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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
Aidia Studio and McKenzie Turn a Bus Into a Mobile Meditation Studio ... Read More
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How do I... Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents ... Read More
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Administration’s FY 2019 Budget Prioritizes IRS Enforcement, Proposes Few Tax-Law Changes
The Trump administration on Feb...
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IRS Releases Second Quarter Guidance Update; Focus On New Law
The Treasury and IRS have released their second quarter update to the ...
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Additional Partnership Audit Regs Tackle Basis/Capital Accountscalendar
New proposed regulations under the centralized ...
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IRS Issues Guidance On Accounting Period Changes By Foreign Corporations To Prevent Avoidance of Transition Tax
The IRS has issued guidance for certain specified foreign corporations owned by ...
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IRS Posts Best Practices For Individual Mandate
The IRS has posted best practices for return preparers ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Trump Signs Bipartisan Budget Act; Tax Extenders Included
By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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 President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a 240-to-186 vote. The Senate approved the bipartisan measure a few hours earlier, by a 71-to-28 vote.
Take away. The Bipartisan Budget Act contains a significant number of tax provisions, including disaster tax relief and the extension of over 30 expired tax breaks. The majority of the tax relief included in the legislation applies for the 2017 tax year only. The full impact of these retroactive changes on the current filing season ... Read More
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Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations
By: Elias Koumniotes, Senior Tax Manager
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The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal.
Take away. "We continue our work to ensure that our tax regulatory system promotes economic growth," Treasury Secretary Steven Mnuchin said in a statement. "These 298 regulations serve no useful purpose to taxpayers and we have proposed eliminating them. I look forward to continuing to build on our efforts to make the regulatory system more efficient and effective."
Background
The Treasury began reviewing IRS regulations in response to two Executive Order (EO) issued in 2017. The first EO directed each agency to establish a Regulatory Reform Task Force. ... Read More
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