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.
Be on High Alert for Ransomware Attacks
The FBI has warned of a staggering increase in ransomware attacks against businesses since the start of the COVID-19 pandemic. Here's what business owners and managers should know about these attacks to help prevent them — and manage an attack if [...]
Year-End Moves for Charitable Donations
For guidance on developing a year-end plan that suits your philanthropic and tax-planning goals, contact our tax professionals at 315.424.1120 or [email protected]. Adam E. Panek, CPA, Tax Partner [email protected] Phone 315.701.6328 'Tis almost the season for charitable giving. Besides helping a [...]
7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In [...]
Spotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay [...]
IRS is Sending Interest Payments to 13.9 Million Americans
The IRS announced last week that it owes interest payments to 13.9 million Americans who received their individual tax refunds after April 15 or who are still owed refunds. The average payment will be $18. The IRS owes this money because [...]
Home Office Deduction – What Taxpayers Need to Know
Grossman St. Amour CPAs PLLC virtual doors are open and we are assisting our clients with audit, accounting, and tax issues as well as matters relating to COVID-19. For more information about how Grossman St. Amour CPAs PLLC can be of [...]
Tips for Taxpayers Who Receive IRS Letters or Notices
Every year the IRS mails letters or notices to taxpayers for many different reasons. The IRS has the following tips for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. [...]
Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces: [...]
COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines
As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would [...]
IRS Announces Option to E-file Amended Tax Returns, Starting this Summer
Danielle L. McMahon, Staff Accountant - The Internal Revenue Service (IRS) has announced that beginning this summer, taxpayers will be able to file Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Currently, taxpayers are required to mail-in paper [...]