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July 2019

Bipartisan IRS Reform Bill

The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump Read more [...]

Proposed Rules Explain 199A Deduction for Cooperatives and Patrons

Taxpayers may rely on two new pieces of IRS guidance for applying the Code Sec. 199A deduction Read more [...]

Final Rules Limit Charitable Contributions Made for SALT Credits

The IRS has issued final regulations that require taxpayers to reduce the amount any charitable contribution Read more [...]

Final and Proposed Regs on GILTI-Related Matters

Final regulations address the global intangible low-taxed income (GILTI) provisions of Code Sec. Read more [...]

Temporary Regulations Limit Application of Participation DRD To Prevent Tax Avoidance

Newly issued temporary regulations limit the application of the Code Sec. 245A participation Read more [...]

Final Regulations Reduce Section 956 Income Inclusions by Domestic Corporations Owning CFC Stock

Final regulations reduce the Code Sec. 956 amount for certain domestic corporations that own Read more [...]

Employers Can Offer HRAs Integrated with Individual Coverage

Final rules allow employers to use health reimbursement arrangements (HRAs) to reimburse employees for Read more [...]

Final Regs Address CPEO Requirements, Responsibilities

Final regulations provide requirements that a person must satisfy to become and remain a certified professional Read more [...]

June 2019

Corporate Challenge 2019

6/4/19:  Team FS CPAs participated in the 2019 J. P. Morgan Corporate Challenge, in support of the Read more [...]

Proposed Regulations Issued on Withholding on Foreign Partner’s Disposition of Partnership Interest

Highly anticipated proposed regulations have been issued on the withholding required with respect to Read more [...]

May 2019

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 Read more [...]

Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. Read more [...]

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 Read more [...]

We Did It Again!

The Democrat & Chronicle Names Flaherty Salmin CPAs A Four-Time Winner Of The Rochester Top Workplaces Read more [...]

Compliance Monitoring Obligations of Low-Income Housing Credit Agencies Finalized

Final regulations relating to the low-income housing tax credit revise and clarify requirements Read more [...]

Senators Introduce Bipartisan Craft Beverage Modernization and Tax Reform Bill

Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations Read more [...]

Opportunity Zone’s Tax Writers, Stakeholders Criticize IRS’s 50-Percent Locational Rule

The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Read more [...]

February 2019

January 2019

Proposed Regs Provided for Code Sec. 163(j) Limit

The IRS has proposed regulations on the limitation on the business interest expense deduction under Read more [...]

2019 Standard Mileage Rates Released

The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates Read more [...]

Guidance Issued on Nondeductible Portion of Parking Fringe Expenses and UBTI

The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. Read more [...]
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