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Author Archive for Wayne Naegele

wnaegele

NYS Updates Re: Health Insurance and Unemployment Insurance

NYS Updates Re: Health Insurance and Unemployment Insurance April 3, 2020 Dear Clients, Colleagues and Friends, Governor Andrew M. Cuomo announced that through June 1, 2020, consumers and businesses experiencing financial hardship due to COVID-19 may defer paying premiums under individual and small group commercial health insurance plans. Following the Governor’s announcement, the New York […]

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wnaegele

IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program

IMPORTANT – DEADLINE FRIDAY 04/03/2020 – NYC Employee Retention Grant Program April 1, 2020 Dear Clients, Colleagues and Friends, The NYC Employee Grant Program is an immediate response to small businesses affected by the COVID-19 outbreak and was put in place to provide services for businesses with one to four employees that can demonstrate at […]

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wnaegele

COVID-19 Guidance for Businesses, Employers, and More

COVID-19 Guidance for Businesses, Employers, and More March 25, 2020 Dear Clients, Colleagues and Friends, We are rapidly reviewing federal and local guidance to provide you with tools to structure your responses in this rapidly changing environment. Here is some information to immediately assist employees impacted by the COVID-19 pandemic, including qualified disaster relief payments. […]

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wnaegele

Final and Proposed Regulations Address Foreign Tax Credit

Final and Proposed Regulations Address Foreign Tax Credit The IRS has issued highly anticipated final regulations on the significant changes made to the foreign tax credit rules by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-105600-18). […]

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wnaegele

Advance Payment Proposed Regulations Released

Advance Payment Proposed Regulations Released Proposed regulations provide rules for accrual method taxpayers who receive advance payments. The proposed regulations include provisions affecting both taxpayers both with and without applicable financial statements (AFS), and describe and clarify the statutory requirements of Code Sec. 451(c). Similar to Rev. Proc. 2004-34The proposed regulations include many provisions similar […]

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wnaegele

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments. The proposed regulations also withdraw and replace placeholder provisions in an earlier set […]

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wnaegele

Wayfair decision and impacts on your business

Wayfair decision and impacts on your business On June 21, 2018, the Supreme Court of the United States handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5-4 ruling overturns physical presence standards upheld in previous cases, such as Quill Corp. v. North Dakota (1992) […]

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wnaegele

Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill

Senate, House Lawmakers Introduce Bipartisan Historic Rehabilitation Credit Bill A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizing administrative burdens, according to the lawmakers. Rehabilitation Credit As amended by the Tax Cuts and Jobs Act […]

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wnaegele

ABA Section of Taxation Writes Hatch, Wyden About IRS Reform

ABA Section of Taxation Writes Hatch, Wyden About IRS Reform The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member […]

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