2022-05-31 18:19
Salvatore Russo discusses, “IRS Dispels Common Tax Refund Myths”.Thomas Zanata takes a look at, “IRS Provides Reasons Why Some Tax Refunds Filed Electronically Take Longer… Read More
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2022-05-31 18:19
Salvatore Russo discusses, “IRS Dispels Common Tax Refund Myths”.Thomas Zanata takes a look at, “IRS Provides Reasons Why Some Tax Refunds Filed Electronically Take Longer… Read More
2022-05-31 17:03
The Government Accountability Office (GAO) has issued a report on IRS’ performance during the 2021 tax filing season. The report assessed IRS’ performance during the 2021 filing… Read More
2022-05-31 17:02
The Supreme Court reversed and remanded a Court of Appeals decision and held that Code Sec. 6330(d)(1)’s 30-day time limit to file a petition for review of a collection due proces… Read More
2022-05-31 17:01
The IRS has issued a guidance stating that government employees who receive returns or return information pursuant to disclosures under Code Sect. 6103(c), are subject to the disclosure… Read More
2022-05-31 17:01
The IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse condition… Read More
2022-05-31 17:00
Taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters from the IRS in April. Taxpayers who attached Form 8996, Qualif… Read More
2022-05-31 16:59
The gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion, IRS Commissioner Charles Rettig told members of the House Committee on Oversi… Read More
2022-05-31 16:58
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first… Read More
2022-05-31 16:57
Internal Revenue Service Commissioner Charles Rettig remained positive that the agency will be able to return to a normal backlog of unprocessed returns and other mail correspondence by the… Read More
2022-05-31 16:54
The IRS informed taxpayers that it will send Notices CP2100 and CP2100A notices to financial institutions, businesses, or payers who filed certain types of information returns that do not ma… Read More
2022-03-23 17:38
Wayne Naegele discusses, “No Filing Deadline Extension Recommended Despite IRS Backlog – NTA”.Steve Grgas takes a look at, “Simplified Return Filing Procedures Let In… Read More
2022-03-21 21:34
No Filing Deadline Extension Recommended Despite IRS Backlog – NTA
The Internal Revenue Service should not extend the individual filing tax deadline, currently set at April 18 for m… Read More
2022-03-21 21:33
Simplified Return Filing Procedures Let Individuals Claim 2021 Child, Recovery Rebate and Earned Income Credits
Individuals who are not required to file tax returns for 2021 may use simpl… Read More
2022-03-21 21:33
IRS Begins 2022 Tax Season and Issues Tips for a Smooth Filing Season
The IRS has reminded taxpayers to take extra precautions to file accurate tax returns electronically to speed refunds… Read More
2022-03-21 21:32
IRS Backs Off of Facial Recognition Verification
The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use faci… Read More
2022-03-21 21:31
Form 14457, Voluntary Disclosure Practice Preclearance Request and Application Has Been Updated
The IRS has announced that Form 14457, Voluntary Disclosure Practice Preclearance Request a… Read More
2022-03-21 21:30
Treasury Secretary Yellen Promotes Corporate Minimum Tax
A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Ye… Read More
2022-03-21 21:30
Further Details Provided on Relief in Preparing Schedules K-2 and K-3
The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporat… Read More
2022-03-21 21:28
AICPA Requests Guidance On How To Handle Prepayment Of Events Canceled By COVID
The American Institute of CPAs has asked the Internal Revenue Service to issue updated guidance on how to a… Read More
2022-02-17 01:26
Andrew Presti takes a look at, “IRS Highlights Online Tools and Resources Ahead of Tax Filing Season.”
Salvatore Russo examines, “2022 Inflation Adjustments for Pension Pla… Read More
2022-02-16 00:23
IRS Highlights Online Tools and Resources Ahead of Tax Filing Season
The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to fi… Read More
2022-02-16 00:18
IRS Highlights Special Charitable Tax Benefit
The IRS has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to… Read More
2022-02-16 00:16
State And Local Fiscal Recovery Funds Program Final Rule Issued
The U.S. Department of the Treasury issued the final rule implementing the State and Local Fiscal Recovery Funds (SLFRF) Pr… Read More
2022-02-16 00:05
National Taxpayer Advocate Delivers Annual Report to Congress
The National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called t… Read More
2022-02-16 00:04
Conservation Easement Extinguishment Proceeds Regulation Found Invalid
D.F. Hewitt, CA-11, 2022-1 ustc¶50,102
The IRS’s interpretation of Reg. §1.170A-14… Read More
2022-02-16 00:02
Low-Income Housing Credit Deadlines Extended
Notice 2022-5
The IRS extended several deadlines related to the low-income housing credit, in response to the continuing coronavirus (COVID… Read More
2022-02-16 00:01
Final Regulations Address Foreign Tax Credit Issues
The Treasury and IRS have issued final regulations affecting taxpayers that claim credits or deductions for foreign income taxes or cla… Read More
2022-02-16 00:00
ABA Section Calls For Research Credit Refund Claim Regs
The American Bar Association’s Section of Taxation is asking the Internal Revenue Service to issue regulations related to the… Read More
2022-01-03 21:46
January 3, 2022
Dear Clients, Colleagues and Friends,
The Internal Revenue Service will be sending information letters to recipients of Advance Child Tax Credit Payments and third Econ… Read More
2021-12-23 21:29
Wayne Naegele discusses, “PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued”.
