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.
Tax Refund Offsets May be used Toward Unpaid Debts
A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle unpaid federal or state debts, [...]
How to Maximize Start-up Deductions for a New Business
To ensure you are maximizing the start-up related deduction for a new business, it is important to consider each cost incurred. If you would like assistance in determining the costs that qualify for the start-up cost deduction, please call Adam [...]
What are Miscellaneous Itemized Deductions?
There are many miscellaneous deductions and a number of very specific rules that may apply to any one. Please contact Elizabeth Gardner, CPA, Tax Manager, if you have questions about claiming the miscellaneous deductions and how they will affect your tax [...]
Lack of Contemporaneous Written Acknowledgement Nixes Donation
For more information about cash and non-cash charitable donations, contact Theresa M. Morgan, CPA, Tax Supervisor at 315.701.6336 or [email protected]. In a case that provides a lesson to anyone donating property to charity for which a deduction of [...]
IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits
For more information about depreciation contact Kathleen Kaminski, CPA at [email protected] or 315.701.6422. The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are [...]
Tax Reform Proceeds to Possible Summer Enactment
If you have any questions about tax reform, health care reform or any federal legislative developments, please contact Adam Panek, CPA, Partner at 315.701.6328 or [email protected]. Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress [...]
Top IRS Tips to Know about the Home Office Deduction
Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to [...]
Ten Tax-Time IRS Tips to Consider
The tax filing deadline is Tuesday, April 18 this year. This is because April 15 falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers [...]
IRS Reminds Seniors to Remain on Alert to Phone Scams during Tax Season
IR-2017-67, March 23, 2017 - WASHINGTON – With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not. [...]
Letter from IRS Inquiring About Suspicious Return
Have you received a letter from the IRS inquiring about a suspicious tax return? Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time that they are victims of identity theft when they receive a [...]