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June 2019

Corporate Challenge 2019

6/4/19:  Team FS CPAs participated in the 2019 J. P. Morgan Corporate Challenge, in support of the United Way of Greater Rochester. The annual race was held once again at Frontier Field in Rochester. Our team styled in their neon green Flaherty Salmin shirts! The post-race cool down was held at the Gate House in Village Gate.

Senate Tax Writers Discuss Bipartisan Retirement Savings Bills; Related House Vote Expected Soon

Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax measure.

The Senate Finance Committee (SFC) held a May 14 hearing during which lawmakers on both sides of the aisle highlighted the importance of moving forward with retirement savings-related legislative efforts. While a number of related […]

Trump, Democratic Leaders Agree to Develop $2 Trillion Infrastructure Plan

President Donald Trump and Democratic congressional leaders have agreed to develop a $2 trillion infrastructure plan, according to Senate Minority Leader Chuck Schumer, D-N.Y.

$2 Trillion Infrastructure Plan

“There was goodwill in this meeting…which is a very good thing,” Schumer told reporters at the White House on April 30 after meeting with Trump. “We agreed on a number – $2 trillion for infrastructure,”Schumer said. […]

Proposed Regulations Issued on Withholding on Foreign Partner’s Disposition of Partnership Interest

Highly anticipated proposed regulations have been issued on the withholding required with respect to the disposition of certain partnership interests. The proposed regulations affect certain foreign persons that recognize gain or loss on the disposition of an interest in a partnership that is engaged in a trade or business in the United States, and persons that acquire those interests. Also […]

Proposed Regulations Issued on CFC Related Person Rules and Active Trade or Business Exception

Proposed regulations provide rules on the attribution of ownership of stock or other interests for determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under the foreign base company sales income rules.

The proposed regulations also provide rules to determine whether a CFC receives rents in the active conduct of a trade or business, […]

Final Regulations Issued on Recognition and Deferral of Code Sec. 987 Gain or Loss

Final regulations have been issued on transactions of U.S. taxpayers that have qualified business units (QBUs) with functional currency other than the U.S. dollar. Specifically, the final regulations:

cover combinations and separations of QBUs subject to Code Sec. 987 (Reg. 1.987-2 and Reg. 1. 987-4),cover recognition and deferral of foreign currency gain or loss with respect to a QBU subject to […]

Medicaid Waiver Payments Were Earned Income Even Though IRS Excluded Them From Gross Income

Medicaid waiver payments were earned income, even though IRS Notice 2014-7 treated them as “difficulty of care” foster care payments that were excluded from gross income. The Tax Court held that excluding the payments from earned income would improperly deny the taxpayers’ earned income credit and the additional child tax credit.

IRS Excludes Medicaid Waiver Payments From Gross Income

The taxpayers received […]

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