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The Chicago Board of Education on Wednesday signed off on a $5.46 billion fiscal 2017 operating budget, property tax hike, and a borrowing plan that calls for up to $945 million of long-term bonds and $1.55 billion of short-term debt. The unanimous approval by Chicago Mayor Rahm Emanuel's hand-picked board came despite criticism that the spending plan relies on optimistic revenue assumptions. The nation's third-largest public school system has been struggling with escalating pension payments, drained reserves and debt dependency. Full Article
By Mfuneko Toyana and Stella Mapenzauswa JOHANNESBURG (Reuters) - South African Finance Minister Pravin Gordhan has been summoned by an elite police division and may face charges in relation to an investigation into a suspected rogue unit of the state tax service, a source close to the matter said on Tuesday. Treasury spokeswoman Phumza Macanda confirmed to Reuters that the Hawks police division had contacted Gordhan on Monday and that the finance minister was taking legal advice. Gordhan and former officials at the South African Revenue Service (SARS) must report to the Hawks on Thursday morning where they will receive a 'warning statement' given to someone before they are charged with an offense, the source said.
The cash-strapped Chicago public school system will rely on a $1.55 billion line of credit in fiscal 2017 to boost cash flow, up from $1.065 billion in fiscal 2016, according to a briefing document released by the district on Monday. The bigger credit line will be on the agenda for the Chicago Board of Education's Wednesday meeting, along with a $5.4 billion operating budget, a $250 million property tax hike earmarked for teacher pensions and authorization to issue up to $945 million of general obligation bonds for capital projects. The nation's third-largest public school district said it needs access to $485 million more in short-term funding as it ends the practice of restructuring outstanding bonds to push off debt payments and because its receipt of property taxes will be a few weeks later next year.
By Igor Ilic ZAGREB (Reuters) - The top two contenders in Croatia's general election battled on Friday over who would be best placed to cut taxes and boost growth, in a televised debate that put the economy at the forefront of a ballot that might not end a political deadlock. A reduced tax burden will be compensated by stronger growth while being careful not to threaten financial stability," said Zoran Milanovic, leader of Croatia's biggest opposition party the Social Democrats (SDP). The conservative HDZ party's income tax cut promises were going too far and would take much-needed money away from municipal authorities, he said, adding: "Those who plan such a high non-taxable level on salaries simply don't know how the budget is structured and planned." HDZ new leader Andrej Plenkovic retorted that his party planned a much-needed overhaul of the tax system.
By Jonathan Allen WARREN, Mich. (Reuters) - U.S. Democratic presidential candidate Hillary Clinton on Thursday said rival Donald Trump had no real plans to help middle-class families, arguing that his agenda of tax cuts and tough trade talk would throw the economy into recession. "He'sÂ offered no credible plans to address what working families are up against today," Clinton said in Warren, Michigan, shortly after touring Futuramic, a hangar-like, high-tech factory that makes parts for the aerospace industry. Clinton said Trump, the Republican presidential nominee, would scrap regulations meant to hold corporations accountable, cut taxes on "millionaires and Wall Street money managers," and eliminate the estate tax, an inheritance tax that generally hits the wealthy.
U.S. public pension plans are taking more investment risks in an attempt to keep government contribution rates low, but ultimately that strategy could raise costs for taxpayers, a new study presented this week showed. In 2014, more than 30 major public plans across the country were underpaid by $100 million or more, Donald Boyd, the director of fiscal studies at the Nelson A. Rockefeller Institute of Government, said in an interview on Thursday. The study, presented earlier this week at the National Conference of State Legislatures in Chicago, showed state and local government contributions to pension funds have increased $0.59 for every $1.00 increase in tax revenue from 2007 to 2015. Full Article
Several U.S. states studied by S&P Global Ratings are ill-equipped to deal with an economic recession, hampered by the slow rebound in U.S. economic growth after the damage wrought by the Great Recession. Fiscal imbalances, slower state tax revenue growth and increased spending on social services have contributed to a challenging economic landscape, as real GDP has only increased at 2.1 percent per year since 2009, S&P said in a report issued on Tuesday. Real U.S. GDP growth of 2.43 percent in 2014 and 2015 compared to pre-recession rates of 3.79 percent in 2004 and 3.35 percent in 2005, according to data from the World Bank.
WASHINGTON (Reuters) - Republican presidential hopeful Donald Trump will call for a top income tax rate of 33 percent, rather than the 25 percent he previously had proposed, CNBC reported on Monday, citing remarks by an informal Trump adviser. In a tweet and posting on its website, CNBC said Larry Kudlow, a contributor at the cable outlet who is helping to shape Trump's tax plan, made the remarks. (Reporting by Timothy Ahmann; Editing by Eric Walsh) Full Article
WASHINGTON (Reuters) - Republican presidential candidate Donald Trump would impose a temporary moratorium on new federal regulations and revive Transcanada's Keystone pipeline project, according to an outline of an economic speech Monday obtained by Reuters. Trump's proposals include measures to simplify taxes for everyone and dramatically reduce the income tax and to "remove bureaucrats who only know how to kill jobs; replace them with experts who know how to create jobs," according to the outline. (Reporting by Emily Stephenson; Writing by Doina Chiacu; Editing by Chizu Nomiyama) Full Article
Honda on Tuesday said quarterly net profit slipped from a year ago, despite the fading impact of an exploding airbag crisis at supplier Takata. The Japanese automaker blamed an income tax increase for its net profit in the April-June quarter slipping 6.1 percent to 174.6 billion yen ($1.7 billion). Honda also said operating profit rose 11.5 percent as cost cuts helped offset a rally in the yen -- which takes a bite out of exporters' profits -- and temporary production shutdowns at factories in southern Japan.