Steve Grgas examines, “IRS Releases 2022 Inflation-Adjusted Tax Tables, Sta… Read More
2021-12-22 19:51
President Biden Signs Infrastructure Bill
The bipartisan infrastructure bill passed the House of Representatives in a late night vote on November 5 by a 228-206 vote with 13 Republicans c… Read More
2021-12-22 19:50
IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts
The IRS has released the annual inflation adjustments for 2022 for the income tax rate tables, p… Read More
2021-12-22 19:49
2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released
The 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-rel… Read More
2021-12-22 19:48
PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued
The IRS has released additional Paycheck Protection Program (PPP) loan forgiveness guidance. The guidance addresses (1) t… Read More
2021-12-22 19:47
Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals
The IRS issued guidance related to the application of the per diem rules under Rev. Proc. 2019-48 to the… Read More
2021-12-22 19:45
Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments
The IRS has released guidance which addresses the federal income tax treatment and information reporting re… Read More
2021-12-22 19:42
Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier
The IRS has urged taxpayers, including ones who received stimulus payments or advance Child Tax Credit payments, to follow som… Read More
2021-12-22 19:40
G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent
All members of the G20 on October 30 endorsed a global corporate minimum tax rate of 15 percent in an effort to eliminate coun… Read More
2021-12-22 19:39
Jurisdiction Over Petition for Redetermination of Whistleblower’s Award Not Extinguished by Death
In a case of first impression, the Tax Court retained jurisdiction over a petition… Read More
2021-12-22 19:37
S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale
An S corporation’s disposition of a major league baseball team was a disguised sale to a newly for… Read More
2021-11-09 19:26
Brian Whelan discusses, “Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits”.
Elias Koumniote examines, “Qualified Sick… Read More
Temporary, Proposed Regs Authorize Assessment Of Erroneous Refund Of COVID-19 Employment Tax Credits
2021-10-22 18:04
Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits
The IRS has issued temporary and proposed regulations that authorize the assessment of… Read More
2021-10-22 18:04
Qualified Sick and Family Leave Wages Reporting Guidance Issued
The IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and fami… Read More
2021-10-22 18:02
IRS Reminder for Classification of Workers as Employees or Independent Contractors
The IRS has emphasized the importance of correctly determining whether the individuals providing service… Read More
2021-10-22 17:59
2021-2022 Special Per Diem Rates Released
The IRS has released the 2021-2022 special per diem rates. Taxpayers use the per diem rates to substantiate certain expenses incurred while trave… Read More
2021-10-22 17:59
Final Foreign Partner Withholding Regulations To Be Deferred Until 2023
The IRS has announced that it intends to defer until 2023 the applicability of certain final regulations under &hell…Read More
2021-10-22 17:58
IRS Reminds Taxpayers to File and Pay 2020 Tax Returns by October 15 Due Date
The IRS has reminded taxpayers to file their 2020 tax returns by the upcoming October 15, 2021 due date. Taxp… Read More
2021-10-22 17:56
Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters
The IRS has reminded taxpayers to develop emergency preparedness plans due to the upcoming hurrican… Read More
2021-10-22 17:56
Use of E-Signatures Approved for Certain Forms
The IRS has allowed taxpayers to use electronic or digital signatures on certain paper forms they cannot file electronically. The Service ha… Read More
2021-10-22 17:55
Tax Court Had Jurisdiction Over Innocent Spouse Case
The Tax Court had jurisdiction to determine the appropriate relief available to an individual who sought innocent spouse relief for tw… Read More
2021-10-01 07:44
October 1, 2021
Dear Clients, Colleagues and Friends,
Presti & Naegele is pleased to announce the promotion of our colleague Annemarie Aguanno, CPA to Partner.
