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March 2016

2016 Top Workplaces Award

Rochester Democrat And Chronicle Names Flaherty Salmin CPAs A Winner Of The Rochester Metro Area 2016 Top Workplaces Award

Flaherty Salmin CPAs has been awarded a 2016 Top Workplaces honor by The Rochester Democrat and Chronicle. The Top Workplaces lists are based solely on the results of a comprehensive employee feedback survey used by WorkplaceDynamics, LLC (the administrator of the selection […]

Tax law changes effective January 1, 2016 require some revised planning

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) made permanent many popular but previously temporary tax breaks for individuals and businesses. The PATH Act also enhanced many incentives. These enhancements should not be overlooked in tax planning both for 2016 and future years. Some of the enhancements are discussed here. If you have any questions about these […]

Small business incentives, reforms to ACA taxes, and other proposals in Obama’s FY 2017 budget could gain traction in 2016

Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. President Obama released his FY 2017 budget proposals in February. Other proposals that could be passed by Congress include enhancements to small business tax incentives, […]

White House & Congress take action to increase participation in retirement plans

Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and that the current private pension system is not working well enough to avoid the problem.

A Joint Committee on Taxation study […]

How do I? Arrange an installment payment agreement with the IRS?

The IRS always urges taxpayers to pay their current tax liabilities when due, to avoid interest and penalties. Taxpayers who can’t pay the full amount are urged to pay as much as they can, for the same reason. But some taxpayers cannot pay their full tax liability by the normal April 15 deadline (April 18th in 2016 because of the […]

FAQ: What is the self-rental rule?

Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses from a passive activity cannot use losses from a passive activity to offset nonpassive income, such as wages. A passive activity generally is an activity in which a taxpayer does not “materially participate.” Passive losses that cannot be deducted must be carried over […]

March 2016 tax compliance calendar

March 2016 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 tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2016.

March 2
Employers. Semi-weekly depositors must deposit employment taxes for payroll dates February 24–26.

March 4
Employers. Semi-weekly depositors […]

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