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Author Archive for Salvatore Russo

srusso

COVID-19 Developments and Helpful Links from Presti & Naegele

COVID-19 Developments and Helpful Links from Presti & Naegele March 21, 2020 Dear Clients, Colleagues and Friends, Everyone at Presti & Naegele is well, working remotely and following current developments due to Novel Coronavirus to keep you informed. We hope these current links are helpful: The federal income tax filing due date is automatically extended from […]

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srusso

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals

Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final […]

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Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees Final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, furnished to employees. The truncated SSNs appear on the forms as IRS truncated taxpayer identification numbers (TTINs). The regulations also clarify and provide […]

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CFC Partners Required to Increase E&P for Subpart F Inclusions

CFC Partners Required to Increase E&P for Subpart F Inclusions The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary […]

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srusso

Safe Harbors Provided for Business Payments Made in Exchange for SALT Credits

Safe Harbors Provided for Business Payments Made in Exchange for SALT Credits The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code […]

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srusso

Senate Finance Committee Approves IRS Commissioner Nominee

Senate Finance Committee Approves IRS Commissioner Nominee The Senate Finance Committee (SFC) advanced President Donald Trump’s nomination of Charles Rettig for IRS Commissioner. The SFC approved the nomination on July 19 by a 14-to-13 party line vote. Qualified Nominee Several SFC Democrats and Republicans praised Rettig’s qualifications to serve as the next IRS Commissioner. SFC […]

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Trump, House GOP Lawmakers Discuss Tax Cuts 2.0

Trump, House GOP Lawmakers Discuss Tax Cuts 2.0 President Donald Trump and House GOP tax writers discussed “Tax Cuts 2.0” in a July 17 meeting at the White House. The next round of tax cuts will focus primarily on the individual side of the tax code, both Trump and House Ways and Means Chair Kevin Brady, R-Tex., […]

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srusso

Ways and Means GOP, White House Crafting Tax Cut 2.0 Outline

Ways and Means GOP, White House Crafting Tax Cut 2.0 Outline House Republicans and the Trump Administration are working together to craft a tax cut “2.0”outline, the House’s top tax writer has said. House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters during the week that House tax writers and the White House are […]

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srusso

Tax Preparer’s Obstruction Conviction Vacated

Tax Preparer’s Obstruction Conviction Vacated The Fifth Circuit vacated a tax preparer’s conviction for obstructing tax administration. The conviction was no longer valid in light of C.J. Marinello, SCt., 2018-1 ustc ¶50,192. Marinello Under Code Sec. 7212, it is a crime to corruptly or by force or threats obstruct the due administration of the Internal Revenue Code. In Marinello, the U.S. Supreme […]

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