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.
Taking the Standard Deduction – But Made Charitable Contributions in 2020? You’re in luck.
by Bridget Odorczyk, Staff Accountant Over the last few years the standard deduction for individuals has drastically increased, making it more and more difficult to itemize on their income tax returns. This, in turn, has left people feeling less incentive for [...]
Download Our Free 2020-2021 Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning. Download our complementary guide here and Contact us to learn how we can help you optimize your financial opportunities. https://www.webtaxguide.net/gsacpas/
Tax Exempt Organizations: Six Smart Reasons to Keep Scrupulous Records
Linda Gabor, CPA, CFE, Partner, leads the firm's audit practice, Employee Benefits practice, and Peer Review practice. Her clients include various not-for-profit organizations. For more information about tax-exempt entities, contact Linda at 315.701.6346 or lgabor@gsacpas.com. To qualify as a tax-exempt [...]
IRS Publishes New Business Travel Per Diem Rates for 2021
Kathleen Kaminski, CPA is a Senior Tax Manager. She practices in the areas of individual, partnership, corporation, fiduciary and not-for-profit tax return preparation. She also engages in tax planning for individuals and businesses and represents clients with federal and state [...]
7 Expiring Tax Breaks for Individuals
Will these seven tax breaks survive past midnight on December 31? It remains to be seen. Contact Adam E. Panek, CPA, Partner with any questions about your situation at 315.701.6328 or apanek@gsacpas.com. Several significant federal tax breaks are set to expire [...]
Social Security Wage Cap and Benefit Amounts Increase for 2021
For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage Cap The Federal Insurance Contributions [...]
Be on High Alert for Ransomware Attacks
The FBI has warned of a staggering increase in ransomware attacks against businesses since the start of the COVID-19 pandemic. Here's what business owners and managers should know about these attacks to help prevent them — and manage an attack if [...]
Home Buyers: Should You Choose Fixed or Variable Rate Mortgage?
Buying a home is the single largest financial commitment most people ever make. And sorting through mortgages involves making a lot of critical choices. One of these is choosing between a fixed- or variable-interest-rate mortgage. True to its name, fixed-rate mortgage [...]
Year-End Moves for Charitable Donations
For guidance on developing a year-end plan that suits your philanthropic and tax-planning goals, contact our tax professionals at 315.424.1120 or info@gsacpas.com. Adam E. Panek, CPA, Tax Partner apanek@gsacpas.com Phone 315.701.6328 'Tis almost the season for charitable giving. Besides helping a [...]
7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In [...]