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.
Last Minute Strategies for Businesses that Deferred Filing Tax Returns
For guidance on tax planning and tax saving strategies, contact our tax professionals at 315.424.1120 or [email protected]. During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is [...]
Tax Tips for Individuals Who Haven’t Filed a Return for 2019
As part of the federal government's tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still [...]
Keep Employees COVID-19 Free: An Employer’s Guide from OSHA
Naturally you care about the health and safety of your employees, and don't need a federal agency to tell you that you should be concerned. Still, it's helpful to know what the overall position of the Occupational Health and Safety Administration's [...]
Paycheck Protection Program Loan (PPPL) Forgiveness Application Revised
The U.S. Small Business Administration in consultation with the Department of the Treasury have unveiled a revised, "borrower-friendly" Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, which was signed into law by President Trump on [...]
College Costs: How to Maximize Your Return on Investment
College is a major investment. But, if campuses remain shuttered in the fall due to the novel coronavirus (COVID-19) pandemic, will your student get his or her money's worth from virtual classes? Though universities may provide rebates for unused room and [...]
New Law Passed to Ease PPP Loan Forgiveness Requirements for Small Businesses
The Paycheck Protection Program Flexibility Act (PPPFA) has officially been signed into law. The law was passed to address concerns by small businesses regarding the Paycheck Protection Program (PPP), giving small businesses more flexibility in how they spend the loan money, [...]
Family Business Tax-Saving Moves in the COVID-19 Era
Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there's a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to [...]
COVID-19 Related Effects on the College Experience
In March, around spring break, colleges and students faced an unprecedented situation: Most campuses were closed indefinitely due to the novel coronavirus (COVID-19) crisis. Dorms were mostly shuttered, spring classes were completed online, spring athletics were canceled and campus tours were [...]
Is it Time to Reopen Your Business? 10 Questions to Ask Yourself
Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen. Since no two businesses are alike — even those in the same industry and location — what [...]
Boosting the Productivity of Remote Workers
Even while conditions in some states have improved enough to allow some workers in exile to begin returning to their workplaces, life isn't likely to return to normal for a long while, thanks to the novel coronavirus (COVID-19) crisis. First, some [...]