November 14, 2016
Andrew Presti
Blog Posts
0 CommentsNatural disaster tax relief and preparedness Following a natural disaster, the affect such a calamity would have on ones taxes is likely the last thing on an individual’s mind—if it crosses his or her mind at all. However, as inconsequential of a thought as it may seem as an individual is contending with the physical […]
Read moreOctober 11, 2016Andrew PrestiBlog Posts0 CommentsYear-end tax planning is right around the corner It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare. Gather your data. One major reason for planning towards year’s […]
Read moreSeptember 08, 2016Andrew PrestiBlog Posts0 CommentsIRS responds to expanding sharing economy with new resources The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and […]
Read moreSeptember 08, 2016Andrew PrestiBlog Posts0 CommentsIRS releases TY 2016 Draft Forms for Applicable Large Employer ACA reporting The IRS has released draft forms for Affordable Care Act (ACA) reporting under Code Secs. 6055 and 6056 for tax year (TY) 2016. These draft forms reflect changes from the forms used for TY 2015 and will likely reflect what compliance under the […]
Read moreSeptember 08, 2016Andrew PrestiBlog Posts0 CommentsHow do I? Opt-in to the new partnership audit rules The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015 (BBA). As enacted, the new audit rules will apply to partnership returns filed […]
Read moreAugust 12, 2016Andrew PrestiBlog Posts0 CommentsEmployers, payroll providers prepare for accelerated filing deadlines The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) accelerated the due date for filing Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements, and any returns or statements required by the IRS to report nonemployee compensation to January […]
Read moreJune 08, 2016Andrew PrestiBlog Posts0 CommentsJune 2016 tax compliance calendar June 2 Employers. Semi-weekly depositors must deposit employment taxes for May 25–27. June 3 Employers. Semi-weekly depositors must deposit employment taxes for May 28–31. June 8 Employers. Semi-weekly depositors must deposit employment taxes for Jun 1–3. June 10 Employers. Semi-weekly depositors must deposit employment taxes for Jun 4–7. Employees who […]
Read moreJune 08, 2016Andrew PrestiBlog Posts0 CommentsFAQ: Is the cost of a weight loss program for obesity tax deductible? Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for medical […]
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