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January 2017

How do I? Know what records to discard

A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she may have stored over the years in the event of an IRS audit. […]

Filing season launches January 23; some refunds may be delayed

The individual income tax filing season opens on January 23, 2017, the IRS has announced. The IRS also reminded taxpayers that the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113) may impact certain refunds in 2017.

Filing season launch

The IRS will begin accepting electronic tax returns and processing paper returns on January 23, 2017.

Unlike past years, the IRS […]

IRS releases 2017 standard mileage rates; business and medical/moving rates drop

The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The updated rates are effective for deductible transportation expenses paid or incurred on or after January 1, 2017, and for mileage […]

FAQ: Are some tax return deadlines changing in 2017?

The Surface Transportation Act of 2015: Tax Provisions (enacted on Jul. 31, 2015) provided for major changes in certain tax return deadlines. To allow for a transition period for taxpayers adjust to the new due dates, the new filing deadlines carried a delayed effective date: for tax returns for tax years starting on or after January 1, 2016. As a […]

NYSSCPA’s 6th Annual Indoor Sand Volleyball Tournament

Partners and staff of Flaherty Salmin CPA’s participated in the Rochester Chapter of the NYSSCPA’s 6th Annual Indoor Sand Volleyball Tournament. All proceeds from the tournament went to benefit the Ronald McDonald House of Rochester. Everybody had a fun time and although the team did not win the championship trophy, some staff won some nice raffle prizes. It was a […]

Wellness Committee – Stress Management Month

All eyes on tax reform in 2017

Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the aisle are preparing for what is expected to be spirited debate over tax cuts in 2017.

Year-end legislation

In December, President Obama […]

January 2017 tax compliance calendar

January 5
Employers. Semi-weekly depositors must deposit employment taxes for Dec 28–Dec 30.

January 6
Employers. Semi-weekly depositors must deposit employment taxes for Dec 31 and Jan 1–Jan 3.

January 10
Employees who work for tips. Employees who received $20 or more in tips during December must report them to their employer using Form 4070.

January 11
Employers. Semi-weekly depositors must deposit employment taxes for Jan 4–Jan […]

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