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The
Presti & Naegele Advantage
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Client News
Globes (Not Golden) Win a Film Role for a New York Landmark
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Tax reform discussions continue in Congress on variety of approaches
House and Senate lawmakers have started their ... Read More
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FAQ: What is Country-by-Country reporting?
Country-by-Country (CbC) reporting is part of a larger ...
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How Do I? Deduct student loan interest
An eligible taxpayer can deduct qualified interest on a qualified student loan for ...
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August 2017 tax compliance calendar
As an individual or business ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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IRS continues campaign against worker misclassification
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The IRS remains focused on an issue that doesn’t seem to be going away: the misclassification of workers as independent contractors rather than employees. Recently, the IRS issued still another fact sheet “reminding” employers about the importance of correctly classifying workers for purposes of federal employment taxes (FS-2017-9). Generally, employers must withhold income taxes, withhold and pay social security and Medicare taxes, and pay unemployment tax on wages paid to employees. They are lifted of these obligations entirely for independent contractors, with usually the only IRS-related responsibility being information reporting on amounts of $600 or more paid to a contractor.
Weighing the factors
Whether a worker is an employee or an independent contractor depends on a number of considerations that fall into ... Read More
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Rules for managing tax basis on stock sales worth a look
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A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court that he timely made an election with his broker to use the last-in-first-out (LIFO) method to set his cost-per-share cost basis for determining capital gains and losses on his stock trades on shares of the same company. As a result, he was required to calculate the capital gain or loss on his stock trades using the firm’s first-in-first-out (FIFO) “default” method, which, in his case, yielded a significant increase in tax liability for the year.
Timing stock trades to maximize the tax advantage of long- and short-term capital gains and losses has always made sense ... Read More
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