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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Client News
Blood Manor debuts a new ‘Crypts’ attraction at Nassau Coliseum this Halloween Season. Read More
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IRS exam staffing falls; audit coverage declines
IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics ... Read More
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How Do I? Get a payroll credit for increasing research expenses
IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described ...
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FAQ: Can I claim the adoption credit for a foreign adoption?
Yes, however, there are special timing rules for foreign adoptions. ...
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October 2017 tax compliance calendar
As an individual or business ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Congressional tax writers set to take up reform proposals
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Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework sets out broad principles for tax reform, leaving the details to the two tax-writing committees: the House Ways and Means Committee and the Senate Finance Committee. How quickly lawmakers will write and pass tax legislation is unclear. What is clear is that tax reform is definitely one of the top issues on Congress’ Fall agenda.
Individuals
The GOP framework proposes consolidating the current seven individual tax rates into three: 12, 25 and 35 percent. However, the framework leaves open the possibility of an additional top rate “to the highest-income taxpayers to ensure that the reformed tax code is ... Read More
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Disaster tax relief unveiled in Congress
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As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules, and make other temporary changes to the tax laws, all intended to help victims of these recent disasters. At press time, a package of temporary disaster tax relief measures is pending in the House. The timeline for Senate action, however, is unclear.
Tax relief
In past years, after disasters similar to Hurricanes Harvey, Irma and Maria, Congress passed disaster tax relief measures. After Hurricane Katrina, far-reaching disaster tax relief was passed by Congress, which benefited businesses and individuals. In 2008, lawmakers passed a national disaster tax relief law. However ... Read More
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