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

2021-2022 Special Per Diem Rates Released

TThe IRS has released the 2021-2022 special per diem ... Read More

Final Foreign Partner Withholding Regulations To Be Deferred Until 2023

The IRS has announced that it intends to defer until ... Read More

Taxpayers Urged to Develop Emergency Preparedness Plans for Surviving Natural Disasters

The IRS has reminded taxpayers to develop emergency ... Read More

Use of E-Signatures Approved for Certain Forms

The IRS has allowed taxpayers to use electronic ... Read More

Tax Court Had Jurisdiction Over Innocent Spouse Case

The Tax Court had jurisdiction to determine the ... Read More

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P&N YouTube Channel: How to Create a New Vendor in QBO

By: Kristin E. Cavataio, CPA, Senior Consultant


Kristin E. Cavataio, CPALearn how to set up new vendors in QuickBooks Online! The vendor list is a key piece of record keeping in your accounting software. In this video we go through the process of setting up these entities we pay money out to.

Click to view our latest QuickBooks QuickTip!

Temporary, Proposed Regs Authorize Assessment of Erroneous Refund of COVID-19 Employment Tax Credits

By: Brian Whelan, CPA, Partner


Brian Whelan, CPA, PartnerThe IRS has issued temporary and proposed regulations that authorize the assessment of any erroneous refund of the COVID-19 employment tax credits which were added by the American Rescue Plan Act of 2021 ( P.L. 117-2). These credits for certain wages paid by employers are:

  • the Credit for Paid Sick Leave under Code Sec. 3131,
  • the Credit for Paid Family Leave under Code Sec. 3132, and
  • the Employee Retention Credit under Code Sec. 3134.
The text of the temporary regulations also serves as the text of the proposed regulations. The temporary ... Read More

Qualified Sick and Family Leave Wages Reporting Guidance Issued

By: Elias Koumniotes, Senior Tax Manager


Elias Koumniotes, Senior Tax ManagerThe IRS and the Treasury Department have issued guidance to employers about reporting the amount of qualified sick and family leave wages paid to employees for leave taken in 2021 on Form W-2, Wage and Tax Statement. Further, the notice provides guidance under recent legislation, including: the Families First Coronavirus Response Act (FFCRA) ( P.L. 116-127), as amended by the COVID-Related Tax Relief Act of 2020 (Division N of P.L. 116-260) and the American Rescue Plan Act of 2021 ( P.L. 117-2). Employers are required to report these amounts to employees either on Form W-2, Box 14, or in a separate statement provided ... Read More

IRS Reminder for Classification of Workers as Employees or Independent Contractors

By: Thomas Zanata, CPA, Tax Manager


Thomas Zanata, CPA, Tax ManagerThe IRS has emphasized the importance of correctly determining whether the individuals providing services to businesses were employees or independent contractors. Generally, an employee performs services that businesses control. Independent contractors offer their services to the public. Businesses have a right to control the details of the services performed.

The classification depends on the:

  • company’s behavioral Control on what the worker does and how the job is performed;
  • business’ direct or control the financial and business aspects of the worker; and ... Read More


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