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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
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Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation
Proposed regulations would provide guidance on the ... Read
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Final Regulations Amend Hardship Distribution Rules from Section 401(k) Plans
The IRS has issued final regulations that amend the rules relating to hardship ... Read
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Proposed Regulations Released on Applicable Financial Statement for All-Events Test
For a taxpayer using an accrual method of accounting ... Read
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Automatic Accounting Change Procedures for All Events Test and Advance Payment Deferral
Taxpayers may use the automatic consent procedures ... Read
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Proposed Regulations Update Exempt Organization Reporting Requirements; Penalty Relief Provided
Amendments to have been proposed to update the ... Read
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Presti &
Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Advance Payment Proposed Regulations Released
By: Wayne
Naegele, CPA, Senior Partner
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 Proposed regulations provide rules for accrual method taxpayers who receive advance payments. The proposed regulations include provisions affecting both taxpayers both with and without applicable financial statements (AFS), and describe and clarify the statutory requirements of Code Sec. 451(c).
Similar to Rev. Proc. 2004-34
The proposed regulations include many provisions similar to those of... Read
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Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1
By: Elias Koumniotes, Senior Tax Manager
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 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and corresponding Schedules K-1 was March 15, which has now been extended to ... Read
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Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals
By:
Salvatore Russo, CPA, Partner
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 Final regulations dealing with the 100 percent bonus depreciation allowance for qualified property acquired and placed in service after September 27, 2017, allow property which is constructed under a pre-September 28, 2017 binding contract to qualify for the 100 percent rate. The final regulations adopt proposed regulations ( REG-104397-18) with certain modifications ... Read
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