Annemarie, who ha… Read More
2021-09-28 07:45
September 28, 2021
Dear Clients, Colleagues and Friends,
For tax years beginning on or after January 1, 2021, New York has implemented a new Pass-Through Entity Tax (PTET) as a workaro… Read More
2021-09-21 16:50
Presti & Naegele is pleased to announce the launch of their YouTube Channel.
Steve Grgas discusses, “Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of… Read More
2021-09-14 00:51
2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease i… Read More
2021-09-14 00:51
Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021
The IRS has issued guidance for employers claiming the employee retention credit under Code Sec… Read More
2021-09-14 00:50
Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit
The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts… Read More
2021-09-14 00:49
Transition Relief Guidance for Employers Claiming the WOTC
The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51… Read More
2021-09-14 00:49
PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained
The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allo… Read More
2021-09-14 00:48
IRS Releases Information on CTC; Update Portal for Payments
The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the… Read More
2021-09-14 00:47
Foreign Tax Credit Did Not Apply Against Net Investment Income Tax
The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue… Read More
2021-09-14 00:47
Guidance Provided on Premium Assistance for COBRA Continuation Coverage
The IRS provided additional guidance on the application of the American Rescue Plan Act of 2021 (ARP) (P.L. 117-2)… Read More
2021-09-14 00:45
Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing
A missing or unknown federal gift tax return could constitute reasonable cause for the late filing of an estate tax retur… Read More
2021-09-10 16:42
September 10, 2021Dear Clients, Colleagues and Friends,On September 8, 2021, the U.S. Small Business Administration announced that it is increasing the maximum amount small businesses and no… Read More
2021-08-15 17:25
Salvatore Russo discusses, “Penalty Relief for Certain Pass-through Forms”.
Brian Whelan takes a look at, “Farm NOL Election Procedures Provided”.
Angelica Farr… Read More
2021-08-15 17:14
IRS Announces New Online Tools to Help Taxpayers Manage Child Tax Credit Payments
The IRS has announced the launch of
two new online tools to help families verify, manage and monitor
mo… Read More
2021-08-15 17:13
No Surprise Billing Act Interim and Proposed Regulations
The Departments of the Treasury,
Labor, and Health and Human Services (the Departments), have issued
interim final rules and ide… Read More
2021-08-15 17:13
IRS Issues Proposed Electronic Filing Requirements for Specified Returns and Other Documents
The IRS has proposed regulations
that would amend the rules for filing electronically and aff… Read More
2021-08-15 17:13
Penalty Relief for Certain Pass-through Forms
Partnerships, S corporations, and
U.S. persons with interests in foreign partnerships may rely on
transition relief from penalties for tax… Read More
2021-08-15 17:12
Treasury Secretary Yellen Addresses Support for Corporate Global Minimum Tax
Secretary of the Treasury Janet
L.Yellen addressed the support for a global minimum tax for corporations
at… Read More
2021-08-15 17:12
Farm NOL Election Procedures Provided
The IRS has provided a procedure
for making elections and revocations under Act Sec. 2303(e) of the
Coronavirus Aid, Relief, and Economic Security… Read More
2021-08-15 17:11
IRS Provides Answers to Question Pertaining to Treasury Grants and Related Taxes
The IRS has provided answers to
questions that certain transportation companies may have regarding
Treas… Read More
2021-08-13 15:57
IRS Highlights Website and Online Tools
The IRS reminded taxpayers that
their website ( www.irs.gov) provides millions of visitors with the
answers they need to fit their busy summ… Read More
2021-07-29 14:33
July 29, 2021
Dear Clients, Colleagues and Friends,
The
SBA has announced the opening of a Paycheck Protection Program Direct
Forgiveness Portal. This will allow borrowers to apply f… Read More
2021-07-22 00:35
July 22, 2021
Dear Clients, Colleagues and Friends,
On
July 15, 2021 the IRS made the first of six monthly advanced Child Tax
Credit payments to eligible taxpayers. These payments… Read More
2021-07-22 00:15
Annemarie Aguanno examines, “Experts: IRS Guidance Needed on American Rescue Plan”.
Donald Sager discusses, “American Rescue Plan Tax Credit FAQs”.
