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 Returns Lacking ACA Coverage will not be Rejected
The IRS has announced that it will continue to process individual returns that do not report the taxpayer’s health coverage status under the Affordable Care Act (ACA). The IRS will accept returns that fail to indicate coverage, an exemption or a shared responsibility [...]
Passport Certifications will Begin in Early in 2017
The IRS has informed taxpayers via its website that the agency will begin, in early 2017, to remit certifications to the U.S. State Department for individuals who are seriously delinquent in paying their tax debt. Such certification could impact an individual’s [...]
Congressional Leaders Highlight Tax Reform Proposals
As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways and [...]
Tax Scams Proliferate During Filing Season
The filing season is the most active time of the year for tax scams. These scams take every shape and form, ranging from telephone calls to individuals to sophisticated schemes targeting employers and businesses. The goal of all these scams is [...]
How do I Claim the Federal Fuel Tax Credit?
The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered significant fraud associated with the fuel tax credit and is watching for fraudulent claims. The credit is not available to most taxpayers [...]
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if [...]
Same-Sex Marriage and Taxes
Published in The Huffington Post on 2/22/17 Same-sex couples can now enjoy the same rights and privileges that opposite-sex couples do - and the same potential pitfalls of marriage.
Eight Tax Benefits for Parents to Consider
For more information about tax credits and deductions, contact Elizabeth A. Gardner, CPA, Tax Manager at 315.701.6365 or [email protected]. Elizabeth practices in the areas of individual, partnership and corporate tax return preparation and tax planning for individuals and businesses. Taxpayers [...]
February 2017 Tax Compliance Calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of February [...]
Before Entering Any Transactions – Consider Potential Hidden Costs
Daniel F. Griffin, CPA, CVA practices in the areas of income tax return preparation for individuals, partnerships and corporations. Dan works extensively on affordable housing and historic tax credit projects. He prepares business valuations for commercial entities, gift, estate, marital [...]