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INDUSTRY NEWS2021-07-21T17:01:46+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.

Alert: What Business Owners Need to Know About BOI Reporting

The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US.  Beginning in 2024, many small businesses are required to report information about their [...]

February 15th, 2024|

7 Tax Breaks for Parents

It's challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That's an increase of [...]

November 22nd, 2023|

ALERT: IRS Hits the Brakes on Employee Retention Credit by Danielle L. McMahon

On Thursday, September 14th, the IRS announced that it is putting an immediate pause on processing new Employee Retention Credit (ERC) claims until at least December 31, 2023. The IRS will continue to work through ERC claims received prior to the [...]

September 21st, 2023|

Handling Student Loan Debt

Starting September 1, 2023, federal student loans will begin accruing interest again. And loan payments will officially restart in October 2023. As part of federal relief measures during the COVID-19 pandemic, individuals with federal student loan debt weren't required to make payments, [...]

August 17th, 2023|

Federal Tax News for Individuals

What to Do if You Missed the Tax Day Deadline Did you miss the 2022 tax filing deadline? For most taxpayers, that was April 18, 2023. Taxpayers who are expecting a refund won't be penalized for late filing. But those who [...]

June 13th, 2023|

Top 10 Tax Breaks for Military Service Members

Active-duty service members, veterans and their families deserve our gratitude for their sacrifices for our country. One small "thank you" from the government comes in the form of tax breaks to service members serving here and abroad. Here are 10 breaks for [...]

June 5th, 2023|

Are Your Social Security Benefits Taxable?

Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those [...]

May 25th, 2023|

2022-2023 Tax Planning Guide Available

Although you can’t avoid taxes, you can take steps to minimize them.  This requires proactive tax planning.  Check out our 2022-2023 Tax Planning Guide and  Contact us to learn how we can help you optimize your financial opportunities. ABOUT GROSSMAN ST. [...]

December 1st, 2022|

Employee Retention Credit-Beware of Third Parties Promoting Improper Claims

by Nicholas A. Ippolito On October 19, 2022, the IRS issued a warning to employers urging them to be cautious of the advice they receive from third party companies regarding the Employee Retention Credit (ERC). The IRS was quoted as saying, [...]

October 31st, 2022|
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