(212) 736-0055

Schedule Your Small Business Success Consultation

Author Archive for Andrew Presti

apresti

IRS Finalizes 100 Percent Bonus Depreciation Regulations

IRS Finalizes 100 Percent Bonus Depreciation Regulations The IRS has adopted previously issued proposed regulations ( REG-106808-19) dealing with the 100 percent bonus depreciation deduction. In addition, some clarifying changes have been made to previously issued final regulations ( T.D. 9874). Changes to the proposed and earlier final regulations are largely in response to various comments submitted […]

Read more
apresti

Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief

Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief The IRS has clarified and provided relief for mid-year amendments reducing safe harbor contributions. An updated safe harbor notice and an election opportunity must be provided even if the change is only for highly compensated employees. Coronavirus (COVID-19) relief applies if a plan amendment is adopted between […]

Read more
apresti

“Get My Payment” Tool Available for Economic Impact Payments

“Get My Payment” Tool Available for Economic Impact Payments The Treasury Department and the IRS have released the “Get My Payment” tool to assist Americans in receiving their “economic impact payments” issued under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). The free tool went live on April 15, and is located at https://www.irs.gov/coronavirus/get-my-payment. […]

Read more
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 […]

Read more
apresti

Further IRS Due Date Changes & Stimulus Payment Information

Further IRS Due Date Changes & Stimulus Payment Information April 14, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service (IRS) has announced Additional Relief for Taxpayers Affected by the Ongoing Coronavirus Pandemic (Notice 2020-23). Please see below for a brief summary of these updates: The IRS has extended returns and payments that would […]

Read more
apresti

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 […]

Read more
apresti

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 […]

Read more
apresti

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 […]

Read more
apresti

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 […]

Read more
apresti

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. […]

Read more