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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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2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding
On February 11, the White House released President ... Read
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Calculation of “Average Income” Minimum Set Aside Test for Low Income Housing Credit Explained
Taxpayers claiming the low-income ... Read
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Fleet-Average and Vehicle Cents-Per-Mile Base Valuation Amounts Updated
Final regulations increase a vehicle’s maximum value ... Read
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House Writers Debate Effects of Corporate Income Tax Cut
House Democratic and Republican tax writers debated ... Read
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Practitioners’ Corner Wolters Kluwer Interviews TCPI Symposium Experts on Current and Future State of Tax Policy
Tax reform legislation widely known as the Tax Cuts and ... Read
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Presti &
Naegele
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Qualified Opportunity Zone Investment Regulations Finalized
By:
Annemarie Aguanno, CPA, Senior Audit/Tax Manager
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Proposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive.
The regulations address issued related to all aspects of the gain ... Read
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Proposed Regulations Reflect Changes to Wage Withholding, Redesigned W-4
By:
Andrew Presti, Senior Partner
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The IRS has proposed regulations with guidance for employers on withholding federal income tax from employee’s wages. The proposed regulations:
● implement recent changes made to Code Secs. 3401 and 3402 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97); and
● reflect the redesigned 2020 Form W-4, Employee’s Withholding Certificate, and the ... Read
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Guidance Provided on Qualifying for EITC
By: Elias Koumniotes, Senior Tax Manager
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The IRS has provided guidance on qualifying for the Earned Income Tax Credit (EITC). The EITC is a refundable tax credit that is intended to be a financial boost for families with low to moderate incomes.
Due to changes in marital, parental or financial status, millions of workers may qualify for EITC for the first time this year. The IRS urges individuals who (1) work for someone else or have their own businesses or farm, and (2) earned $55,952 or less in 2019, to see if they ... Read
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