Grant Niman is the founder of Niman & Associates, Inc. Grant began his career with the Internal Revenue Service, and subsequently spent four years at Price Waterhouse in the Entrepreneurial Services Group. Grant then worked with BDO Seidman where he was part of the firm’s national committee for state and local taxation. He was a founding partner of Raimondo Pettit Group, where he specialized in assisting high wealth individuals and closely held corporations with tax planning and wealth preservation strategies.
Grant formed Niman & Associates in September 2008, with the focus on providing value added services to high net worth individuals, families and closely held businesses.
His expertise encompasses the areas of business management, estates and trusts, and in particular assisting families in the sound accumulation and transition of wealth. His family office services include multi-generational planning, tax and estate planning as well as day-to-day operations.
Grant is a graduate of the University of California at Santa Barbara, and has over 25 years of public accounting experience. He is a Certified Public Accountant licensed to practice in California. He is a member of the Tax and Personal Financial Planning Sections of the American Institute of Certified Public Accountants, and holds their Personal Financial Specialist designation. He is also a member of the California Society of CPAs and the South Bay Estate Planning Council.
Jennifer Shafer is Managing Director at Niman & Associates, responsible for the overall management and operation of the firm and for client satisfaction. She worked as a tax manager at Raimondo Pettit Group responsible for estate and trust tax matters, and together with Grant and Carol Raimondo formed the nucleus of one of the most-respected...Continue ReadingDownload vCard
Greg Breen is Director of Tax Services at Niman & Associates. He specializes in corporate and business taxation, having worked for the last two decades in internal tax management positions for several multinational businesses, most recently IBM. Before joining industry, Greg worked as a Senior Manager with Price Waterhouse, having spent...Continue ReadingDownload vCard
Carol Raimondo is Director of Estate & Trust Services at Niman & Associates. Carol was a founding partner of Raimondo Pettit Group, prior to that, she was the director of the tax practice of the Torrance office of BDO Seidman. She also worked with KPMG Peat Marwick and a local accounting firm. Her expertise includes business structure...Continue ReadingDownload vCard
Linda Quane is Director of Accounting Services at Niman & Associates. In that position, she is responsible for overseeing our compilation, review and other assurance projects, and ensuring that those projects comply with regulatory and technical guidance. Linda is a Certified Public Accountant licensed to practice in California and...Continue ReadingDownload vCard
At Niman & Associates, we believe that three core values drive our business and our service to clients. These are Professional Expertise, Client Focus, and Superior Quality.
We are a new firm yet with years of experience. Our expertise comes from the skills and capability of our employees, all of whom have a number of years working in a client-centered environment. Beyond competence and a commitment to excellence, our employees also share a commitment to ethical behavior and integrity. We believe integrity is essential to our success and the continued success of our clients.
Clients are the lifeblood of our business and the reason we exist, and they are deserving of our respect. We believe that respect for our clients dictates that we have a continuing awareness of our clients’ situations, that we be responsive (both in timeliness and in relevance), that our advice take into account the client’s business environment and values, and that fees we charge be expected and reasonable. Being client-focused also means that we understand our role as a member of a client’s financial advisory team and we work to be sure that clients receive solutions that address overall needs, and not merely academic discussions of tax rules.
We focus on a limited set of services and do them well. Our primary focus is the family or closely held business and its owners. We provide estate and income tax planning and compliance services, business management services, and financial accounting. We also provide ancillary services. Our objective is to ensure that client wealth is preserved with the ultimate goal of allowing clients the desired degree of control over the ultimate disposition of those assets. We pride ourselves on our continued ability to deliver differentiated service to our clients.
Family Office Services...A family office involves centralized management of the financial affairs of an individual or family (typically spanning more than one generation). The user of family office services often wishes to focus on entrepreneurial, financial, creative or charitable projects without having to be concerned about business or tax affairs. Niman & Associates’ family office services provide a number of benefits to individuals and family members: summarizing and analyzing information so that clients are freed up to make higher level decisions; alignment of wealth planning objectives and financial management; estate planning; asset allocation; and outsourcing of reporting obligations. Family office services can include:
Estate & Trust Services...Estates and trusts are governed by the California Probate Code and are subject to oversight by the California courts. Niman & Associates has substantial experience in preparing accounts and reports that comply with the exacting legal requirements of the Probate Code. We will work with attorneys, trustees, financial intermediaries and advisers, and others to plan and maintain trusts. The comprehensive services offered by Niman & Associates include the following:
Business & Individual Tax Service...Niman & Associates provides a full array of tax services. In addition to helping individual clients to comply with federal and state tax filing requirements, Niman & Associates has significant experience with the tax compliance issues of corporations, limited liability companies, partnerships, and not-for-profit organizations. Our expertise includes assistance to the multi-jurisdiction entity, and we offer multi-state and international tax compliance and planning services. Tax preparation services include the preparation of income tax returns, property tax renditions, business license forms, and payroll and sales tax returns; the computation of estimated taxes; and projections of estimated tax exposure and liability.
Accounting & Consulting Services...Accounting and consulting services. Niman & Associates has substantial experience in tax planning, consulting and accounting services. We provide accounting and bookkeeping services including write up work and financial statement preparation, both for businesses and (increasingly) for individuals who actively manage their financial affairs. This compliments the tax planning as one element of overall financial planning. We integrate these services with our clients’ long term objectives, and look for all alternatives to a given course of action. Our services include overall tax minimization for individuals and families and their ventures; assistance with corporate and entity structures; and the review of tax strategies, investments and insurance coverage. While we consult on insurance, investments and mortgage vehicles we do not sell, receive commission or any other remuneration on client decisions.
Niman & Associates, Inc
2260 E. Maple Ave.
El Segundo, California 90245
Weekdays, 8-5PM PST
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