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April 2016

Congress takes first steps to tax reform

Tax reform continues to be highly touted in Congress as lawmakers from both parties call for simplification of countless complex rules, overhaul of tax rates, and more. At times this year, President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and often surprisingly emerged, most recently in […]

FBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements

Six years ago, Congress passed the Foreign Account Tax Compliance Act (FATCA), which set in motion a wave of new reporting and disclosure requirements by individuals, foreign financial institutions, and others. In response, the IRS created a host of new rules and regulations; and new forms for these reporting requirements. One key FATCA form – Form 8938, Statement of Specified […]

IRS focuses on new partnership audit rules

Legislation enacted in 2015 provides new rules for IRS partnership audits. The new rules are a drastic departure from current rules and the IRS is hopeful that the rules will simplify the audit process and allow the IRS to conduct more partnership audits.

The provisions do not take effect until partnership tax years beginning on or after January 1, 2018, until […]

How do I? Set up a like-kind exchange

Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other property that the taxpayer will continue to use in a trade or business or for investment. Ordinarily, the exchange is made directly with another taxpayer who holds like-kind […]

Rich Funke Event

April 14, 2016:

Tim Flaherty (Flaherty Salmin CPAs) and Tim Fournier (Conifer Realty, LLC) hosted a fundraising event for Senator Rich Funke at Conifer’s affordable housing community, Harris Park, in Rochester, NY. The Senator conversed with residents of the community and his constituents and discussed the importance of affordable housing in the Rochester area and Monroe County.

FAQ: What is the Roth IRA contribution limit for 2016?

Individuals may contribute up to $5,500 to a traditional and a Roth IRA for 2016. This is the same limit as 2015. An individual age 50 and older can make a catch-up contribution of an additional $1,000 for the year. The contribution is limited to the taxpayer’s taxable compensation for the year, minus contributions to all non-Roth IRAs.

Taxpayers can contribute to […]

April 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2016.

April 1
Employers. Semi-weekly depositors must deposit employment taxes for payroll date March 26–29.
Individuals. Taxpayers who turned 70½ during 2015 […]

D&C Business Spotlight

Flaherty Salmin CPAs has recently been mentioned in The Rochester Democrat and Chronicle. Check out the full article

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