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.
5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law
After months of negotiations, Congress finally passed the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). This part of the omnibus funding package builds on the SECURE Act of 2019 and contains major changes in the required [...]
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. [...]
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, [...]
Are You Taking Advantage of Tax-Free Income Opportunities?
Two things in life are certain: death and taxes. While you can't live forever, there are still some ways to collect tax-free income. Here's a list of common federal-income-tax-free opportunities for individuals. Roth IRA Distributions You may decide to set up [...]
New Business Travel Per Diem Rates Announced for 2023
Recordkeeping for reimbursing business travel expenses can be cumbersome. Instead of reimbursing employees for the actual costs they incur for out-of-town lodging, meals and incidentals, some employers opt to pay fixed travel per diems. These amounts are based on IRS-approved rates [...]
The Importance of Earnestly Organizing Documents
The paper trail that follows us throughout our lives includes records that track births, deaths, marriages, divorces and adoptions — among other life changing events. Personal records also document purchases, investments, assets and home improvements. Keep in mind: The better organized [...]
Mid-Year Tax Planning Ideas for Individuals
The 2022 tax year is well underway, and year end will be here before you know it. Summer is a good time to take proactive steps to help reduce the current year's tax bill. Here are some federal tax-planning strategies to [...]
New COVID-19 Capital Costs Tax Credit Program Announced
(Screening Tool Available Here) Governor Kathy Hochul has announced the opening of the initial intake tool to help small businesses determine their eligibility for the COVID-19 Capital Costs Tax Credit Program. Announced as part of Governor Hochul’s Executive Budget to continue the [...]
6 Steps to Help Reduce the Probability of Fraud
Small and medium-sized companies are particularly prone to employee theft because they typically don't have the staff available to assign more than one employee to processes to help ensure that fraud doesn't take place. Assigning more than one employee to certain [...]
2022-2023 NYS Budget Bill & Legislation Includes Significant Changes for PTET
In April of 2021, New York State passed an optional Pass-Through Entity Tax (PTET). The NY PTET allows pass-through entities with tax years beginning on or after January 1, 2021 to make an election to be taxed at the entity level [...]