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September 2019

Capital Gains Indexing, Payroll Tax Cuts

President Trump recently walked back consideration of capital gains indexing and a payroll tax cut, Read more [...]

LB&I Withdraws Guidance on Cost-Sharing Arrangement Stock Based Compensation

The IRS Large Business and International Division (LB&I) has withdrawn its directive to examiners Read more [...]

Proposed Regulations Classify Cloud and Digital Content Transactions

Transactions involving digital content and cloud computing have become common due to the growth of electronic Read more [...]

Final Regs Tweak Safe Harbor for Partnership Allocations of Creditable Foreign Tax Expenditures

The IRS has adopted final regulations with respect to the allocation by a partnership of foreign income Read more [...]

Nondiscrimination Relief for Closed Defined Benefit Plans Extended Again

The temporary nondiscrimination relief for closed defined benefit plans provided in Notice 2014-5, Read more [...]

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules

Proposed regulations increase a vehicle’s maximum value for eligibility to use the fleet-average valuation Read more [...]

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, Read more [...]

100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations

Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year Read more [...]

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders

The Senate’s top tax writers have released the first round of bipartisan task force reports examining Read more [...]

August 2019

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions

Effective July 17, 2019, the list of preventive care benefits that can be provided by a high deductible Read more [...]

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

IRS final regulations provide rules that apply when the lessor of investment tax credit property elects Read more [...]

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership Read more [...]

House Approves Bipartisan Repeal of ACA’s “Cadillac” Tax

The House has approved a bipartisan repeal of the Affordable Care Act’s (ACA) so-called "Cadillac"excise Read more [...]

Trump Signs Bipartisan IRS Reform Legislation Into Law

On July 1, President Trump signed into law a sweeping, bipartisan IRS reform bill called the Taxpayer Read more [...]

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 [...]

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 [...]
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