The IRS has provided a safe harbor allowing a trade or business that manages or operates a qualified residential living facility to be treated as a “real property trade or business” solely for purposes of qualifying to make the Code Sec. 163(j)(7)(B) election. This guidance formalizes the proposed safe harbor issued in Notice 2020-59, I.R.B. 2020-34, 782. Taxpayers may apply […]
The IRS has released final regulations addressing the post-2017 simplified accounting rules for small businesses. The final regulations adopt and modify proposed regulations released in August 2020.
Implementation of the Rules
The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test for determining whether certain taxpayers qualify as small taxpayers that can use […]
Final regulations clarify the definition of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA, P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment.
The final regulations largely adopt regulations that were proposed in June ( NPRM REG-117589-18). However, they also:
The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings:
deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and
provide a safe harbor for deducting expenses if PPP loan forgiveness is denied or the taxpayer does not apply for forgiveness.
The IRS has issued final regulations under Code Sec. 274 relating to the elimination of the employer deduction of for transportation and commuting fringe benefits by the Tax Cuts and Jobs Act ( P.L. 115-97), effective for amounts paid or incurred after December 31, 2017. The final regulations address the disallowance of a deduction for the expense of any qualified transportation fringe (QTF) […]
The IRS has issued proposed regulations for the centralized partnership audit regime that:
clarify that a partnership with a QSub partner is not eligible to elect out of the centralized audit regime;
add three new types of “special enforcement matters” and modify existing rules;
modify existing guidance and regulations on push out elections and imputed adjustments; and
clarify rules […]
The IRS has issued final regulations with guidance on how a tax-exempt organization can determine whether it has more than one unrelated trade or business, how it should identify its separate trades and businesses, and how to separately calculate unrelated business taxable income (UBTI) for each trade or business – often referred to as “silo” rules. Since 2018, under provisions of the […]
Final regulations issued by the Treasury and IRS coordinate the extraordinary disposition rule that applies with respect to the Code Sec. 245A dividends received deduction and the disqualified basis rule under the Code Sec. 951A global intangible low-taxed income (GILTI) regime. Information reporting rules are also finalized.
Extraordinary Disposition Rule and GILTI Disqualified Basis Rule
The extraordinary disposition rule (EDR) in Reg. §1.245A-5 and the GILTI disqualified basis […]
December 7, 2020 – ROCHESTER, NY – Flaherty Salmin CPAs , a tax and accounting firm headquartered in Rochester, New York, has again joined the ranks of the top recommended tax and accounting firms across the country. For the second year, Forbes partnered with market research company, Statista, the world-leading statistics portal and industry ranking provider, to create a – […]
The IRS has provided guidance to taxpayers that want to apply either Reg. §1.168(k)-2 and Reg. §1.1502-68, or want to rely on proposed regulations under NPRM REG-106808-19, for:
certain depreciable property acquired and placed in service after September 27, 2017, by the taxpayer during its tax years ending on or after September 28, 2017, and before the taxpayer’s first tax year that begins on […]
Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a five-year period. The final regulations adopt without modification proposed regulations released earlier this year ( NPRM REG-124327-19).
Getting your business off the ground is an exciting time for any entrepreneur. Your hard work, commitment, and planning have provided the ultimate payoff—you’re making money! But many business owners aren’t equipped to handle the onslaught of financial questions and big decisions that their businesses face early on; how should I set up my business? How do I file my […]
The Treasury and IRS have issued final and proposed regulations under the global intangible low-taxed income (GILTI) and subpart F provisions for the treatment of high-taxed income. The final regulations provide guidance on determining the type of high-taxed income that is eligible for the exclusion (the “GILTI high-tax exclusion” or GILTI HTE).
Proposed regulations generally conform the rules for the subpart […]
The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the treatment of suspended losses included in qualified business income (QBI), the deduction allowed to a shareholder in a regulated investment company (RIC), and additional rules related to trusts and estates. The IRS had previously issued […]
NY (MARCH 30, 2020) – Ask any CPA what they’ve been up to lately, and the unanimous
answer is, “working.” Even though the
April 15 tax deadline has been extended to July 15, the team at Flaherty Salmin
CPAs is still busily preparing financial
reports and tax returns for their corporate, affordable housing, and
personal clients, while also helping businesses, organizations and individuals
navigate the financial […]
The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes.
Due to changes in marital, parental or financial status, millions of workers may qualify for EITC for the first time this year. The IRS urges […]
December 23, 2019 –
– 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 […]
The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk. Trump is expected to sign the bill into law.
The reworked Taxpayer First Act ( HR 3151) cleared the Senate on the evening of June 13. The revamped measure had been approved unanimously in the House on June 10.
“After years of good-faith, bipartisan work, our IRS […]
6/4/19: Team FS CPAs participated in the 2019 J. P. Morgan Corporate Challenge, in support of the United Way of Greater Rochester. The annual race was held once again at Frontier Field in Rochester. Our team styled in their neon green Flaherty Salmin shirts! The post-race cool down was held at the Gate House in Village Gate.
Managing Partner Tim Flaherty was interviewed by WBEE’s Steve Hausmann on income taxes, tax season and how Flaherty Salmin CPAs de-Stresses during its busy tax season. The interview aired on Entercom’s 5 Rochester radio stations 3/17/19. https://wbee.radio.com/
March 27, 2019
Flaherty Salmin CPAs was honored at the 2019 Top Workplaces reception by receiving the Small Company Ambassador Award.
Top Workplace ambassador companies have shown superior passion about being recognized as a Top Workplace in Rochester!They abundantly exude a positive energy, as well as attract and project increased excitement in representing that they are a Top Workplace. Ambassador companies […]
The Democrat & Chronicle Names Flaherty Salmin CPAs A Four-Time Winner Of The Rochester Top Workplaces Award
ROCHESTER, NY (MARCH 28, 2019) – Flaherty Salmin CPAs has been awarded a Top Workplaces 2019 honor for the fourth consecutive year by The Democrat and Chronicle, placing in the top 50% of employers for the small business category. This honor is based solely on […]
Great fun was had at the Firm’s annual ugly sweater party! This year we added a work space decorating competition. The staff creatively decorated their work spaces in different themes, here are some of the highlights…