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Archive for October 22nd, 2021

aaguanno

Tax Court Had Jurisdiction Over Innocent Spouse Case

Tax Court Had Jurisdiction Over Innocent Spouse Case The Tax Court had jurisdiction to determine the appropriate relief available to an individual who sought innocent spouse relief for two tax years at issue. Initially, the taxpayer submitted a request for innocent spouse relief for one tax year, which the IRS denied in a final determination. […]

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wnaegele

Annemarie Aguanno, CPA, Promoted to Partner

October 1, 2021 Dear Clients, Colleagues and Friends, Presti & Naegele is pleased to announce the promotion of our colleague Annemarie Aguanno, CPA to Partner. Annemarie, who has worked with the firm for more than 15 years, becomes the firm’s seventh partner. Her high level of client service, teamwork and commitment has made her a […]

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wnaegele

NYS Pass-Through Entity Tax (PTET)

September 28, 2021 Dear Clients, Colleagues and Friends, For tax years beginning on or after January 1, 2021, New York has implemented a new Pass-Through Entity Tax (PTET) as a workaround to the limitation on the State and Local Tax (SALT) deduction imposed by the federal Tax Cuts and Jobs Act (TCJA) of 2017. The […]

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afarrell

2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued

2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease inclusion amounts for business vehicles first leased in 2021. Luxury Passenger Car Depreciation CapsThe luxury car depreciation caps for a passenger car placed in service […]

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sgrgas

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021 The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before […]

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afarrell

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts from their gross receipts solely for determining eligibility for the employee retention credit: the amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; the amount of […]

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afarrell

Transition Relief Guidance for Employers Claiming the WOTC

Transition Relief Guidance for Employers Claiming the WOTC The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51. This would apply for certain employees beginning work after December 31, 2020, in response to legislation permitting the designation of an Empowerment Zone under Code Sec. 1393(b) to be extended from […]

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aaguanno

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly through the SBA. The SBA also is explaining why it discontinued use of Loan Necessity Questionnaires for PPP borrowers. PPP Direct Forgiveness […]

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afarrell

IRS Releases Information on CTC; Update Portal for Payments

IRS Releases Information on CTC; Update Portal for Payments The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the payments. If eligible, the tool also indicates whether taxpayers are enrolled to receive their payments by direct deposit. More information can be found at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. Direct DepositFor taxpayers currently […]

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