COVID-19 ACCOUNTING, AUDIT & TAX UPDATES
This resource page is set up to provide useful information relating to financial matters as a result of COVID-19. The information provided on this page is compiled from a variety of resources including our team of experts, local government agencies, and more. At Grossman St. Amour CPAs, we are continuing to work business as usual in all respects, focusing on clients and their tax, audit and accounting matters. Our entire staff is back in the office with capability to work remotely, and are accessible to you via in-person meeting, or email and office or cell phone. We are carefully monitoring legislative changes and market conditions brought on by the COVID-19 pandemic in order to help our clients make the best decisions for their future. Here are the most recent updates.
Business Owners Could Qualify for Certain Tax Breaks this Year
Click here to see Kathy Kaminski's interview about Tax Breaks for Businesses. Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on about Tax Breaks for Businesses. For guidance on business taxation and tax deductions, call Kathy Kaminski at 315.701.6322 or [...]
Six Key Tax Breaks that Homeowners May Be Able to Claim
The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on [...]
5 Valuable Tax Credits for 2020 Individual Returns
Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It's important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit reduces your tax [...]
Second Round of Funding Available to Eligible Businesses – A Summary
The second round of Paycheck Protection Program (PPP) funding is available to taxpayers borrowing funds for the first time, who have 500 or fewer employees and who have experienced a decline in gross receipts of at least 25% in any one [...]
Home Office Deduction: Do you Qualify?
Click here to see the Channel 9 interview about the home office deduction: Home Office Deduction Do you qualify for the home office deduction? Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on this topic. For guidance on the [...]
How More Employers May be Eligible for the Employee Retention Credit (ERC)
Under the CARES act, passed in March 2020, Congress passed two programs to help businesses keep employees on the payroll throughout the pandemic, the Payment Protection Program (PPP) and the Employee Retention Credit (ERC). The employers who took the forgivable PPP [...]
Second Round of Paycheck Protection Program Funding Available
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection [...]
COVID-19 – How will the latest legislation affect your taxes?
The Consolidated Appropriations Act (CAA) was signed into law on Dec. 27. 2020. This law provides relief in response to the COVID-19 pandemic for businesses and individuals. For individuals, another round of “recovery rebate” payments will be issued. For businesses and [...]
12 New Year’s Resolutions for Small Business Owners
Here are a dozen resolutions for business owners to consider implementing to succeed in the future. 1. Be More Realistic About Your Goals The start of a new year usually brings on optimism. This is especially true this year for many [...]
COVID-19 Related Relief is Signed Into Law
On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020 (COVIDTRA), as well as a government [...]