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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President Biden Signs Infrastructure Bill
The bipartisan infrastructure bill passed the ... Read
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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released
The 2022 cost-of-living adjustments (COLAs) that affect ... Read
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Guidance on Applying Per Diem Rules to Fully Deductible Restaurant Meals
The IRS issued guidance related to the application of ... Read
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Simple Steps to Assist Taxpayers Make 2022 Tax Filing Easier
The IRS has urged taxpayers, including ones who ... Read
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G20 Endorses Global Corporate Minimum Tax Rate of 15-Percent
All members of the G20 on October 30 endorsed a global ... Read
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Jurisdiction Over Petition for Redetermination of Whistleblower's Award Not Extinguished by Death
In a case of first impression, the Tax Court retained ... Read
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S Corporation’s Disposition of Major League Baseball Team Was Disguised Sale
An S corporation’s disposition of a major league ... Read
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Presti &
Naegele
Contact us at: Tel:(212)736-0055
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P&N YouTube Channel: How to Record Bills from Vendors in QBO
By: Kristin E. Cavataio, CPA, Senior Consultant
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Learn how to record invoices from your vendors in QuickBooks Online! Maintaining accounts payable helps to manage cash flow and recognize expenses as they are incurred. In this video, we review how to create bills from vendors.
Click to view our latest QuickBooks QuickTip!
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PPP Tax-exempt Income Timing and Basis Adjustment Guidance Issued
By: Wayne Naegele, CPA, Senior Partner
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The IRS has released additional Paycheck Protection Program (PPP) loan forgiveness guidance. The guidance addresses (1) timing issues; (2) partner and consolidated group member basis adjustments; and (3) filing of amended partnership returns and information statements.
Timing of Tax-exempt Income
A taxpayer that received a PPP loan may treat tax-exempt income resulting from the partial or complete forgiveness of the PPP loan as received or accrued as follows:
- As the taxpayer pays or incurs eligible expenses. Under the safe harbor that allows certain taxpayers who relied on ... Read More
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IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts
By: Steve Grgas, MBA, CPA, Partner
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The IRS has released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.
2022 Income Tax Brackets
For 2022, the highest income tax bracket of 37 percent applies when taxable income hits:
- $647,850 for married individuals filing jointly and surviving spouses,
- 539,900 for single individuals and heads of households,
... Read More
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Guidance Released for Tax Treatment and Reporting Requirements for HAF Payments
By: Lee Forman, Tax Manager
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The IRS has released guidance which addresses the federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by a state with funds allocated from the Homeowner Assistance Fund (HAF). The fund was established under section 3206 of the American Rescue Plan Act of 2021, P.L. No. 117-2, in response to the coronavirus disease (COVID-19) pandemic. This guidance is effective on November 8, 2021, and would apply to qualified expenses paid after January 21, 2020. ... Read More
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