February 12, 2016
Wayne Naegele
Blog Posts
0 CommentsFAQ: Can the IRS impose penalties if a return is not filed/tax not paid? Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he […]
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February 12, 2016Salvatore RussoBlog Posts0 CommentsTransit benefits parity made retroactive and permanent The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax […]
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January 14, 2016Andrew PrestiBlog Posts0 CommentsPresti & Naegele Becomes IRS Certifying Acceptance Agent Presti & Naegele has recently been authorized by the IRS to act as a Certifying Acceptance Agent. This designation allows the firm to assist foreign clients in obtaining an individual taxpayer identification number (ITIN), a U.S. tax processing number issued by the IRS for foreign individuals who […]
Read moreJanuary 13, 2016Andrew PrestiBlog Posts0 CommentsJanuary 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2016. January 6 Employers. Semi-weekly depositors must deposit employment taxes […]
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January 13, 2016Steve GrgasBlog Posts0 CommentsHow Do I? Elect to be taxed as an S corporation? An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid. Qualified corporation. A corporation qualifies as a small […]
Read moreJanuary 13, 2016Wayne NaegeleBlog Posts0 CommentsFAQ – What are the 2016 optional standard mileage rates for automobile use? The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical, and moving purposes (Notice 2016-1; IR-2015-137). The decline in gas prices appeared to spur the drop in the optional […]
Read moreJanuary 13, 2016Steve GrgasBlog Posts0 CommentsIRS gets budget boost to improve customer service and cybersecurity, curb identity theft Going into the 2016 filing season, the IRS has additional monetary resources to improve customer service and cybersecurity along with curbing identity theft. The fiscal year (FY) 2016 omnibus spending bill approved by Congress and signed into law by President Obama in […]
Read moreJanuary 13, 2016Wayne NaegeleBlog Posts0 CommentsPATH Act provides planning opportunities with permanent extensions of many tax incentives After years of routine temporary extensions, Congress has made permanent a number of previously temporary tax breaks for individuals and businesses as well as extending others. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by President Obama […]
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