July 15, 2015
Salvatore Russo
Blog Posts
0 CommentsTreasury, IRS get moving on ABLE account rules Late in 2014, Congress passed and President Obama signed into the law the Achieving a Better Life Experience (ABLE) Act. The new law, which enjoyed strong bipartisan support, authorizes the creation of tax-favored accounts for qualified individuals challenged by disabilities. Congress instructed Treasury and the IRS to […]
Read moreJuly 15, 2015Salvatore RussoBlog Posts0 CommentsSupreme Court’s same-sex marriage decision affects federal, state taxation The Supreme Court’s decision in Obergefell v. Hodges (2015-1 ustc ¶50,357) on June 26, 2015 continues what was set in motion in 2013: the expansion of tax benefits to same-sex married couples. In Obergefell, the Court ruled 5 to 4 that the Fourteenth Amendment requires a […]
Read moreJuly 15, 2015Salvatore RussoUncategorized0 CommentsFAQ…Can I deduct the cost of sending my child to summer camp? Now that summer 2015 is officially here and the main filing season is out of the way, tax planning may be far from your mind. However, typical summer traditions can yield tax benefits. For example, when school lets out for the summer, some […]
Read moreMay 01, 2015Salvatore RussoArticles, Blog Posts, P&N News0 CommentsWe are pleased to announce that Salvatore V. Russo, CPA has been admitted to the firm as a partner. Sal joined Presti & Naegele in November, 2002. With over 15 years of experience in Public Accounting, Sal has serviced Business and Individual clients of all sizes, operating in multiple states and local jurisdictions, in a […]
Read moreApril 23, 2015Salvatore RussoArticles, Blog Posts0 CommentsTax reform percolates in Washington as the new Congress and the White House continue discussions over the scope and reach of tax legislation this year. Administration officials, lawmakers and Congressional staffers have signaled that off-the-record discussions have dealt with some hefty tax reform proposals but, so far, have released few details of these discussions. At […]
Read moreMarch 13, 2015Salvatore RussoBlog Posts0 CommentsIn Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the “repair regulations”) for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for […]
Read moreFebruary 12, 2015Salvatore RussoBlog Posts0 CommentsThe tax code imposes a penalty on taxes that are paid after the due date (generally April 15). Taxpayers may wonder whether to save, to pay their taxes on time and avoid the penalty, or delay payment and owe a penalty. While this is a personal decision, and will vary with the taxpayer’s circumstances, a […]
Read moreJanuary 13, 2015Salvatore RussoBlog Posts0 CommentsThe IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which could translate into fewer audits. Legislation passed by Congress in late 2014 could delay the start of the filing season, […]
Read moreAugust 19, 2014Salvatore RussoBlog Posts, Uncategorized0 CommentsWhat you need to know when considering a PEO If you’ve read much about Professional Employer Organizations (PEOs), you’ve probably heard them described as everything from the best to the worst decision a business could make. So where does the truth lie? Are PEOs valuable tools for small businesses, or are they a bundle of services […]
Read moreJuly 18, 2014Salvatore RussoUncategorized0 CommentsTaxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid by employees and employers on compensation from employment. Like FICA taxes, the self-employment tax consists of taxes collected for Social Security and for Medicare (hospital insurance or HI). […]
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