The
Presti & Naegele Advantage

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

Proposed Regulations Address Small Business Simplified Accounting Rules

Proposed regulations adopt the post-2017 simplified ... Read More

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

The IRS has released proposed regulations that implement ... Read More

IRS Issues Proposed Regulations on Partnership Carried Interests

The IRS has issued proposed regulations that implement the "carried interest" ... Read More

Guidance on CARES Act Defined Benefit Plan Funding Relief

The IRS has provided guidance on the special rules ... Read More

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

The IRS has issued final regulations regarding the limitation for the business interest ... Read More

Presti & Naegele

Contact us at:
Tel:(212)736-0055

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

By: Elias Koumniotes, Senior Tax Manager

The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and payment of payroll taxes from September 1 through years-end for eligible employees.

The presidential memorandum to defer payroll taxes has "caused confusion and concern ... Read More

Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

By: Donald Sager, CPA, Partner

The Treasury and the IRS have issued temporary and proposed regulations to:

● reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136), and
● recapture the benefit of the credits when necessary.

The text of the temporary regulations serves as the text of the proposed regulations. .. Read More

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

By: Thomas Zanata, CPA, Tax Manager

The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before December 31, 2020, if their plans allow. In addition to IRAs, this relief applies to 401(k) plans, 403(b) plans, profit-sharing ... Read More