February 2017

How Do I? Establish a profit motive for business activities

The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an activity is not profit-driven, deductions from the activity are limited to the amount of income the activity generates. Losses from such activities cannot be used to offset other income, such as salary […]

FAQ: What is transferee tax liability?

The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, equipment, a business interest, or some other property that just might be too good to be true. Even in connection with ordinary business transactions but especially when considering taking over a property or business that in a bargain because of some legal […]

National Taxpayer Advocate calls for taxpayer-centric IRS

National Taxpayer Advocate Nina Olson, in a recent report to Congress, urged the IRS to change its culture from one that is enforcement-oriented to one that is service-oriented. Such a change, Olson provided, would create an environment that encourages taxpayer trust and confidence. In the report, Olson also highlighted key areas for tax simplification and the top-10 most litigated tax […]

Strike for Abilities

Flaherty Salmin is a proud sponsor of Strike for Abilities! This event is an annual, community-wide bowling party hosted by the CDS Wolf Foundation that raises funds needed for year-round recreation, health, wellness, and socialization activities as well as emergency assistance for people at CDS Monarch.

Sunday – March 5th
1:00pm to 4:00pm
AMF Empire Lanes
2400 Empire Blvd,
Webster NY 14580

Filing season begins; IRS warns of refund delays

The 2017 tax filing season launched on January 23. The IRS predicted a few speedbumps for taxpayers, especially for taxpayers who file early in anticipation of early refunds. The agency expects to receive more than 150 million individual income tax returns. The vast majority of individual income tax returns will be filed electronically and the IRS has extra safeguards in […]

White House, Capitol Hill talk tax reform in 2017

The change in administrations in Washington has generated a new focus on tax reform. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to encourage economic growth. However, the details of their plans have yet to be revealed. Tax reform legislation may be unveiled in February.

Tax reform

President Trump campaigned on tax reform and […]

2017 Interns

Updated New York State E-filing Requirement for Individual Taxpayers

New York State, in an effort to fight refund fraud, recently announced that taxpayers will need to provide their Driver’s License Number (or state issued ID number) as well as the unique “Document ID Number” from their license on their returns.  Failure to provide this information may significantly delay refunds.
Your “Document ID Number” is the series of letters and numbers […]

February 2017 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 February 2017.

February 1

Employers. Semi-weekly depositors must deposit employment taxes for Jan 25–Jan 27.

February 3

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

6th Annual Chili Cook-off

01/30/2017 Firm Annual Chili Cook-off! This year we had 14 exceptional entries, thank you to everyone!! Our special guest judge, Rob Corredine from Conifer Realty, took on the tough task of weighing all the entries and pick a winner. John Norton took 1st place with his hot to trot, chunky meat chili, cooked in coconut oil. Bill Sonneville took 2nd […]

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