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August 2020

Guidance and Relief for 2020 RMD Waiver, Required Beginning Date Changes

The IRS has issued guidance and temporary relief for required minimum distribution (RMD) changes in 2020. Distributions that would have been RMDs under old law are treated as eligible rollover distributions. The 60-day rollover period deadline for any 2020 RMDs already taken has been extended to August 31, 2020. Notice 2007-7, I.R.B. 2007-5, 395 is modified.

SECURE and CARES Acts
The new guidance […]

IRS Amends 199A Regs on Suspended Losses and RICs

The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the treatment of suspended losses included in qualified business income (QBI), the deduction allowed to a shareholder in a regulated investment company (RIC), and additional rules related to trusts and estates. The IRS had previously issued […]

July 2020

Deadlines Extended for Qualified Opportunity Funds and Investors

The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic.

180-Day Investment Period
Generally taxpayers must reinvestment capital gain in a qualified opportunity fund (QOF) within 180 days after the gain is realized from a sale or exchange. Under the guidance, if the last day of the 180-day investment period falls on […]

IRS Proposes Treating Payments for Direct Primary Care Arrangements and Health Care Sharing Ministry Memberships as Medical Care Payments

Proposed regulations would define expenditures for direct primary care arrangements and health care sharing ministry memberships as amounts paid for medical care. Thus, amounts paid for those arrangements may be deductible medical expenses. The proposed regulations also clarify that amounts paid for certain arrangements and programs, such as health maintenance organizations (HMO) and certain government-sponsored health care programs, are amounts […]

May 2020

Guidance on NOL Carryback Under CARES Act

The IRS has issued guidance providing administrative relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act ( P.L. 116-136) for taxpayers with net operating losses (NOLs).

The CARES Act provides a five-year carryback for NOLs arising in tax years beginning in 2018, 2019, and 2020. The Tax Cuts and Jobs Act ( P.L. 115-97) had eliminated carryback periods effective for tax […]

Guidance on 163(j) Elections for Legislation, Farming, Real Property

The IRS has released guidance on making the following elections for the business interest deduction limitation:

the election out of the 50 percent adjusted taxable income (ATI) limitation for tax years beginning in 2019 and 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136);
the election to use the taxpayer’s ATI for the last tax year […]

April 2020

HSA High-Deductible Health Plans Can Cover Coronavirus Costs

The IRS has provided emergency relief for health savings accounts (HSAs) and COVID-19 health plans costs. Under this relief, health plans that otherwise qualify as high-deductible health plans (HDHPs) will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. In addition, any vaccination costs will count […]

March 2020

FLAHERTY SALMIN CPAs RECEIVES FIVE-TIME ROCHESTER TOP WORKPLACES AWARD

ROCHESTER,
NY (MARCH 30, 2020) – Ask any CPA what they’ve been up to lately, and the unanimous
answer is, “working.”  Even though the
April 15 tax deadline has been extended to July 15, the team at Flaherty Salmin
CPAs is still busily preparing financial
reports and tax returns for their corporate, affordable housing, and
personal clients, while also helping businesses, organizations and individuals
navigate the financial […]

Guidance Provided on Qualifying for EITC

The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes.

Due to changes in marital, parental or financial status, millions of workers may qualify for EITC for the first time this year. The IRS urges […]

February 2020

Qualified Opportunity Zone Investment Regulations Finalized

Proposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive.

The regulations address issued related to all aspects of the gain deferral rules and also various requirements that must be met for an entity to qualify […]

January 2020

Final Rules Adopted on Changes to Estate Tax Exclusion Amount

The IRS has issued Reg. §20.2010-1(c) to address the effect of the temporary increase in the basic exclusion amount (BEA) used in computing estate and gift taxes. In addition, Reg. §20.2010-1(e)(3) is amended to reflect the increased BEA for years 2018-2025 ($10 million, as adjusted for inflation). Further, the IRS has confirmed that taxpayers taking advantage of the increased BEA […]

December 2019

FORBES NAMES FLAHERTY SALMIN CPAs AMONG AMERICA’S TOP RECOMMENDED TAX AND ACCOUNTING FIRMS

December 23, 2019 –
ROCHESTER, NY
– Flaherty Salmin CPAs, a tax and accounting
firm headquartered in Rochester, New York, has recently joined the ranks of the
top recommended tax and accounting firms across the country. This year, Forbes
partnered with a market research company called Statista to create a list of 227 firms – all in varying sizes
– who are successfully tackling the complexities […]

Ugly Sweater Party 2019

Firm-wide Ugly Sweater Party. Congratulations to 2019 winners Vlad A. for Ugliest Sweater and Terri C. for Most Festive Look!

Is it 2019 or 1920? Flaherty Salmin CPAs held a themed murder mystery dinner to celebrate the holiday season.

August 2019

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 […]

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