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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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Wolters Kluwer Interview: A Two-Part Q&A Series on the Section 199A Deduction (Part 1)
Republicans’ 2017 overhaul of the tax code created a new 20-percent ...
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Wolters Kluwer Interview: A Two-Part Q&A Series on the Section 199A Deduction (Part 2)
The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), enacted at the end of 2017, created the new... Read More
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Bipartisan House Bill Aims to Fix “Retail Glitch”
A bipartisan House bill has been introduced that would fix ...
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Safe Harbor Provided for Basis of Professional Sports Contracts for Players Traded Between Teams
The IRS has provided a safe harbor for professional sports ...
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Presti & Naegele
Contact us at:
info@pntax.com
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Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses
By: Wayne Naegele, Senior Partner
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 Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments.
The proposed regulations also withdraw and replace placeholder ... Read More
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House Approves Bipartisan IRS Reform Bill
By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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 The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years.
IRS Reform
The Taxpayer First Act of 2019 (HR 1957), as amended, cleared ... Read More
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CFC Partners Required to Increase E&P for Subpart F Inclusions
By: Salvatore Russo, Partner
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The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under ... Read More
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