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April 2017

FAQ…What are miscellaneous itemized deductions?

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall itemized deduction phase-out.

These expenses include employee business expenses, expenses of […]

Tax reform proceeds to possible summer enactment

Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and be signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress.

Tax reform

Tax reform for individuals and businesses is being driven by two […]

Lack of contemporaneous written acknowledgement nixes donation

In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter have convincing, is not acceptable under the tax law to support a deduction.

Case in point: The Tax Court, […]

2017 Top Workplaces Award

The Rochester Democrat and Chronicle Names Flaherty Salmin CPAs A Winner Of The Rochester Metro Area 2017 Top Workplaces Award

Rochester, New York, April 9, 2017 – Flaherty Salmin CPAs has been awarded a 2017 Top Workplaces honor by The Rochester Democrat and Chronicle, placing 3rd in the Small Employer category overall. The Top Workplaces lists are based solely on the […]

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining the same for 2017 (only the third-year limitation for light trucks and vans […]

April 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 April 2017.

 

April 1

Individuals. Taxpayers who turned 70½ during 2016 must start to receive required minimum distributions (RMDs) from their IRAs; […]

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