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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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Make sure to check out the revised W-4 for 2020 due to the tax law changes enacted beginning tax year 2018.
Click here to learn if you can benefit from completing the new W-4 form
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Final Regulations Issued on CFC Related Person Rules, Active Trade or Business Exception
Final regulations provide rules on the attribution of ownership ... Read
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Hopes for Year-End Tax Extenders Package Appear Dwindling
Hopes for a year-end tax extenders package appear to be dwindling on Capitol Hill. ... Read
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IRS Releases Final and Proposed BEAT Regulations
The IRS has issued final and proposed regulations implementing the base erosion and anti-abuse tax ... Read
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New Rules Proposed on Charitable Contribution Related to SALT Benefits
The IRS has released new proposed rules related to charitable contributions made to get around the ... Read
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Presti &
Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Final and Proposed Regulations Address Foreign Tax Credit
By: Wayne
Naegele, CPA, Senior Partner
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 The IRS has issued highly anticipated final regulations on the significant changes made to the foreign tax credit rules by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-105600-18). The final regulations also eliminate deadwood, reflect statutory amendments made prior to TCJA, and update expense allocation ... Read
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Final Regulations on Calculation of UBTI Issued
By: Thomas Zanata, CPA
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 The IRS has released final regulations that present guidance on how certain organizations that provide employee benefits must calculate unrelated business taxable income (UBTI) under Code Sec. 512(a).
Background
Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to ... Read
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Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years
By:
Tracy Tasch, CPA, Tax Manager
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 The IRS has released guidance that provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 partnership tax years.
2019 Reporting
For 2019, partnerships and other persons must report partner capital accounts consistent ... Read
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