March 09, 2017
Wayne Naegele
Blog Posts
0 CommentsHow do I?…claim the federal fuel tax credit The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered significant fraud associated with the fuel tax credit and is watching for fraudulent claims. The credit is not available to most taxpayers but only to qualified taxpayers, such […]
Read moreMarch 09, 2017Wayne NaegeleBlog Posts0 CommentsFAQ…I received a letter from the IRS inquiring about a suspicious return Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time that they are victims of identity theft when they receive a letter from the IRS. A taxpayer may receive a letter when the IRS stops suspicious tax returns […]
Read moreMarch 09, 2017Wayne NaegeleBlog Posts0 CommentsMarch 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2017. March 1 Employers. Semi-weekly depositors must deposit employment […]
Read moreFebruary 13, 2017Wayne NaegeleBlog Posts0 CommentsNational Taxpayer Advocate calls for taxpayer-centric IRS National Taxpayer Advocate Nina Olson, in a recent report to Congress, urged the IRS to change its culture from one that is enforcement-oriented to one that is service-oriented. Such a change, Olson provided, would create an environment that encourages taxpayer trust and confidence. In the report, Olson also […]
Read moreJanuary 05, 2017Wayne NaegeleArticles, Blog Posts, P&N News0 CommentsWe are pleased to announce that Brian M. Whelan, CPA has been admitted to the firm as a partner. Brian, who has worked with the firm for more than 12 years, becomes the firm’s fifth partner. In addition to his experience in public accounting at Presti & Naegele, Brian gained experience in the private sector […]
Read moreDecember 13, 2016Wayne NaegeleBlog Posts0 CommentsWhat to expect on 2016 Form 1040: Key changes Each new filing season may bring changes to the Form 1040, U.S. Individual Income Tax Return, as well as draft instructions for Form 1040 and any related Schedules, and this year is of no exception. The following highlights some of the changes to 2016 Form 1040, […]
Read moreNovember 14, 2016Wayne NaegeleBlog Posts0 CommentsFAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage? The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE. Eligible […]
Read moreNovember 14, 2016Wayne NaegeleBlog Posts0 CommentsHow do I? Make tax-free gifts for tuition With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation skipping taxes. Under federal law, tuition payments that are […]
Read moreNovember 14, 2016Wayne NaegeleBlog Posts0 CommentsAre IRS Q&As authoritative guidance? The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers […]
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