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Andrew Presti

Deducting receivables as bad business debts

While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the […]

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Andrew Presti

Congress readies enhanced small business tax bill

A package of small business tax incentives, as part of the larger Small Business Jobs Act of 2010 (H.R. 5297) has been slowly making its way through Congress over the past several months. However, on July 29 members of the Senate effectively blocked a final vote on the H.R. 5297, pushing the prospects for passage […]

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Andrew Presti

Preparing for the possible return of pre-EGTRRA individual tax rates

In less than six months, unless Congress acts, the individual marginal income tax rate reductions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) will expire. While the timetable for addressing the EGTRRA tax cuts is not certain, the approaching sunset of the individual rate reductions, the possibility for their extension, and […]

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Andrew Presti

Treasury: 5.6M hires qualify for new tax break

WASHINGTON – Businesses have hired 5.6 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said Monday. The report, however, does not estimate how many of those jobs would have been added without the tax break. President Barack Obama signed a law in March that exempts businesses […]

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Andrew Presti

Dividends Rise, Tax Hikes May Follow

Starbucks, GE, and others are boosting dividends, but it’s up to Congress to decide how much dividend income shareholders will keep. U.S. shareholders are seeing companies boost dividends again, after two years of sharp declines in payouts. However, at the same time, taxes on their dividends could be heading higher, taking a bite out of […]

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