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The
Presti & Naegele Advantage
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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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Tax debate touches every individual, business
Small business taxation, corporate tax rates, and changes to popular deductions ... Read More
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How Do I? Compute taxable life insurance benefits
Life insurance proceeds are received tax-free. However, any interest earned on ...
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FAQ: What is a change-of-accounting for IRS purposes?
The method and systems by which a taxpayer calculates the amount of income ...
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December 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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Information reporting deadlines coming up fast
By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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 Information 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
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Year-end planning for capital gains and losses
By: Elias Koumniotes, Senior Tax Manager
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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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