March 21, 2022
Wayne Naegele
Blog Posts
0 CommentsNo 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 most of the country, despite the significant backlog in processing of paper tax returns and other mail correspondence that can have an impact in the current the […]
Read moreDecember 22, 2021Wayne NaegeleBlog Posts0 CommentsPPP 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) timing issues; (2) partner and consolidated group member basis adjustments; and (3) filing of amended partnership returns and information statements. Timing of Tax-exempt IncomeA taxpayer that received a PPP loan […]
Read moreOctober 01, 2021Wayne NaegeleP&N News0 CommentsOctober 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 has worked with the firm for more than 15 years, becomes the firm’s seventh partner. Her high level of client service, teamwork and commitment has made her a […]
Read moreSeptember 28, 2021Wayne NaegeleP&N News0 CommentsSeptember 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 workaround to the limitation on the State and Local Tax (SALT) deduction imposed by the federal Tax Cuts and Jobs Act (TCJA) of 2017. The […]
Read moreMarch 30, 2021Wayne NaegeleBlog Posts0 CommentsMarch 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 businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan […]
Read moreMarch 17, 2021Wayne NaegeleBlog Posts0 CommentsIRS Urges Employers to Claim Employee Retention Credit The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division […]
Read moreFebruary 08, 2021Wayne NaegeleBlog Posts0 CommentsFebruary 8, 2021 Dear Clients, Colleagues and Friends, By this point, many of us are familiar with some of the key highlights of the Consolidated Appropriations Act, 2021 (CAA) which was signed into law on December 27, 2020. Some of the key highlights include a new round of PPP Loans, new stimulus payments and streamlined […]
Read moreJanuary 14, 2021Wayne NaegeleBlog Posts0 CommentsJanuary 14, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA […]
Read moreJanuary 08, 2021Wayne NaegeleBlog Posts0 CommentsJanuary 8, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA) announced today that beginning on Monday, January 11, 2021, there will be a targeted rollout of a new round of Paycheck Protection Program (PPP) Loans. The new round will initially be made available exclusively for first-time borrowers who apply at community financial […]
Read moreDecember 22, 2020Wayne NaegeleBlog Posts0 CommentsDecember 22, 2020 Dear Clients, Colleagues and Friends, On Sunday night, it was announced that a deal was reached on a $900 billion COVID aid bill, which includes financial assistance and provisions for households and businesses. At the time of this email, the final version of the bill has passed in the House of Representatives […]
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