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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 […]

How Do I? Use Section 529 plans for elementary and secondary school tuition

The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary school. Section 529 plans used to only be allowed for college tuition, up to full tuition amounts. That […]

Pour For Puerto Rico

01/11/18 – Tim Flaherty, Managing Partner at FS CPAs served as a guest bartender at PathStone’s Pour for Puerto Rico event at the City Grill in Rochester, to benefit families in Puerto Rico impacted by the recent disasters. The event was a huge success and raised over $4,500 dollars. Thank you to everyone who came out in support of this […]

Top 10 tax developments with impact on 2018

The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move forward into the New Year:

 

#1: Tax Cuts and Jobs Act

A sweeping rewrite of […]

Standard mileage rates increase, while higher depreciation limits kick in

The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

54.5 cents per mile for business miles driven (up […]

CDS Monarch Holiday Giving 2017

We adopted 5 individuals this past holiday season through the CDS Monarch annual Families in Need Holiday program and fulfilled their wish lists with winter necessities and small gift items. The Families in Need fund helps support individuals/families served by CDS Monarch with expenses for basic necessities to ensure adequate care for an individual with a disability.

Christmas Party 2017

Firm staff gather at the Brooklea Country Club to celebrate the Holiday Season.

January 2018 FS-CPA Employee Promotions

The Partners are excited to announce the following promotions effective January 1, 2018:

· Jenn Hettel has been promoted to Senior Accountant

· Noelle Obaid has been promoted to Supervisor

· Adam Janas has been promoted to Manager

Please join us in congratulating them!

New year brings new tax code

January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to review their tax strategies for the new law. The changes are […]

January 2018 tax compliance calendar

January 4

Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29.

 

January 5

Employers. Semi-weekly depositors must deposit employment taxes for Dec. 30 and Dec. 31, Jan 1 and Jan 2.

 

January 10 

Employees who work for tips. Employees who received $20 or more in tips during December must report them to their employer using Form 4070.

Employers. Semi-weekly depositors must deposit employment taxes for Jan 3-Jan. 5.

 

January […]

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