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.
Congress Returns for Year-End Tax Legislation Push
Year-end 2016 is expected to bring a rush of tax-related legislation in Congress. Lawmakers will be up against a December 31 deadline to renew some expiring tax incentives and possibly pass new tax breaks for individuals and businesses. The year may [...]
Reminder for Parents & Students – Check Out College Tax Credits for 2016 and Years Ahead
With another school year now in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income [...]
IRS Advises Taxpayers to Prepare for Hurricanes, Floods and Other Natural Disasters
WASHINGTON —The Internal Revenue Service today offered advice to taxpayers who may be affected by storms or other natural disasters. The IRS also reminded taxpayers that the agency is here to help including offering a special toll-free number to taxpayers in [...]
Congress Passes Targeted Tax Bills, Stop-Gap Spending Measure
Adam E. Panek, CPA Partner As lawmakers prepared to recess for November elections, they also passed several tax-related bills in September. The bills addressed IRS operations, deductions, and more. At the same time, House and Senate negotiators reached an agreement [...]
Year-End Tax Planning Time is Here!
Gary A. Grossman, CPA, CFP, Partner It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may [...]
FASB Issues New Guidance On Not-For-Profit Financial Reporting
The Financial Accounting Standards Board (FASB) issued ASU 2016-14 on August 18, 2016, which results in significant financial reporting changes for nonprofit entities. Here is a link to the summary of the changes issued by the FASB. For more information [...]
Is the Cost of a Weight Loss Program for Obesity Tax Deductible?
Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for [...]
Taxpayer Protections, IRS Oversight Bills Advance in Congress
Responding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime. The House also took up a bill expanding disclosure of taxpayer information in cases involving missing children [...]
Filing Season Closes-Cybersecurity & Customer Service Top Priorities for IRS
The 2016 filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus returns [...]
Don’t Overlook New-for-2016 Enhancements to Certain Tax Incentives
Passage of the “Tax Extenders” undeniably provided one of the major headlines – and tax benefits – to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although these [...]