The
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

IRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction ... Read More

Interim Guidance for Excise Tax on Excess Remuneration and Parachute Payments

The IRS has issued interim guidance on the excise tax payable by exempt organizations on remuneration in excess ... Read More

Final Transition Tax Regulations Issued

The Treasury and IRS have issued final regulations for determining the inclusion under ... Read More

IRS Issues 2019 Updates for Ruling Requests, Technical Advice, and No-Rule Procedures

The IRS has issued its annual revisions to the general procedures for ruling ... Read More

Presti & Naegele

Contact us at:
info@pntax.com
Tel:(212)736-0055

Guidance on 2019 Withholding Rules

By: Tracy Tasch, CPA, Tax Manager

The IRS has provided interim guidance for the 2019 calendar year on income tax withholding from wages and withholding from retirement and annuity distributions. In general, certain 2018 withholding rules provided in Notice 2018-14, I.R.B. 2018-7, 353, will remain in effect for the 2019 calendar year, with one exception.

The IRS and the Treasury Department intend to develop income tax withholding regulations ... Read More

Wayfair decision and impacts on your business

By: Wayne Naegele, Senior Partner

On June 21, 2018, the Supreme Court of the United States handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5-4 ruling overturns physical presence standards upheld in previous cases, such as Quill Corp. v. North Dakota (1992) and National Bellas Hess Inc. v. Department of Revenue of Illinois (1967), where a business had to have a physical presence in the state for the state to impose sales and use tax collection ... Read More

Safe Harbors provided for Business Payments Made in Exchange for SALT Credits

By: Salvatore Russo, Partner

The IRS has provided safe harbors for business entities to deduct certain payments made to a charitable organization in exchange for a state or local tax (SALT) credit. A business entity may deduct the payments as an ordinary and necessary business expenses under Code Sec. 162 if made for a business purpose. Proposed regulations that limit the charitable contribution deduction do not affect ... Read More