November 14, 2020
Salvatore Russo
Blog Posts
0 CommentsFinal Regulations on Foreign Person’s Transfer of Partnership Interest The IRS has issued final regulations that address the gain or loss of certain foreign persons on the sale or exchange of an interest in a partnership that is engaged in a trade or business in the United States. The regulations provide guidance on determining the […]
Read moreNovember 14, 2020Salvatore RussoBlog Posts0 CommentsFinal Regulations Released on Qualified ABLE Programs and Accounts The Treasury and IRS have released final regulations that provide guidance for Achieve a Better Living Experience (ABLE) programs under Code Sec. 529A to help eligible individuals pay for qualified disability expenses. The regulations provide guidance on: the requirements for ABLE programs, requirements for establishing and contributing to […]
Read moreNovember 14, 2020Salvatore RussoBlog Posts0 CommentsSocial Security Wage Cap and Benefit Amounts Increase for 2021 For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. 2021 Wage CapThe Federal Insurance Contributions Act (FICA) tax on wages […]
Read moreOctober 13, 2020Salvatore RussoBlog Posts0 Comments2020-2021 Special Per Diem Rates Released The IRS has released the 2020-2021 special per diem rates. Taxpayers use the per diem rates to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. These special per diem rates include the special transportation industry meal and incidental expenses (M&IEs) rates, the […]
Read moreOctober 13, 2020Salvatore RussoBlog Posts0 CommentsDistributions by Terminated S Corporations Addressed in Final Regs. Treasury has issued final and amended regulations on the rules for distributions made by terminated S corporations during the post-termination transition period (PTTP). These regulations apply after an S corporation has become a C corporation. Generally, the regulations are applicable as of the date they are […]
Read moreOctober 13, 2020Salvatore RussoBlog Posts0 CommentsFinal 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 […]
Read moreOctober 13, 2020Salvatore RussoBlog Posts0 CommentsFinal 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 […]
Read moreOctober 13, 2020Salvatore RussoBlog Posts0 CommentsFinal 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 […]
Read moreJune 18, 2020Salvatore RussoBlog Posts0 CommentsCheck 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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