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.
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 [...]
Treasury, IRS Unveil Online Application to Help with Economic Impact Payments
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than 80 [...]
Stay Afloat with Tax-Favored Coronavirus-Related Distributions
Contact our tax advisors to help you take advantage of relief measures that will help you get through the COVID-19 crisis. The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, [...]
IRS Extends More Tax Deadlines
The IRS issued Notice 2020-23 late yesterday that has extended more tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July [...]
A Great Resource from Paychex: Businesses Can Get Loans to Retain Employees During COVID-19
https://www.paychex.com/support/coronavirus-legislation
Information Regarding Tax Deadlines
As you know, we here at Grossman St. Amour have all been working from our home offices since the middle of March. Although our logistics have changed, we continue to complete your tax returns as we have in the past. We [...]
Small Business Funding Application Available
The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that companies immediately: Review all four documents listed under the “Assistance for Small Businesses” section; Review the application and [...]
IMPORTANT LINKS TO ADDITIONAL UNEMPLOYMENT BENEFITS IN THE CORONAVIRUS CARES ACT
What you need to know and do about the CARES Act - Decision tree to determine your eligibility and links to where to apply for benefits: NYS Department of Labor - What You Need to Know and Do About the CARES [...]