December 2016

FS CPAs contributions to Ronald McDonald House

Staff participated in the annual Ronald McDonald House Charity Holiday House drive. The Holiday House program directly benefits families and children staying at the Ronald McDonald House in Rochester. http://www.ronaldshouse.com/community-fundraisers/holiday-house-program

Christmas Party 2016

Firm staff gather at the Brooklea Country Club to celebrate the Holiday Season. A great time was had by all!!

YWCA Adopt A Family

We are proud to sponsor a family through the YWCA and donate gifts on their wishlist.

YWCA Adopt-A-Room 2016

The YWCA is updating their rooms to make them feel more inviting. We adopted 3 short-term housing rooms and painted them with brighter colors and added some stenciling to make them a little more exciting.

FAQ: How is virtual currency taxed?

Virtual currency – often referred to as ‘bitcoin” — is a mystery for many people but an everyday currency for others. As virtual currency grows in popularity, questions arise about its taxation. The IRS treats virtual currency as property and not as currency. This means that general tax principles that apply to property transactions apply to transactions using virtual currency.

Virtual […]

2016 year-end tax strategies with tax cuts on the horizon

The likelihood exists that federal tax-cut legislation will become law sometime in 2017. Nevertheless, the possibility also remains that comprehensive tax legislation may be delayed until 2018 either because of difficult negotiations or intervening events, or it could eventually even get tabled indefinitely, except for a few provisions, if momentum turns to other matters. The contents of a tax bill, […]

What to expect on 2016 Form 1040: Key changes

Each new filing season may bring changes to the Form 1040, U.S. Individual Income Tax Return, as well as draft instructions for Form 1040 and any related Schedules, and this year is of no exception. The following highlights some of the changes to 2016 Form 1040, its Schedules and other Forms, which can be found on the IRS website at […]

Major tax changes expected under Trump Administration

One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative language, are likely months away, taxpayers have a snapshot of the president-elect’s tax proposals for individuals and businesses.

Note. At the time this article was prepared, the primary descriptions of President-elect Trump’s tax proposals are on his […]

December 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 December 2016. 

December 2
Employers. Semi-weekly depositors must deposit employment taxes for Nov 26–Nov 29.

December 7
Employers. Semi-weekly depositors must deposit employment taxes […]

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