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.
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 [...]
Valuable Deduction for Self-Employed Individuals – Retirement Plan Contributions
Not only can self-employed individuals accumulate retirement assets on a tax-deferred basis, they can also write off current contributions within generous limits. As with health insurance premiums, retirement plan contributions made by self-employed individuals are deductible "above the line." Your retirement [...]
Health Insurance – Valuable Deduction for Self Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for the first time. In any event, [...]
When Should You Take Social Security Benefits?
If you're nearing retirement, you've likely paid into the Social Security system your entire career. It's only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should you start receiving benefits — at [...]