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September 2019

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to:

elect out of 100 percent bonus depreciation;elect 100 percent bonus depreciation on specified plants in the year of planting or grafting; orelect the 50 percent rate […]

August 2019

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

IRS final regulations provide rules that apply when the lessor of investment tax credit property elects to pass the credit through to a lessee. If this election is made, the lessee is generally required to include the credit amount in income (50 percent of the energy investment credit). The income is included in income ratably over the shortest MACRS depreciation […]

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity.

The Treasury Department and the IRS had issued the temporary regulations ( T.D. 9766) to clarify that the rule that a disregarded entity is treated as a corporation for employment tax purposes does not apply to the self-employment tax treatment […]

July 2019

Bipartisan IRS Reform Bill

The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump is expected to sign the bill into law.

The reworked Taxpayer First Act ( HR 3151) cleared the Senate on the evening of June 13. The revamped measure had been approved unanimously in the House on June 10.

“After years of good-faith, bipartisan work, our IRS […]

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.

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/

March 2019

FS CPAs Receives Top Workplaces Ambassador Award

March 27, 2019

Flaherty Salmin CPAs was honored at the 2019 Top Workplaces reception by receiving the Small Company Ambassador Award.

Top Workplace ambassador companies have shown superior passion about being recognized as a Top Workplace in Rochester!They abundantly exude a positive energy, as well as attract and project increased excitement in representing that they are a Top Workplace. Ambassador companies […]

We Did It Again!

The Democrat & Chronicle Names Flaherty Salmin CPAs A Four-Time Winner Of The Rochester Top Workplaces Award

ROCHESTER, NY (MARCH 28, 2019) – Flaherty Salmin CPAs has been awarded a Top Workplaces 2019 honor for the fourth consecutive year by The Democrat and Chronicle, placing in the top 50% of employers for the small business category. This honor is based solely on […]

December 2018

Firm’s 2018 Holiday Work Space Decorating Competition & Ugly Sweater Party

Great fun was had at the Firm’s annual ugly sweater party! This year we added a work space decorating competition. The staff creatively decorated their work spaces in different themes, here are some of the highlights…

Firm 2018 Christmas Party

November 2018

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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