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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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Tax Extenders Remain Top Contender for Hitching a Ride on Must-Pass Government Funding Bill
"A thumb goes up, a car goes by..." Tax extenders remain a ... Read
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Cryptocurrency Guidance, Virtual Currency FAQs Released
The IRS has released cryptocurrency guidance and FAQ... Read
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SALT Cap Not Unconstitutionally Coercive
A district court has dismissed a lawsuit filed by four states’ against the federal ... Read
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Final Regs Revert Back to Prior Partnership Disguised Sale Rules
New final regulations that address the allocation of partnership ... Read
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Proposed Regs Address Tax Implications of LIBOR Elimination
Proposed regulations provide guidance on the potential ... Read
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Presti &
Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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IRS Provides Section 199! Safe Harbor for Rental Real Estate
By: Lisa Varela, Senior Tax Manager
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 The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to lessen taxpayer uncertainty on whether a rental real estate interest qualifies as a trade or business for the QBI deduction, including ... Read
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Final Regulations on 100 Percent Bonus Depreciation Issued, Along With New Proposals
By:
Steve Grgas, 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, including a revised constructed property rule. In addition, the IRS has issued a new set of ... Read
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Proposed Regulations Provide Guidance on Section 382 (h) Built-in Gain and Loss Computation
By:
Tracy Tasch, CPA, Tax Manager
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 Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would:
· simplify the application of Code Sec. 382;
· provide more certainty to taxpayers in determining built-in gains and losses for Code Sec. 382(h) purposes; and
· ensure that the application of certain law changes made by the Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA) does not further complicate the application of Code Sec. 382(h).
Taxpayers may rely on these proposed ... Read
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