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.
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 [...]
A Little Preparation Can Make Filing Your 2021 Tax Return Easier
Here are some steps that you can take now to make filing your taxes in 2022 less stressful. Create a file of tax forms as you receive them, such as W-2 Wage and Tax Statements, Forms 1099 for Misc. [...]
Did You Know – There are 5 Filing Statuses for Federal Tax Returns?
Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status [...]
IRS Increases Mileage Rate to 58.5 Cents Per Mile for 2022
The Internal Revenue Service has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1st, 2022, the standard mileage rates for the use [...]