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.
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 [...]
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 [...]