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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Supreme Court Rejects Affordable Care Act Challenge
The Supreme Court has reversed and remanded California ... Read
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Final Disaster Deadline Postponement Regulations
The IRS has finalized regulations relating to the mandatory ... Read
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Residential Rental Property Depreciation Procedures
The IRS has released a revenue procedure explaining how a taxpayer ... Read
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Eligible Partnerships May File Amended Returns
An eligible partnership may file amended partnership returns for ... Read
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Marriage Was Valid for Estate Tax Purposes
An estate was allowed a marital deduction because ... Read
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BEAT QDP Reporting Requirement Deferred
The Treasury Department and the IRS have announced ... Read
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Experts: IRS Guidance Needed on American Rescue Plan
By: Annemarie Aguanno, CPA, Senior Audit/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 work. Gleckman also said he suspects the Child Tax Credit will require new guidance.
Gleckman claimed a new form this late in the tax season is unlikely. ... Read More
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American Rescue Plan Tax Credit FAQs
By: Donald Sager, CPA, Partner
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The IRS issued two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers) in claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to assist families and small businesses with the fallout of the COVID-19 pandemic and recovery underway, the ARP enhanced the child and dependent care credit and the paid sick and family leave credit.
Child and Dependent Care Credit
For 2021, the ARP increased the maximum amount of work-related expenses for qualifying care that may be taken into account in calculating the credit, increased the maximum percentage of those expenses for ... Read More
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Child Tax Credit Letters Being Sent
By: Lisa Varela, Senior Tax Manager
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The IRS has started sending letters to over 36 million families who, based on tax returns filed, may be eligible to receive monthly child tax credit payments starting July. Eligibility of these families are being evaluated based on information provided by taxpayers in their 2019 or 2020 tax returns, or through the Non-Filers tool while registering for an Economic Impact Payment. In addition, taxpayers who are eligible for advance child tax credit payments will receive a second, personalized letter listing an estimate of their monthly payment, starting July 15.
The IRS further announced that eligible families will begin receiving advance payments, either by direct deposit or check. Importantly, this payment will be up to ... Read More
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