Lisa Varela discus… Read More
2021-07-15 16:19
Supreme Court Rejects Affordable Care Act Challenge
The Supreme Court has reversed and
remanded California v. Texas, holding that the Plaintiffs do not have
standing to challenge t… Read More
2021-07-15 16:18
Child Tax Credit Letters Being Sent
The IRS has started sending letters
to over 36 million families who, based on tax returns filed, may be
eligible to receive monthly child tax credit… Read More
2021-07-15 16:18
Final Disaster Deadline Postponement Regulations
The IRS has finalized regulations
relating to the mandatory 60-day postponement of certain time-sensitive
tax-related deadlines by reaso… Read More
2021-07-15 16:18
American Rescue Plan Tax Credit FAQs
The IRS issued two new, separate
sets of frequently-asked-questions (FAQs) to assist families and small
and mid-sized employers) in claiming credits… Read More
2021-07-15 16:17
Residential Rental Property Depreciation Procedures
The IRS has released a revenue
procedure explaining how a taxpayer changes its method of computing
depreciation for certain residenti… Read More
2021-07-15 16:17
Eligible Partnerships May File Amended Returns
An eligible partnership may file
amended partnership returns for tax years beginning in 2018, 2019, and
2020 by filing a Form 1065, U… Read More
2021-07-15 16:16
Marriage Was Valid for Estate Tax Purposes
An estate was allowed a marital
deduction because the decedent’s marriage was valid in the country of
celebration. The decedent, who was… Read More
2021-07-15 15:11
BEAT QDP Reporting Requirement Deferred
The Treasury Department and the IRS
have announced that they intend to amend the base erosion and
anti-abuse tax (BEAT) regulations under Co… Read More
2021-06-10 19:28
June 10, 2021
Dear Clients, Colleagues and Friends,
New
York State has launched a Business Pandemic Recovery Initiative website
to highlight some of their business pandemic recovery… Read More
2021-04-13 16:07
Salvatore Russo discusses, “2020 Filing Deadline for Individuals Extended to May 17”.
Brian Whelan takes a look at, “Biden Signs COVID-19 Relief Package”.
Thoma… Read More
2021-04-07 17:49
2020 Filing Deadline for Individuals Extended to May 17
The IRS and the Treasury Department
have automatically extended the federal income tax filing due date for
individuals for the 20… Read More
2021-04-07 17:48
Experts: IRS Guidance Needed on American Rescue Plan
The IRS needs to issue new rules
and guidance to implement the American Rescue Plan, experts said on
March 11 as President Joe Biden… Read More
2021-04-07 17:48
Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support
Strengthening tax breaks to promote
manufacturing received strong bipartisan support at a Senate Finance
Commit… Read More
2021-04-07 17:48
Biden Signs COVID-19 Relief Package
On March 11, 2021, President Biden
signed the American Rescue Plan Act of 2021. Some of the tax-related
provisions include the following:
2021 Rec… Read More
2021-04-07 17:47
Cash Rewards for Money Order, Debit Card Purchases Included in Income
The Tax Court ruled that rewards
dollars that a married couple acquired for using their American Express
credit car… Read More
2021-04-07 17:47
IRS Unopened Mail Backlog is Gone, Says Rettig
IRS Commissioner Charles “Chuck”
Rettig told Congress on February 23 that the backlog of 20 million
unopened pieces of mail is… Read More
2021-04-07 17:47
National Virtual Settlement Days Announced
The IRS Office of Chief Counsel has
embarked on its most far-reaching Settlement Days program by declaring
the month of March 2021 as National… Read More
2021-04-07 17:46
Individual Not Entitled to Innocent Spouse Relief
An individual who owned a limited
liability company (LLC) with her former spouse was not entitled to
relief from joint and several liab… Read More
2021-04-07 17:46
Penalty Not Timely Approved by Revenue Agent’s Supervisor
A married couple’s civil fraud
penalty was not timely approved by the supervisor of an IRS Revenue
Agent (RA) as re… Read More
2021-03-30 15:54
March 30, 2021
Dear Clients, Colleagues and Friends,
On
March 24, 2021, the U.S. Small Business Administration (SBA) announced
that it is increasing the maximum amount small business… Read More
2021-03-26 17:38
Wayne Naegele discusses, “IRS Urges Employers to Claim Employee Retention Credit”.
Steve Grgas takes a look at, “New Form for Self-Employed COVID-19 Leave Credits”.
A… Read More
2021-03-17 18:08
New Form for Self-Employed COVID-19 Leave Credits
The IRS has released new Form 7202,
Credits for Sick Leave and Family Leave for Certain Self-Employed
Individuals. The form allows elig… Read More
2021-03-17 18:07
Lenders Notified to File Corrected Forms 1099-MISC to Exclude Subsidized Loan Payments
The IRS has announced that lenders
who had filed or furnished Form 1099-MISC, Miscellaneous Informa… Read More
2021-03-17 18:07
Teachers Receive Safe Harbor for Certain COVID-related Expenses
The IRS is providing a safe harbor
for eligible educators to deduct certain unreimbursed COVID-19-related
expenses. The s… Read More
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