May 17, 2011
Andrew Presti
Blog Posts
0 CommentsMay 16th, 2011 The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2011, will remain the same as in the previous quarter. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; four (4) percent for underpayments; six (6) percent […]
Read moreMay 16, 2011Andrew PrestiBlog Posts0 CommentsMay 13th, 2011 Some people do everything right, play by the rules, and still end up unprepared for retirement. That’s because the retirement rules have changed quite a bit over the past generation. Make sure you are aware of these changes in order to adequately prepare for retirement. 1. Savings isn’t enough. Not so long […]
Read moreMay 13, 2011Andrew PrestiBlog Posts0 CommentsMay 3rd, 2011 The new IRS Revenue Procedure 2011-26 gives detailed guidance on handling the deduction for bonus depreciation in specific situations. While mainly concerned with the new 100% bonus depreciation deduction, Revenue Procedure 2011-26 also discusses the 50% bonus deduction. This important revenue procedure does the following: Clarifies that qualifying restaurant property and retail […]
Read moreMay 12, 2011Andrew PrestiBlog Posts0 CommentsMay 10th, 2011 Republican congressional leaders are ruling out tax increases or a wider revenue base in talks on extending the U.S. government’s borrowing authority, creating a conflict with Democrats who would raise more money as well as cut spending. House Speaker John Boehner staked out the Republican position by telling the Economic Club of […]
Read moreMay 11, 2011Andrew PrestiBlog Posts0 CommentsMay 10th, 2011 Lawmakers need to dial back expectations for revenue gains from the elimination of tax expenditures in the Internal Revenue Code, panelists said May 6 at the American Bar Association Section of Taxation May meeting. Each year the Joint Committee on Taxation releases a publication outlining the tax expenditures currently in the tax […]
Read moreMay 10, 2011Andrew PrestiBlog Posts0 CommentsMay 6th, 2011 In a March 29 letter from Patricia Thompson, chair of the AICPA’s Tax Executive Committee, to Chris Wagner, commissioner of the IRS’ Small Business/Self-Employed Division, the AICPA communicated its concerns regarding the Service’s program to request the accounting software files of certain small business taxpayers under examination; the letter cites QuickBooks and […]
Read moreMay 09, 2011Andrew PrestiBlog Posts0 CommentsMay 5th, 2011 In January 2010 we were faced with a world without an estate tax. Most “experts” expected Congress to re-enact the federal estate tax as it applied in 2009. The world without an estate tax involved “carryover basis” of property inherited from a decedent who passed away in 2010. In simple terms, the […]
Read moreMay 06, 2011Andrew PrestiBlog Posts0 CommentsMay 5th, 2011 Senate Finance Committee Chairman Max Baucus (D-Mont.) said May 4 that taxing large passthrough entities as if they were corporations may be a necessary part of any corporate tax reform effort. To get the corporate tax rate down to 26 percent—as many tax experts have recommended—would require that all business tax expenditures […]
Read moreMay 05, 2011Andrew PrestiBlog Posts0 CommentsMay 5th, 2011 Tax policy is again dividing Democrats and Republicans as they begin negotiations Thursday on what budget process reforms to attach to legislation raising the $14.3 trillion debt ceiling. Rather than focusing on making specific spending cuts or tax increases now, the talks are shaping up to be about how to require such […]
Read moreMay 04, 2011Andrew PrestiBlog Posts0 CommentsMay 1st, 2011 The Obama administration is considering a plan to force more businesses to pay the corporate income tax, an industry group said, in an overhaul package that could be unveiled as early as this month. Under the proposal, entities with more than $50 million in gross receipts would pay the corporate income tax, […]
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