Presti & Naegele Advantage

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

Tax debate touches every individual, business

Small business taxation, corporate tax rates, and changes to popular deductions ... Read More

How Do I? Compute taxable life insurance benefits

Life insurance proceeds are received tax-free. However, any interest earned on ... Read More

FAQ: What is a change-of-accounting for IRS purposes?

The method and systems by which a taxpayer calculates the amount of income ... Read More

December 2017 tax compliance calendar

As an individual or business ...
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Information reporting deadlines coming up fast

By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager


nnemarie aguanno, CPAInformation reporting has become a growing part of IRS’s enforcement and compliance strategy. Data matching, or even the inference that the IRS has the data to do so, statistically has increased overall income reporting nine-fold. Use of information returns, either in the form of Forms W-2, 1098s or 1099s, is here to stay, and growing.

Each year, new information compliance requirements arrive at the start of another filing season. The filing season coming up will be no exception, with or without tax reform. Developing rules for the “sharing economy”... Read More

Year-end planning for capital gains and losses

By: Elias Koumniotes, Senior Tax Manager


Elias Koumniotes As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The tax rate on long-term capital gains and qualified dividends for individuals is 20 percent, 15 percent, or 0 percent depending on their income tax bracket.

The current zero, 15 percent and 20 percent rates (28 percent for collectibles) on long-term capital gains will not change under tax reform. HR 1, the Tax Cuts and Jobs Creation Act, however... Read More


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