The Presti & Naegele Advantage
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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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Strengthening Tax Breaks to Promote Manufacturing Gets Bipartisan Support
Strengthening tax breaks to promote ... Read
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IRS Unopened Mail Backlog is Gone, Says Rettig
IRS Commissioner Charles "Chuck" Rettig told ... Read
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Cash Rewards for Money Order, Debit Card Purchases Included in Income
The Tax Court ruled that rewards ... Read
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National Virtual Settlement Days Announced
The IRS Office of Chief Counsel has embarked on its most ... Read
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Individual Not Entitled to Innocent Spouse Relief
An individual who owned a limited liability company (LLC) ... Read
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Penalty Not Timely Approved by Revenue Agent’s Supervisor
A married couple’s civil fraud penalty was not timely ... Read
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2020 Filing Deadline for Individuals Extended to May 17
By: Salvatore Russo, CPA, Partner
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The IRS and the Treasury Department have automatically extended the federal income tax filing due date for individuals for the 2020 tax year, from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.
This postponement applies to individual taxpayers, including those who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of ... Read More
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Biden Signs COVID-19 Relief Package
By: Brian Whelan, CPA, Partner
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On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following:
• 2021 Recovery Rebate Credits of $1,400 for eligible individuals ($2,800 for joint filers) plus $1,400 for each eligible dependent. Credit begins to phase out at adjusted gross income of $150,000 for joint filers, $112,500 for a head of household, $75,000 for other individuals. The IRS has already begun making advance refund payments of the credit to taxpayers.
• Exclusion of up to $10,200 of unemployment compensation from income for tax year 2020 for households with adjusted gross income under $150,000.
• Enhancements of many personal tax ... Read More
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Experts: IRS Guidance Needed on American Rescue Plan
By: Thomas Zanata, CPA, Tax Manager
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The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure.
"I hope Treasury will say something very soon: FAQs, press release, something. IRS undoubtedly will have to write new regs," commented Urban-Brookings Tax Policy Center Senior Fellow Howard Gleckman. He stressed IRS certainly will have to figure out how to make the retroactive tax exemption for some 2020 unemployment benefits ... Read More
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