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.
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 [...]
Tips to Lower Gas Costs on Your Summer Road Trip
Is your family planning a road trip this summer? Many Americans are expected to hit the road as many parts of the country have relaxed their COVID-19-related restrictions on in-person gatherings, dining, recreation and events. Though road trips are generally less [...]
Things Taxpayers Should Consider When Selling a House
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things [...]