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.
6 Steps to Help Reduce the Probability of Fraud
Small and medium-sized companies are particularly prone to employee theft because they typically don't have the staff available to assign more than one employee to processes to help ensure that fraud doesn't take place. Assigning more than one employee to certain [...]
2022-2023 NYS Budget Bill & Legislation Includes Significant Changes for PTET
In April of 2021, New York State passed an optional Pass-Through Entity Tax (PTET). The NY PTET allows pass-through entities with tax years beginning on or after January 1, 2021 to make an election to be taxed at the entity level [...]
A Little Preparation Can Make Filing Your 2021 Tax Return Easier
Here are some steps that you can take now to make filing your taxes in 2022 less stressful. Create a file of tax forms as you receive them, such as W-2 Wage and Tax Statements, Forms 1099 for Misc. [...]
Did You Know – There are 5 Filing Statuses for Federal Tax Returns?
Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status [...]
IRS Increases Mileage Rate to 58.5 Cents Per Mile for 2022
The Internal Revenue Service has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1st, 2022, the standard mileage rates for the use [...]
7 Personal Financial Resolutions for 2022
It's almost time to ring in the New Year — and many people are looking forward to putting 2021 in the rearview mirror. While New Year's resolutions often focus on eating less and exercising more, you should also give some thought [...]
Check Out our 2021-2022 Tax Planning Guide
Do your tax strategies need a refresh? With some tax law changes going into effect in 2021 and more changes potentially on the horizon, you probably have questions about tax planning this year. To save the most on your 2021 [...]
Benefits of the ERC for the Healthcare Industry
Danielle L. McMahon By Danielle L. McMahon, Supervisor The Employee Retention Credit (ERC) has been valuable for some employers, however, many have found it difficult to determine eligibility based on government ordered shutdown rules. One industry in which the [...]
Year-End Tax Planning Tips for Businesses
Meet with one of our tax professionals to discuss any last minute planning moves before December 31st to achieve the best possible results. Call 315.424.1120 or email [email protected] to schedule an appointment. You still have time to significantly reduce this [...]
9 Ideas to Potentially Lower Your Taxes for 2021
Meet with one of our tax professionals to discuss any last minute moves that may be needed before December 31st to achieve the best possible results. Call 315.424.1120 or email [email protected] to schedule a meeting. With year end rapidly approaching, it's [...]