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Carlos Del Toro Carlos Del Toro Sworn in as the 78th Secretary of the Navy
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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 More

2021 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued

The IRS has issued the luxury car ... Read More

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit

The Treasury and IRS have ... Read More

Transition Relief Guidance for Employers Claiming the WOTC

The IRS issued transition relief for ... Read More

IRS Releases Information on CTC; Update Portal for Payments

The IRS stated that families should use the Child Tax ... Read More

Guidance Provided on Premium Assistance for COBRA Continuation Coverage

The IRS provided additional ... Read More

Foreign Tax Credit Did Not Apply Against Net Investment Income Tax

The foreign tax credit did not apply ... Read More

Unknown Gift Tax Return Could Be Reasonable Cause for Late Filing

A missing or unknown federal gift ... Read More

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P&N Launches YouTube Channel

By: Kristin E. Cavataio, CPA, Senior Consultant


Kristin E. Cavataio, CPAPresti & Naegele is proud to announce the launch of our Presti & Naegele Accounting Technology Consultants (“PNATC”) YouTube channel. Each month, we’ll upload informative videos focused on common Quickbooks topics. Kristin Cavataio, CPA will present simple solutions to help business owners navigate Intuit’s Quickbooks Software. Please visit our channel and subscribe to stay up to date on our Quick Tips! Don’t forget to hit the “Like” button!

View this month’s video here:

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

By: Steve Grgas, MBA, CPA, Partner


Steve Grgas, MBA, CPA, PartnerThe IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before January 1, 2022. The guidance amplifies previous notices which addressed the employee retention credit under section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P.L. 116-136, as amended by sections 206 and 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, P.L. 116-260. ... Read More

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained

By: Annemarie Aguanno, CPA, Senior Audit/Tax Manager


Annemarie Aguanno, CPA, Senior Audit/Tax ManagerThe U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly through the SBA. The SBA also is explaining why it discontinued use of Loan Necessity Questionnaires for PPP borrowers.

PPP Direct Forgiveness Portal The SBA announced that it is launching a streamlined application portal to allow borrowers with PPP loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.

In addition to the technology ... Read More


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