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.
Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces: [...]
COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines
As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would [...]
IRS Announces Option to E-file Amended Tax Returns, Starting this Summer
Danielle L. McMahon, Staff Accountant - The Internal Revenue Service (IRS) has announced that beginning this summer, taxpayers will be able to file Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Currently, taxpayers are required to mail-in paper [...]
Last Minute Strategies for Businesses that Deferred Filing Tax Returns
For guidance on tax planning and tax saving strategies, contact our tax professionals at 315.424.1120 or [email protected]. During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business and/or personal federal income tax return is [...]
Tax Tips for Individuals Who Haven’t Filed a Return for 2019
As part of the federal government's tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still [...]
Keep Employees COVID-19 Free: An Employer’s Guide from OSHA
Naturally you care about the health and safety of your employees, and don't need a federal agency to tell you that you should be concerned. Still, it's helpful to know what the overall position of the Occupational Health and Safety Administration's [...]
Paycheck Protection Program Loan (PPPL) Forgiveness Application Revised
The U.S. Small Business Administration in consultation with the Department of the Treasury have unveiled a revised, "borrower-friendly" Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, which was signed into law by President Trump on [...]
College Costs: How to Maximize Your Return on Investment
College is a major investment. But, if campuses remain shuttered in the fall due to the novel coronavirus (COVID-19) pandemic, will your student get his or her money's worth from virtual classes? Though universities may provide rebates for unused room and [...]
New Law Passed to Ease PPP Loan Forgiveness Requirements for Small Businesses
The Paycheck Protection Program Flexibility Act (PPPFA) has officially been signed into law. The law was passed to address concerns by small businesses regarding the Paycheck Protection Program (PPP), giving small businesses more flexibility in how they spend the loan money, [...]
Family Business Tax-Saving Moves in the COVID-19 Era
Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there's a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to [...]