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March 2018

2018 Top Workplaces Award

The Rochester Democrat and Chronicle Names Flaherty Salmin CPAs A Winner Of The Rochester 2018 Top Workplaces Award For The Third Consecutive Year

ROCHESTER, NY, MARCH 29, 2018 – Flaherty Salmin CPAs has been awarded a 2018 Top Workplaces honor by The Rochester Democrat and Chronicle, placing in the top 25% of employers in the small business category. The Top Workplaces […]

Chili Cook-off February 12, 2018

The Firm’s annual Chili Cook-off was once again big success! Thank you to everyone who brought in their delicious dishes. They were all great! This year’s winners were: 1st Place Brian Cornetta, 2nd Place Jung-eun Nowik and 3rd Place John Norton & Rachel Cuffney.

Our special guest judge was Christine Church from Landsman Development. Thank you for taking on the difficult […]

Trump Signs Bipartisan Budget Act; Tax Extenders Included

President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a 240-to-186 vote. The Senate […]

Happy Pi Day 2018!

Having an argument with homemade pi just goes around in circles…

Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations

The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal.

Take away. “We continue our work to ensure that our tax regulatory system promotes economic growth,” Treasury Secretary Steven Mnuchin said in a statement. “These 298 regulations […]

IRS Posts Best Practices For Individual Mandate

The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017.

Take away. The IRS has cautioned that it will not consider a 2017 return complete and accurate if the taxpayer does […]

Additional Partnership Audit Regs Tackle Basis/Capital Accounts

New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regs, rules to adjust basis and capital accounts if the partnership adjustment is a change to an item of gain, loss, amortization […]

IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax

The IRS has issued guidance for certain specified foreign corporations owned by U.S. shareholders subject to the Code Sec. 965 transition tax that are requesting a change in accounting period. The IRS will not approve a request to change the annual accounting period under either the existing automatic or general change of accounting period procedures if the change could result in the […]

Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes

The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, “Efficient, Effective, Accountable An American Budget.” The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and Jobs Act, this year’s budget recommendations contain only a handful of additional tax proposals when compared […]

IRS Releases Second Quarter Guidance Update; Focus On New Law

The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs Act of 2017.

Take away. As in the past but make more urgent by the Tax […]

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