September 27, 2022
Brian Whelan
Blog Posts
0 CommentsPresident Biden, on August 16, 2022, signed the Inflation Reduction Act ( P.L. 117-169) into law following its passage along party lines in both chambers of Congress. The law is a slimmed down version of the Build Back Better Act that passed the House in 2021 but failed to even come up for a vote […]
Read moreOctober 22, 2021Brian WhelanBlog Posts0 CommentsTemporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits The IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by […]
Read moreAugust 15, 2021Brian WhelanBlog Posts0 CommentsFarm NOL Election Procedures Provided The IRS has provided a procedure for making elections and revocations under Act Sec. 2303(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136) for taxpayers with a net operating loss (NOL) for any tax year beginning in 2018, 2019, or 2020, all or a portion […]
Read moreApril 07, 2021Brian WhelanBlog Posts0 CommentsBiden Signs COVID-19 Relief Package On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following: 2021 Recovery Rebate Credits of $1,400 for eligible individuals ($2,800 for joint filers) plus $1,400 for each eligible dependent. Credit begins to phase out at adjusted gross income […]
Read moreNovember 14, 2020Brian WhelanBlog Posts0 CommentsFinal Regulations Reflect TCJA Changes to Entertainment and Meal Deductions Final regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations finalize, with some changes, previously released proposed regulations, NPRM REG-100814-19. Changes to Code Sec. 274 under the TCJAFor […]
Read moreOctober 13, 2020Brian WhelanBlog Posts0 CommentsIRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Bipartisan American Miners Act of 2019 (Miners Act). Business CreditThe […]
Read moreApril 24, 2020Brian WhelanBlog Posts0 CommentsONLY 300 GRANTS AVAILABLE – Employers with 2 to 50 Employees – only some will qualify April 24, 2020 Dear Clients, Colleagues and Friends, While there are only 300 of these grants available nationwide, we wanted to make you aware of the opportunity. You must act fast! This Salesforce program advertises that it will start […]
Read moreApril 09, 2020Brian WhelanBlog Posts0 CommentsBogus Emails from Lenders April 9, 2020 Dear Clients, Colleagues and Friends, We have become aware of malicious emails being sent by scammers imitating Chase Bank, and possibly other lenders, related to Paycheck Protection Program Loans, and potentially other stimulus loans as well. These emails look authentic and it is almost impossible to tell that […]
Read moreMarch 18, 2020Brian WhelanBlog Posts0 CommentsCOVID-19 Update from Presti & Naegele March 18, 2020 Dear Clients, Colleagues and Friends, We’ve been doing our part to slow the spread of COVID-19 over the past weeks by enabling our employees to work remotely. However, based on new guidelines issued by President Trump and the Centers for Disease Control and Prevention (CDC), Presti […]
Read moreJanuary 20, 2020Brian WhelanIndustry News0 CommentsThe IRS issued the redesigned 2020 Form W-4. https://tax.thomsonreuters.com/blog/irs-issues-2020-form-w-4 By Christopher Wood, CPP December 5, 2019 Highlight: Not all employees must complete the 2020 Form W-4. The IRS has designed the withholding tables to work with both the 2020 Form W-4 and prior year forms. On December 5, the IRS issued the redesigned 2020 Form […]
Read more