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Archive for May 13th, 2020

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aaguanno

Guidance on 163(j) Elections for Legislation, Farming, Real Property

Guidance on 163(j) Elections for Legislation, Farming, Real Property The IRS has released guidance on making the following elections for the business interest deduction limitation: the election out of the 50 percent adjusted taxable income (ATI) limitation for tax years beginning in 2019 and 2020 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]

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aaguanno

BBA Partnerships Can Amend Returns for CARES Benefits

BBA Partnerships Can Amend Returns for CARES Benefits The IRS has set forth rules for BBA partnerships to file amended returns to immediately get benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). “BBA partnerships” are those subject to the centralized partnership audit regime established by the Bipartisan Budget Act of 2015 (BBA) […]

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apresti

EIDL/PPP and NYS Dept. of Labor

EIDL/PPP and NYS Dept. of Labor May 5, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. EIDL/PPP While the Economic Injury Disaster Loan (EIDL) program is currently only accepting new applications from agricultural related businesses, the […]

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