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January 2020

New Rules Proposed on Charitable Contribution Related to SALT Benefits

The IRS has released new proposed rules related to charitable contributions made to get around the $10,000/$5,000 Read more [...]

Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception

Final regulations provide rules on the attribution of ownership of stock or other interests, for determining Read more [...]

IRS Releases Final and Proposed BEAT Regulations

The IRS has issued final and proposed regulations implementing the base erosion and anti-abuse tax (BEAT) Read more [...]

Final and Proposed Regulations Address Foreign Tax Credit

The IRS has issued highly anticipated final regulations on the significant changes made to the foreign Read more [...]

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 Read more [...]

Final Regulations on Calculation of UBTI Issued

The IRS has released final regulations that present guidance on how certain organizations that provide Read more [...]

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 Read more [...]

TIGTA Recommends Improvements to Consistent Suitability Checks for Participation in IRS Programs

TIGTA Final Audit Report The Treasury Inspector General for Tax Administration (TIGTA) has released Read more [...]

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 Read more [...]

Ugly Sweater Party 2019

Firm-wide Ugly Sweater Party. Congratulations to 2019 winners Vlad A. for Ugliest Sweater and Terri Read more [...]

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 Read more [...]

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 Read more [...]

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 Read more [...]

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 Read more [...]

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 Read more [...]

Cryptocurrency Guidance, Virtual Currency FAQs Released

The IRS has released cryptocurrency guidance and frequently asked questions (FAQs) on virtual currency. Read more [...]

Final Regs Revert Back to Prior Partnership Disguised Sale Rules

New final regulations that address the allocation of partnership liabilities for disguised sale purposes Read more [...]

Proposed Regs Address Tax Implications of LIBOR Elimination

Proposed regulations provide guidance on the potential tax consequences of replacing the London interbank Read more [...]

October 2019

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired Read more [...]

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation Read more [...]

Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans

The IRS has issued final regulations that amend the rules relating to hardship distributions from Code Read more [...]

Proposed Regulations Released on Applicable Financial Statement for All-Events Test

For a taxpayer using an accrual method of accounting, the all events test is not met for item of gross Read more [...]

Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral

Taxpayers may use the automatic consent procedures to change accounting methods to comply with the recent Read more [...]

Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided

Amendments to have been proposed to update the information reporting regulations under Code Sec. 6033, Read more [...]
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