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July 2018

Flaherty Salmin CPAs Feature Story in Affordable Housing News

Check out the feature story on Flaherty Salmin CPAs in the Summer edition of the trade magazine Affordable Housing News. Please see the PDF of the article or page 142 of the full magazine linked below.

https://www.affordablehousingnews.com/issues/summer2018/

A big thanks to story contributors Chris Poulin, COO of Silver Street Development Corporation; Tim Fournier, Chairman and CEO of Conifer Realty LLC; and Thomas […]

May 2018

2018 Best of Accounting Award

Flaherty Salmin CPAs Earns Inavero’s 2018 Best of Accounting™ Award for Client Service Excellence

ROCHESTER, NY (MAY 1, 2018) – Flaherty Salmin CPAs, a leading accounting firm located in Rochester,
NY, announced today that they have won Inavero’s Best of Accounting™ Award for providing superior service.
Best of Accounting Award winners have proventhemselvesas industry leaders in service quality based entirely
on the results of […]

January 2018

FAQ: Can I still convert regular IRAs into Roth IRAs?

Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax rates on all income, including conversion income, are now lower. However, the special rule that […]

November 2017

FAQ: How does a business handle holiday gift-giving?

Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer’s business and must be made with a reasonable expectation of a financial return commensurate with the amount of the gift. However, […]

How do I? Compute the Nanny Tax

Nanny tax. For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid a household employee cash wages of at least $2,000 in 2016 or in 2017 ($2,100 in 2018). Employers must pay FUTA tax (6%) if they paid total cash wages of at least $1,000 in a calendar quarter to household employees. A homeowner may […]

Tax reform takes on new momentum as year-end approaches

Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule of passing a tax reform bill before year-end.

Tax reform

Although the specifics are not yet […]

IRS reminds taxpayers of ACA requirements; White House seeks administrative changes

As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to the ACA, which could expand health reimbursement arrangements (HRAs), the use of short-term, limited duration […]

Year-end tax planning for 2017: challenges/opportunities

Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your 2017 tax liability for the most part – good or bad – will […]

November 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 November 2017.

November

Employers. During November, ask employees whose withholding allowances will be different in 2018 to fill out a new Form W4 […]

February 2017

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 […]

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