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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.

Proposed Regs Address Terminated S Corporation Distributions

The IRS has proposed regulations that define an eligible terminated S corporation (ETSC), and provide rules relating to distributions of money by an ETSC after the post-termination transition period (PTTP). The proposed regulations also extend the treatment of distributions of money during the PTTP to all shareholders of the corporation, and update and clarify the allocation of current earnings and […]

Section 280E is Constitutional: Marijuana Dispensary’s Business Deductions Disallowed

A California-based medical marijuana dispensary corporation’s motion for summary judgment challenging the constitutionality of Code Sec. 280E was denied. The Tax Court also addressed whether Code Sec. 280E applies to marijuana businesses legally operating under state (California) law, and whether the prohibition on deductions is limited to ordinary and necessary business expenses.

Section 280E

Congress enacted Code Sec. 280E after the court […]

Treasury, IRS Release Draft Opportunity Zone Reporting Form

Treasury and the IRS on October 31 announced the release of a new, draft form implementing certain reporting requirements under the Tax Cuts and Jobs Act Opportunity Zone program.

The proposed Form 8996 for Qualified Opportunity Funds (QOFs) comes after numerous calls on Capitol Hill for more transparency within the Opportunity Zone program. “The form is designed to collect information on […]

Senate Blocks Democrats’ Push to Overturn SALT Cap Workaround Rules; Vaping Tax Bill Clears Committee

The Senate blocked a Democratic resolution on October 23 to overturn Treasury rules preventing certain workarounds to the $10,000 state and local tax (SALT) federal deduction cap.

SALT Cap Workaround

Senate Democrats’ resolution, S.J. Res. 50, forced a vote on Wednesday to nullify Treasury regulations that block taxpayers from circumventing the SALT cap through certain states’ programs that convert state and local […]

Top Senate Tax Writers Call for Action on SECURE Act

Senate Finance Committee (SFC) Chair Chuck Grassley, R-Iowa, and other top Senate tax writers are calling for Senate action on the bipartisan Setting Every Community Up for Retirement Enhancement Secure bill (HR 1994) (SECURE Act). The House-approved, bipartisan retirement savings bill has remained stalled in the Senate since May.

SECURE Act’s Route to Senate Floor Remains Unclear

Grassley’s communications director Michael Zona […]

Hopes for Year-End Tax Extenders Package Appear Dwindling

Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill.

Tax Extenders Need a Legislative Vehicle

Over 30 expired or soon-to-be expired tax breaks known as tax extenders were originally considered a top contender for hitching a ride on a larger, must-pass government funding bill. Considering the lack of time left on the legislative calendar this year, a […]

Proposed Rules Clarifying Carried Interest Limitation Expected Early 2020, Kautter Says

Treasury and the IRS are expected to release proposed rules in “early 2020” that would clarify certain limitations on the carried interest tax break, according to David Kautter, Treasury’s assistant secretary for tax policy. Kautter briefly addressed the proposed regulations’ timeline while speaking at the American Institute of CPAs (AICPA) 2019 National Tax Conference in Washington, D.C.

Carried Interest Limitation

The forthcoming […]

IRS Increases Enforcement Action on Syndicated Conservation Easements, IR-2019-182

The IRS has announced a significant increase in enforcement actions for syndicated conservation easement transactions. This is a “priority compliance area” for the agency.

Throughout the IRS, coordinated examinations are being conducted in the Small Business and Self-Employed (SB/SE) Division, Large Business and International (LB&I) Division, and Tax Exempt and Government Entities (TE/GE) Division. The IRS Criminal Investigation (CI) Division has […]

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