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.
Have You Taught Your Children How to Manage Money? Here are a Few Tips.
You taught them how to read and how to ride a bike, but have you taught your children how to manage money? One study of 2016 college graduates found they carried on average $37,172 in student loan debt. And more than [...]
Caring for Aging Parents
Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 60 is growing. The United Nations estimates that by 2050 the number of people aged 60 and older will have more than doubled.¹ As our nation ages, [...]
Safe Harbor Provided for Basis of Professional Sports Contracts Traded Between Teams
The IRS has provided a safe harbor for professional sports teams to avoid the recognition of gain or loss when trading players and/or draft picks. Under the safe harbor provision, the traded player’s contract or the traded draft pick would have [...]
5 Financial Tips for New College Graduates
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it's time to plan for the future — and there's more to do than finding a [...]
5 Last-Minute Ideas to Lower Your 2018 Taxes
Adam E. Panek, CPA, Tax Partner It's almost Tax Day! But don't despair, there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider. 1. [...]
Record Retention Guidelines for Businesses & Individuals
It is important for both businesses and individuals to keep records in order to perform accounting activities. This time of year, as you are going through all of your records you might be thinking "how long do I have [...]
Tax Reform Benefits Seen in Larger Paychecks, Not Refunds, Treasury Says
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s benefits in larger paychecks rather than refunds, a [...]
How to Make the Tax Code Work for You
By April 20, 2018, 138 million taxpayers had dutifully filed their federal income tax returns, and all of them made decisions about deductions and credits — whether they knew it or not. When you take the time to learn more about how [...]
How to Prevent Fraud at Your Organization
Linda Gabor, CPA, CFE Mark R. Ciaralli, CPA, CFE For guidance on how to prevent fraud within your organization, contact our Certified Fraud Examiners: Linda Gabor, CPA, CFE 315.701.6346 [email protected] Mark R. Ciaralli, CPA, CFE [...]
2018 Income Tax Withholdings: Too Much, Too Little, or Just Right?
Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn't pay enough estimated taxes if you're self-employed — you could have an unpleasant surprise when you file your 2018 return. Tax Law [...]