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.
2017 “luxury” vehicle limits, fringe benefit caps projected
Based on inflation factors now available, the annual "luxury vehicle" depreciation caps for use in connection with vehicles first placed in service in calendar year 2017 can be projected. Most caps remain the same as for 2016. Also, as computed by [...]
New Retirement Savings Bill May Become Law Before New Year
There is a good chance that the lame-duck session of Congress may approve the "Retirement Enhancement and Savings Act of 2016" before the end of the year. This bill was passed unanimously by the Senate Finance Committee earlier in October. Among [...]
Taxpayers Take Note: New Tax Filing Deadlines
Effective for the 2017 tax filing season, the following tax return forms (with the exception of S corporations) have new due dates: Entity Type Return Prior Due Date New Due Date Partnerships Form 1065 April 15 March 15 C Corporations Form [...]
Major Tax Changes Expected Under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative language, are likely months away, taxpayers have a snapshot of the president-elect’s tax proposals for individuals and [...]
2016 year-end tax strategies with tax cuts on the horizon
The likelihood exists that federal tax-cut legislation will become law sometime in 2017. Nevertheless, the possibility also remains that comprehensive tax legislation may be delayed until 2018 either because of difficult negotiations or intervening events, or it could eventually even get [...]
What to expect on 2016 Form 1040: Key Changes
Each new filing season may bring changes to the Form 1040, U.S. Individual Income Tax Return, as well as draft instructions for Form 1040 and any related Schedules, and this year is of no exception. The following highlights some of the [...]
How is virtual currency taxed?
Virtual currency – often referred to as ‘bitcoin” -- is a mystery for many people but an everyday currency for others. As virtual currency grows in popularity, questions arise about its taxation. The IRS treats virtual currency as property and not [...]
How do I figure the child care credit?
Child care can undoubtedly prove to be a costly expense for any taxpayer. In some instances, taxpayers must weigh whether the cost of child care is a deterrent to returning, or, in some cases, entering the workforce. Although the IRS may [...]
2017 Standard Mileage Rates for Business, Medical and Moving Announced
The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use [...]
How Do I Make Tax-Free Gifts for Tuition?
Contact Theresa M. Morgan, CPA for guidance on tax-free tuition payments or other education tax incentives. With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such [...]