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.
Exempt Organization Filing Deadline Extensions Announced
In an effort to provide relief in response to the COVID-19 Crisis, the IRS, NYS Charities Bureau and various other federal, state and private agencies announced filing deadline extensions for exempt organizations. 990 Extensions The IRS and NYS Charities Bureau announced [...]
IRS Concludes that Companies that Receive PPP Loans will not Qualify for Tax Deductions
On April 30, 2020, the IRS released Notice 2020-32 which provides guidance on the deductibility of expenses paid with Paycheck Protection program (PPP) loan proceeds. The notice states that businesses that qualify for loan forgiveness under the Paycheck Protection Program (PPP) [...]
Businesses: Think about Tomorrow When Hunkering Down Today
Until recently, the number one concern for many employers was finding and retaining top talent. Today, to fight the novel coronavirus (COVID-19), many of those same companies are being forced to shed workers en masse. If you haven't yet pared down [...]
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been [...]
Should you File a Business Interruption Claim for COVID-19 Losses?
The stress of paying bills and managing daily operations in today's unprecedented market conditions is overwhelming for many business owners. Few have time to pull together a detailed business interruption claim, especially if they've never filed one before. Grossman St. Amour [...]
Prepare Your Family With a Thoughtful Letter
As part of your estate planning, it's a good idea to have a non-binding letter to your spouse, children and other heirs outlining where the important documents are kept and who to contact for help in administering your estate. The following [...]
Taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment
While most eligible taxpayers don't need to take any action to receive an Economic Impact Payment, some people will. This includes those who are required to file and haven't filed a tax return for either 2018 or 2019. Here are some facts [...]
Now May Be a Good Time for a Roth Conversion
Contact our tax advisors before converting a traditional IRA to a Roth IRA to discuss the pros and cons, along with providing other retirement planning recommendations. The coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. [...]
COVID-19 Relief for Employers: Employee Retention Tax Credit
No employer wants to lay off employees during these difficult times, but sometimes it's the only way to stay afloat. The 50% employee retention credit rewards employers that can afford to keep workers on the payroll during the crisis. For more [...]
Taxpayers: Be Aware of Coronavirus-Related Scams
Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will [...]