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Author Archive for Andrew Presti

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Paycheck Protection Program

Paycheck Protection Program April 3, 2020 Dear Clients, Colleagues and Friends, The most popular program from the CARES Act for small business owners this week has been the Paycheck Protection Program (PPP). Since being signed into law on March 27, 2020, the program has drawn the attention of most small business owners. The PPP which is being […]

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Developments in Response to COVID-19

Developments in Response to COVID-19 March 25, 2020 Dear Clients, Colleagues and Friends, The following is a summary of current developments in response to COVID-19. Provisions are rapidly changing, however, we want to inform you of them as they stand today and have provided links to the applicable websites which may contain updated information. We […]

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Families First Coronavirus Response Act (FFCRA)

Families First Coronavirus Response Act (FFCRA) March 25, 2020 Dear Clients, Colleagues and Friends, We are rapidly reviewing federal and local guidance to provide you with tools to structure your responses in this rapidly changing environment. Here is some information to immediately assist employees impacted by the COVID-19 pandemic, including qualified disaster relief payments. Expect […]

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Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4

Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4 The IRS has proposed regulations with guidance for employers on withholding federal income tax from employee’s wages. The proposed regulations: implement recent changes made to Code Secs. 3401 and 3402 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97); and reflect the redesigned 2020 Form W-4, Employee’s Withholding Certificate, and […]

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Shahid Khoja has joined the firm as Tax Manager

Presti & Naegele is pleased to announce Shahid Khoja has joined the firm as a Tax Manager Shahid Khoja specializes in international tax, with expertise in the financial services industry, working with clients across the globe and advising on U.S. and international tax issues on cross border transactions. Shahid is an accomplished US and international […]

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Proposed Regulations Classify Cloud and Digital Content Transactions

Proposed Regulations Classify Cloud and Digital Content Transactions Transactions involving digital content and cloud computing have become common due to the growth of electronic commerce. The transactions must be classified in terms of character so that various provisions of the Code, such as the sourcing rules and subpart F, can be applied. Digital Content TransactionsExisting Reg. […]

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Employers Can Offer HRAs Integrated with Individual Coverage

Employers Can Offer HRAs Integrated with Individual Coverage Final rules allow employers to use health reimbursement arrangements (HRAs) to reimburse employees for the purchase individual insurance coverage, including coverage on an Affordable Care Act Exchange. The rules also allow “excepted benefit HRAs,” which would not have to be integrated with any coverage. The rules generally apply for […]

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Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties

Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office (GAO). Underpayment Penalty […]

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Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected Soon The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland, told Wolters Kluwer. The first set of proposed regulations […]

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