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.
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 [...]
Retirement Savings: Are you currently on track?
Employment disruptions caused by the COVID-19 economic slowdown have scrambled the retirement saving strategies of many Americans. According to a recent survey, nearly half of employed Americans either reduced or suspended their retirement savings during the pandemic. Moreover, around 30% of [...]
Department of State Filing Requirement for Certain Tax-Exempt Organizations
By Christina R. Ondrako, CPA, Partner On January 1, 2021 NYS Executive Law 172-b went into effect. The law required certain organizations registered with the New York State Attorney General to file documents with the New York Department of State in [...]
SALT Limitation and the New York State Pass-Through Entity Tax (PTET) – by Adam E. Panek, CPA, Partner
The Tax Cuts and Jobs Act (TCJA) which became effective for tax years beginning after December 31, 2017 contained sweeping tax law changes. One of these provisions limits the Federal itemized deductions for State and Local Tax (SALT) to $10,000. New [...]
Employee Retention Credit – Is Your Business Eligible?
In March 2020, Congress passed the CARES Act which included the Employee Retention Credit (ERC) to help businesses keep employees on the payroll throughout the pandemic. This credit could be claimed on an employer’s payroll tax return. When the CARES Act [...]
Businesses Must Report Non-Employee Compensation & Backup Withholding
By law, business taxpayers who pay or receive non-employee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Non-employee Compensation. Payers must file Form 1099-NEC by January 31. There is no 30-day [...]