INDUSTRY NEWS 2018-02-07T21:17:43+00:00

industry news

Grossman St. Amour CPAs team members address relevant subject matters in the world of accounting, taxation, business valuation and financial planning.  We invite you to review the various industry articles below.   Should you have a question about or interest in a particular subject matter, please contact us.

Treasury to Review/Re-Evaluate Tax Regulations

The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action on April 21. Following [...]

May 9th, 2017|

Filing Season Ends with No Red Flags

The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most refunds [...]

May 9th, 2017|

What are my Odds of Being Audited?

Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest [...]

May 9th, 2017|

May 2017 Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of May [...]

May 9th, 2017|

Tax Refund Offsets May be used Toward Unpaid Debts

 A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle unpaid federal or state debts, [...]

May 9th, 2017|

White House Calls for Significant Tax Cuts and Other Tax Reforms

President Trump on April 26th, just before his “100 days” in office, unveiled his highly-anticipated tax reform outline –the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates [...]

May 9th, 2017|

Tax Reform Proceeds to Possible Summer Enactment

If you have any questions about tax reform, health care reform or any federal legislative developments, please contact Adam Panek, CPA, Partner at 315.701.6328 or apanek@gsacpas.com. Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress [...]

April 26th, 2017|

How to Maximize Start-up Deductions for a New Business

To ensure you are maximizing the start-up related deduction for a new business, it is important to consider each cost incurred. If you would like assistance in determining the costs that qualify for the start-up cost deduction, please call Adam [...]

April 26th, 2017|