September 10, 2010
Andrew Presti
Blog Posts
0 CommentsWhile the new health care bill affects the way small businesses maintain and administer medical plans, one small provision in the bill has nearly been overlooked in the hubbub of activity. Beginning in 2012, companies must report to the IRS payments of more than $600 a year to any vendor, including individuals and corporations. Where’s […]
Read moreSeptember 09, 2010Andrew PrestiBlog Posts0 CommentsTax experts and economists offered mixed reviews about the feasibility of the Obama administration’s attempt to pass additional tax cuts now with the legislative year winding down, even as the president declined Sept. 3 to specify what proposals his administration will advance. On Aug. 30, the president announced that he will propose a series of […]
Read moreSeptember 08, 2010Andrew PrestiBlog Posts0 CommentsIn another move aimed at stabilizing the still-shaky economy, President Obama on Wednesday will introduce a new $200 billion tax cut giving businesses across the country an incentive to buy new equipment in the short term, according to a senior administration official. The tax cut would allow businesses to write off 100% of new investments […]
Read moreSeptember 07, 2010Andrew PrestiBlog Posts0 CommentsPresident Barack Obama will call for a 100-billion-dollar business tax credit this week to boost the sagging US economic recovery, The Washington Post reported. Obama will use a speech in Cleveland on Wednesday to launch what administration officials said was a new policy push, it said. The proposal would increase and permanently extend research and […]
Read moreSeptember 06, 2010Andrew PrestiBlog Posts0 CommentsFor those who dare to think ahead, today’s down market and low interest rates offer great tax saving opportunities. Low interest rates are a bummer for investors, but if you’re serious about doing some estate planning right now, your heirs could reap a bonanza. Although the estate tax was repealed for one year at the […]
Read moreSeptember 03, 2010Andrew PrestiBlog Posts0 CommentsA three-year slide in audit fees may be beginning to bottom out. Fees have been dropping for several years now, first as Sarbanes-Oxley work became more routine and then as companies scrutinized expenses in response to the economic crisis. But a recent CFO analysis of audit and audit-related fees paid last year suggests that the […]
Read moreSeptember 02, 2010Andrew PrestiBlog Posts0 CommentsEvery business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should weigh its benefit against the […]
Read moreSeptember 01, 2010Andrew PrestiBlog Posts0 CommentsThe Internal Revenue Service Aug. 27 unveiled eagerly awaited guidance on the implementation of the Foreign Account Tax Compliance Act (FATCA), which imposed a host of new requirements on foreign banks to report and disclose accounts with U.S. owners, garnering measured praise from practitioners. In Notice 2010-60, IRS addressed a wide range of priority issues […]
Read moreAugust 31, 2010Andrew PrestiBlog Posts0 CommentsNew questions provide the opportunity for CPAs to guide and educate nonprofit directors and officers. Tax-exempt organizations required to file federal Form 990, Return of Organization Exempt From Income Tax, which was expanded and revised beginning in 2008 tax years, now have some experience with the new requirements. They may have experienced much anxiety as […]
Read moreAugust 30, 2010Andrew PrestiBlog Posts0 CommentsStung by the economic recession and looming possibility of a players lockout in 2011, the average team value of an NFL franchise has dropped for the first time in 12 years, according to Forbes magazine. The average worth of NFL teams fell 2% to $1.02 billion in 2010 from $1.04 billion last year, according to […]
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