New Law Clarifies Partnership Audit Rules

New Law Clarifies Partnership Audit Rules Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including […]

Tax reform takes on new momentum as year-end approaches

Tax reform takes on new momentum as year-end approaches Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule […]

FAQ: How does a business handle holiday gift-giving?

FAQ: How does a business handle holiday gift-giving? Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer’s business and must be made with a reasonable […]

How do I? Compute the Nanny Tax

How do I? Compute the Nanny Tax Nanny tax. For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid a household employee cash wages of at least $2,000 in 2016 or in 2017 ($2,100 in 2018). Employers must pay FUTA tax (6%) if they paid total cash wages of at […]

November 2017 tax compliance calendar

November 2017 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2017. November Employers. During November, ask employees whose withholding allowances […]

Disaster relief, tax reform on Congress’ September agenda

Disaster relief, tax reform on Congress’ September agenda As lawmakers return to work after their August recess, Hurricane Harvey has increased expectations on Congress to quickly pass disaster-relief tax breaks. September is also expected to bring Congressional hearings on tax reform and possibly the unveiling of tax reform legislation. At the same time, lawmakers must […]

Lawmakers continue tax reform debate and discussions

Lawmakers continue tax reform debate and discussions Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way […]

Trump’s FY 2018 budget outlines tax reform proposals

Trump’s FY 2018 budget outlines tax reform proposals Since taking office in January, President Trump has called for comprehensive tax reform. The President’s recently released fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming […]

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Author Archive for Andrew Presti

New Law Clarifies Partnership Audit Rules

Tax reform takes on new momentum as year-end approaches

FAQ: How does a business handle holiday gift-giving?

How do I? Compute the Nanny Tax

November 2017 tax compliance calendar

Disaster relief, tax reform on Congress’ September agenda

Lawmakers continue tax reform debate and discussions

Trump’s FY 2018 budget outlines tax reform proposals

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