September 09, 2011
Andrew Presti
Blog Posts
0 CommentsUnless you’ve had your head in the clouds lately, you’ve probably at least heard of cloud computing, or as your more technically astute friends refer to it, The Cloud. There’s no shame in not knowing exactly what cloud computing means. If you’re busy running a small business, you don’t always have time to keep track […]
Read moreSeptember 09, 2011Andrew PrestiBlog Posts0 CommentsLast month, we discussed ways to minimize taxes on your investment income through tax-deferred investments, including qualified retirement plans. This month, we will discuss various other investments and their tax ramifications. Tax-Exempt Investments Tax-exempt investments include obligations issued by state and local governments, as well as mutual funds that own these types of investments. There […]
Read moreSeptember 09, 2011Andrew PrestiBlog Posts0 CommentsThere is a new law, that requires as of July 15, that employers with employees working in New York (not just New York domiciled companies) report certain dependent health coverage information to the state on a quarterly basis, as well as when an employee is hired or rehired. Beginning July 15, 2011, the Low Income […]
Read moreSeptember 06, 2011Andrew PrestiBlog Posts0 CommentsSeptember 1,2011 The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. The IRS announced today that certain taxpayers in North Carolina, New Jersey, New York, Vermont and Puerto Rico will receive tax relief, and other locations are expected to be added in coming days following additional damage assessments […]
Read moreSeptember 05, 2011Andrew PrestiBlog Posts0 CommentsSeptember 1,2011 Undocumented workers received refundable tax credits totaling $4.2 billion in 2010, a dramatic rise from less than $1 billion in 2005, said a report released Thursday by the Treasury Inspector General for Tax Administration. The Internal Revenue Service, however, said it lacks the authority to disallow claims for the credit and a clarification […]
Read moreSeptember 02, 2011Andrew PrestiBlog Posts0 CommentsAugust 24,2011 Jerry Tempalski at Treasury’s Office of Tax Analysis has put together an amazing time series of the revenue effects of major tax legislation going back to 1940. Doing this on a consistent basis is more challenging than you might imagine, and Jerry’s study discusses some of the limitations of his data. But the […]
Read moreSeptember 01, 2011Andrew PrestiBlog Posts0 CommentsAugust 31,2011 The impact of regional economies over global financial markets is intense. This past month was particularly tumultuous as investors reacted to current events and economic conditions in Europe, Asia and the U.S. The rocky ride has organizations struggling to maintain the inroads they’ve made over the last two years. Corporations must navigate the […]
Read moreAugust 31, 2011Andrew PrestiBlog Posts0 CommentsAugust 26,2011 WASHINGTON — U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, […]
Read moreAugust 30, 2011Andrew PrestiBlog Posts0 CommentsAugust 26,2011 New estate tax guidance from the Internal Revenue Service offers limited relief for executors who want to file amended carryover basis returns, Steve Akers, a managing director with Bessemer Trust in Dallas, told BNA Aug. 25. So-called 9100-2 relief in Treasury Department regulations, outlined in Notice 2011-66, allows estate executors to amend their […]
Read moreAugust 29, 2011Andrew PrestiBlog Posts0 CommentsAugust 24,2011 The Treasury Inspector General for Tax Administration (TIGTA) released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately. Between Jan. 1 and July 23, 2010, TIGTA reviewed 260 taxpayer responses to IRS math error notices in which […]
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