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.
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 [...]
New Audit Rules for Partnerships and LLCs Taxed as Partnerships
Congress recently enacted significant changes to partnership audit and adjustment rules known as the Centralized Partnership Audit Regime (CPAR). These new rules are in place effective tax years beginning January 1, 2018 and affect all taxpayers who conduct business through partnerships [...]
Deduction for state and local taxes
New limit! For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) limits your entire deduction for state and local taxes — including property tax and either income tax or sales tax — to $10,000 ($5,000 if you're married filing separately). This will have [...]
Impacts of ASU 2016-14
By Christina R. Ondrako, CPA As mentioned in our article dated August 2018 by Linda Gabor, CPA, CFE, there is new financial statement presentation guidance issued by the Financial Accounting Standards Board (FASB). Below is a detailed walk [...]
10 New Year’s Resolutions to Improve Your Personal Financial Position
Have you ever kept a New Year's resolution for the entire year? Every January, millions of Americans make promises to eat less, exercise more and save for the future. But most resolutions are forgotten by spring. However, there are ten promises that [...]
Proposed IRS Rules on Opportunity Zones Provide Clarity, But Gaps Remain
Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary Steven Mnuchin has predicted that the Opportunity Zone program will create $100 billion in [...]
Will I itemize deductions for 2018 or not? That is the question!
By Kathleen Kaminski, CPA The new federal tax bill called the Tax Cuts and Jobs Act (TCJA) makes many changes to federal itemized deductions beginning in 2018. However, the federal standard deductions for all filing statuses have almost doubled. [...]
2018-2019 Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning. Download your free 2018-2019 Tax Planning Guide here. Contact us to learn we can help you optimize your financial opportunities.
Financial Pearls of Wisdom-After Finishing College
By Gary A. Grossman, CPA, CFP After finishing college, and upon entering the workforce, there are financial pearls of wisdom that you should consider. My list includes: 1. Starting a retirement plan 2. Understanding how to improve your investment's rate [...]
Opportunity Zone Program – Senate Lawmakers Examine Tax Reform’s Effect on Small Businesses
The Senate Small Business Committee held an October 3 hearing on expanding opportunities for small businesses through the tax code. Senate lawmakers examined tax reform’s effect on small businesses and discussed witnesses’ proposals to address ambiguity in the new tax code. [...]