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Andrew Presti

For New Tax Breaks, Act Fast

The recently signed Small Business Jobs Act promises that investors who put money into small companies will get full relief from capital-gains taxes on any returns. But to get the break, investors have to act in the next three months. That’s too short a time to identify and strike a deal with an up-and-coming business, […]

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Andrew Presti

IRS to stop mailing income tax forms

The Internal Revenue Service plans to stop mailing instructions and paper forms for annual income tax returns, saving the agency about $10 million a year as more Americans are filing online. About 11.5 million people who filed paper tax returns in 2009 received the tax information in the mail, IRS said. The agency normally sends […]

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Andrew Presti

ObamaCare’s Tax Credit System Will Make April 15 Even Harder

Due to ObamaCare, millions of Americans may need to spend even more time on the income tax returns that they file in 2015 and beyond — and many will discover they owe the tax man more than before. Beginning in 2014, individuals and families earning 100% to 400% of the federal poverty level are eligible […]

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Andrew Presti

Income Tax Accounting for Trusts and Estates

Planning allocations between entities and beneficiaries is even more critical with higher tax rates on the horizon. Estates and nongrantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to […]

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Andrew Presti

Small Business Stimulus Passes Congress

The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration (SBA), strengthens small business preference […]

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