and may include acupuncture, massage, biofeedback, yoga, tai chi, meditation and other stress reduction programs. A medical expense deduction is allowed if it is paid for the diagnosis, cure, mitigation, treatment or prevention of disease or for the purpose of affecting any structure or function of the body. (Malev, Docket No 1282-16S)
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Small business bonus. It was welcome news when a law enacted at the end of last year retroactively extended and made the popular research tax credit permanent. But the Protecting Americans from Tax Hikes Act also included an additional unexpected taxpayer-friendly bonus. Beginning in 2016, eligible small businesses (with $50 million or less in gross receipts) may claim the credit against alternative minimum tax liability, and the credit can be used by certain even smaller "start-up" businesses against the employer's Social Security portion of the employer's payroll tax liability.
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Want to get more from your financial statements? Here’s a refresher on how you can use them to catch potential problems early and pivot to maximize the company’s value. http://ow.ly/k1Kw30aG6h7

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Court rejects expert's valuation of artwork. A decedent's estate included two 17th Century "Old Master" oil paintings from well-known artists. The U.S. Tax Court redetermined for estate tax purposes the value of the paintings. The estate hired the vice president of an auction house to value the artwork and granted him exclusive rights to auction the pieces. The estate reported a $600,000 fair market value for the paintings on its estate tax return, based on the expert's valuation. However, the IRS valued the paintings at $2.6 million. The court rejected the estate's valuation because it determined that its expert stood to gain from providing a lowball estimate, didn't offer supporting comparables, exaggerated the paintings' dirty condition, and didn't adequately explain that one painting sold a few years later for almost five times the amount he estimated. (Estate of Kollsman, TC Memo 2017-40)
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Taxpayers often have questions about their #IRA ... here's 9 tips for the 2016 tax year: ow.ly/6ZzL309UNle

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GS took a cake break from #busyseason to celebrate our March employee birthdays!
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