INDUSTRY NEWS 2018-02-07T21:17:43+00:00

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.

What Are Passive Losses?

Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In [...]

June 7th, 2017|

June 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 June [...]

June 7th, 2017|

How Do I Safeguard Tax Benefits Against Natural Disasters

As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS "tax tips" is that recordkeeping [...]

June 7th, 2017|

May 2017 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 May [...]

May 9th, 2017|

Tax Refund Offsets May be used Toward Unpaid Debts

 A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle unpaid federal or state debts, [...]

May 9th, 2017|

White House Calls for Significant Tax Cuts and Other Tax Reforms

President Trump on April 26th, just before his “100 days” in office, unveiled his highly-anticipated tax reform outline –the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates [...]

May 9th, 2017|

Treasury to Review/Re-Evaluate Tax Regulations

The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action on April 21. Following [...]

May 9th, 2017|

Filing Season Ends with No Red Flags

The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most refunds [...]

May 9th, 2017|