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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 […]

Final Regulations Address Withholding on U.S. Source Income

The Treasury and IRS have issued final regulations on the due diligence and reporting rules for persons making certain U.S. source payments to foreign persons. Guidance is also provided on reporting by foreign financial institutions on U.S. accounts. The regulations are effective on the date the regulations are published in the Federal Register.

Obtaining a Foreign TIN and Date of BirthTemporary […]

January 2020

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years

The IRS has released guidance that provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 partnership tax years.

2019 Reporting

For 2019, partnerships and other persons must report partner capital accounts consistent with the reporting requirements in the 2018 forms […]

Final Regulations on Calculation of UBTI Issued

The IRS has released final regulations that present guidance on how certain organizations that provide employee benefits must calculate unrelated business taxable income (UBTI) under Code Sec. 512(a).

Background

Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to tax on their unrelated business taxable income (UBTI) under Code Sec. 511(a). Code Sec. 512(a) defines UBTI of exempt […]

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.

November 2019

IRS Provides Section 199A Safe Harbor for Rental Real Estate

The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to lessen taxpayer uncertainty on whether a rental real estate interest qualifies as a trade or […]

Final Regs Revert Back to Prior Partnership Disguised Sale Rules

New final regulations that address the allocation of partnership liabilities for disguised sale purposes revert back to prior regulations. Under the final regulations:

a partner’s share of a recourse liability of the partnership equals the partner’s share of the liability under the rules of Code Sec. 752 and the related regulations; anda partner’s share of a nonrecourse liability of the partnership […]

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 […]

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