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.
Social Security Wage Cap and Benefit Amounts Increase for 2021
For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage Cap The Federal Insurance Contributions [...]
Be on High Alert for Ransomware Attacks
The FBI has warned of a staggering increase in ransomware attacks against businesses since the start of the COVID-19 pandemic. Here's what business owners and managers should know about these attacks to help prevent them — and manage an attack if [...]
Home Buyers: Should You Choose Fixed or Variable Rate Mortgage?
Buying a home is the single largest financial commitment most people ever make. And sorting through mortgages involves making a lot of critical choices. One of these is choosing between a fixed- or variable-interest-rate mortgage. True to its name, fixed-rate mortgage [...]
Year-End Moves for Charitable Donations
For guidance on developing a year-end plan that suits your philanthropic and tax-planning goals, contact our tax professionals at 315.424.1120 or [email protected]. Adam E. Panek, CPA, Tax Partner [email protected] Phone 315.701.6328 'Tis almost the season for charitable giving. Besides helping a [...]
7 Expiring Tax Breaks for Individuals
Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain. In [...]
Spotlight on Individual Tax Matters in the 2020 Election
Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. As you watch social media ads and listen to interviews and debates, pay [...]
IRS is Sending Interest Payments to 13.9 Million Americans
The IRS announced last week that it owes interest payments to 13.9 million Americans who received their individual tax refunds after April 15 or who are still owed refunds. The average payment will be $18. The IRS owes this money because [...]
Home Office Deduction – What Taxpayers Need to Know
Grossman St. Amour CPAs PLLC virtual doors are open and we are assisting our clients with audit, accounting, and tax issues as well as matters relating to COVID-19. For more information about how Grossman St. Amour CPAs PLLC can be of [...]
Tips for Taxpayers Who Receive IRS Letters or Notices
Every year the IRS mails letters or notices to taxpayers for many different reasons. The IRS has the following tips for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. [...]
Multistate Resident? Watch Out for Double Taxation
Contrary to popular belief, there's nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you [...]