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.
Second Round of Funding Available to Eligible Businesses – A Summary
The second round of Paycheck Protection Program (PPP) funding is available to taxpayers borrowing funds for the first time, who have 500 or fewer employees and who have experienced a decline in gross receipts of at least 25% in any one [...]
Home Office Deduction: Do you Qualify?
Click here to see the Channel 9 interview about the home office deduction: Home Office Deduction Do you qualify for the home office deduction? Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on this topic. For guidance on the [...]
How More Employers May be Eligible for the Employee Retention Credit (ERC)
Under the CARES act, passed in March 2020, Congress passed two programs to help businesses keep employees on the payroll throughout the pandemic, the Payment Protection Program (PPP) and the Employee Retention Credit (ERC). The employers who took the forgivable PPP [...]
Second Round of Paycheck Protection Program Funding Available
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection [...]
COVID-19 – How will the latest legislation affect your taxes?
The Consolidated Appropriations Act (CAA) was signed into law on Dec. 27. 2020. This law provides relief in response to the COVID-19 pandemic for businesses and individuals. For individuals, another round of “recovery rebate” payments will be issued. For businesses and [...]
12 New Year’s Resolutions for Small Business Owners
Here are a dozen resolutions for business owners to consider implementing to succeed in the future. 1. Be More Realistic About Your Goals The start of a new year usually brings on optimism. This is especially true this year for many [...]
COVID-19 Related Relief is Signed Into Law
On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020 (COVIDTRA), as well as a government [...]
Taking the Standard Deduction – But Made Charitable Contributions in 2020? You’re in luck.
by Bridget Odorczyk, Staff Accountant Over the last few years the standard deduction for individuals has drastically increased, making it more and more difficult to itemize on their income tax returns. This, in turn, has left people feeling less incentive for [...]
Download Our Free 2020-2021 Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning. Download our complementary guide here and Contact us to learn how we can help you optimize your financial opportunities. https://www.webtaxguide.net/gsacpas/
Tax Exempt Organizations: Six Smart Reasons to Keep Scrupulous Records
Linda Gabor, CPA, CFE, Partner, leads the firm's audit practice, Employee Benefits practice, and Peer Review practice. Her clients include various not-for-profit organizations. For more information about tax-exempt entities, contact Linda at 315.701.6346 or [email protected]. To qualify as a tax-exempt [...]