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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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Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders
The Senate’s top tax writers have released the first ...
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Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1
The IRS has granted a six-month extension to eligible ... Read More
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Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules
Proposed regulations increase a ...
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Nondiscrimination Relief for Closed Defined Benefit Plans Extended Again
The temporary nondiscrimination relief ...
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Final Regs Tweak Safe Harbor for Partnership Allocations of Creditable Foreign Tax Expenditures
The IRS has adopted final regulations ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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100 Percent Bonus Depreciation Guidance for Certain Tax Years Allows Late Elections, Revocations
By: Brian Whelan, CPA, Partner
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Bonus depreciation guidance that applies to property acquired after September 27, 2017, in a tax year that includes September 28, 2017, allows taxpayers to make a late election or revoke a prior valid election to: elect out of 100 percent bonus depreciation;
elect 100 percent bonus depreciation on specified plants in the year of planting or grafting; or
elect the 50 percent rate in place of the 100 percent rate. ...
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Proposed Regulations Classify Cloud and Digital Content Transactions
By: Andrew Presti, Senior Partner
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 Transactions involving digital content and cloud computing have become common due to the growth of electronic commerce. The transactions must be classified in terms of character so that various provisions of the Code, such as the sourcing rules and subpart F, can be applied.
Digital Content Transactions
Existing Reg. §1.861-18 provides rules for classifying ... Read More
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LB&I Withdraws Guidance on Cost-Sharing Arrangement Stock Based Compensation
By: Steve Grgas, CPA, Partner
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The IRS Large Business and International Division (LB&I) has withdrawn its directive to examiners that provided instructions on transfer pricing issue selection related to stock based compensation (SBC) in cost sharing arrangements (CSAs).
U.S. taxpayers that are cost sharing participants must include SBC as intangible development costs (IDCs), under Reg. ... Read More
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