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Author Archive for Salvatore Russo

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Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit

Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a […]

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Final Regulations Provide Additional BEAT Guidance

Final Regulations Provide Additional BEAT Guidance Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and 6031. The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-112607-19), with certain revisions. The final […]

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Final Regulations Update Definition of Qualifying Relative

Final Regulations Update Definition of Qualifying Relative The IRS has released final regulations that clarify the definition of a “qualifying relative” for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect taxpayers who claim federal income tax benefits that require a taxpayer to have a qualifying relative. Effective DateThese regulations are effective […]

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Snowday LLC’s “Wear a Mask” Feature Video

Check out the video below created by our client, Snowday, LLC, as part of Governor Cuomo’s PSA competition! https://www.linkedin.com/posts/snowday_newyorktough-filmmaking-shortfilm https://www.pntax.com/wp-content/uploads/2020/06/wear-a-mask.mp4 Wearing a mask protects your partner, your kids, your dad, your grandma, your cousins, your besties, your neighbors, your doorman, your super, your coworkers, your bus driver, your grocery clerk, your mailwoman — wearing a […]

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Due Dates Extended for Additional Filings and Payment Obligations

Due Dates Extended for Additional Filings and Payment Obligations The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties […]

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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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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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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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