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April 2019

Tim Flaherty Radio Interview With Steve Hausmann (WBEE)

Managing Partner Tim Flaherty was interviewed by WBEE’s Steve Hausmann on income taxes, tax season and how Flaherty Salmin CPAs de-Stresses during its busy tax season. The interview aired on Entercom’s 5 Rochester radio stations 3/17/19. https://wbee.radio.com/

Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account information. The updated Notice extends the penalty waiver to Code Secs. 6038(b)and (c) and any other section of the Code, […]

CFC Partners Required to Increase E&P for Subpart F Inclusions

The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary steps for conforming a foreign corporation’s profit and loss statement to that of a domestic […]

Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments

The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these regulations are finalized.

Reportable Sales and Payments

New reporting requirements apply to […]

National Taxpayer Advocate Nina Olson Announces Retirement

Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ “voice” within the IRS and before Congress for the last 18 years.

Olson will retire from the position of NTA on July 31, 2019, according to a recent NTA Blog post. “I am making the […]

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