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.
Federal Award Procurement Requirements – What You Need to Know Now
For guidance on the new non-profit audit requirements, contact Christina Rothman Ondrako, CPA, Partner. Christina is in charge of non-profits in the areas of audit and attest engagements, financial statement preparation, internal control review and special agreed upon attest procedures. She [...]
What is the Self-Rental Rule?
Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses from a passive activity cannot use losses from a passive activity to offset nonpassive income, such as wages. A passive activity generally is [...]
White House & Congress Take Action to Increase Participation in Retirement Plans
Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and that [...]
Small Business Incentives, Reforms to ACA Taxes, and Other Proposals in Obama’s FY 2017 Budget Could Gain Traction in 2016
Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. President Obama released his FY 2017 [...]
How Do I Arrange an Installment Payment Agreement with the IRS?
The IRS always urges taxpayers to pay their current tax liabilities when due, to avoid interest and penalties. Taxpayers who can’t pay the full amount are urged to pay as much as they can, for the same reason. But some taxpayers [...]
How Do I Prove Business Expenses?
Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.In [...]
Can the IRS Impose Penalties if a Return is Not Filed/Tax Not Paid?
Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he [...]
Self Employed? Check Out These Tax Tips
If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects [...]
Your Social Security Benefits May be Taxable
If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your benefits. Form SSA-1099. If you received Social [...]
Understanding the Small Business Health Care Tax Credit
The Affordable Care Act includes the small business health care tax credit, which can benefit small employers who provide health coverage for their employees. The small business health care tax credit benefits employers who: have fewer than 25 full-time equivalent employees [...]