Tax & Accounting Updates

July 2013 Tax Compliance Calendar


  • July 17: Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 10-12.

  • July 19: ... Read More

Business Identity Theft, Tax Consequences and Best Practices

Facilitated by the speed, ubiquity, and anonymity of the Internet, criminals are able to easily steal... Read More

How Do I? Get a Tax Break on My Vacation Home

Vacation homes offer owners tax breaks similar-but not identical-to those for primary residences. Vacation... Read More

Presti & Naegele

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Employer Mandate for Healthcare Reform Delayed Until 2015


In a decision announced on July 2, the Obama administration has decided to postpone the employer mandate for companies with 50 or more employees until 2015. The mandate was previously set to go into effect on January 1, 2014.

The mandate is now scheduled to go into effect in January 2015 for employers to offer quality affordable health insurance to employees or face a $2,000 fine per employee that receives a premium tax credit for purchasing individual coverage on a health insurance exchange. Read More

Many Tax Planning Questions Arise After Supreme Court’s DOMA Decision


On June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013). Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court’s order. How the IRS will revise its tax regulations – and when – remains to be seen; but in the meantime... Read More

IRS Ruling Highlights Benefits of Like-kind Exchange, Deferred Tax Arrangements


Gain or loss is not recognized when property held for productive use in a trade or business or for investment is exchanged for like-kind property. Instead, the taxpayer’s basis and holding period in the property transferred carries over to the property acquired in the exchange. Deferring taxable gain, always a good strategy, makes more sense than ever after the recent rise in tax rates... Read More



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