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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IRS Highlights Special Charitable Tax Benefit
The IRS has joined with several leading nonprofit groups to highlight a special ... Read
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National Taxpayer Advocate Delivers Annual Report to Congress
The National Taxpayer Advocate (NTA), Erin M. Collins, has released her ... Read
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Conservation Easement Extinguishment Proceeds Regulation Found Invalid
The IRS’s interpretation of Reg. §1.170A-14(g)(6)(ii), which disallows the ... Read More
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Low-Income Housing Credit Deadlines Extended
The IRS extended several deadlines related to the low-income ... Read
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Final Regulations Address Foreign Tax Credit Issues
The Treasury and IRS have issued final regulations ... Read
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ABA Section Calls For Research Credit Refund Claim Regs
The American Bar Association’s Section of Taxation is ... Read
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Pandemic Highlights IRS’ Underfunding Issues
Two recent reports, one from the Internal Revenue Service ... Read
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Presti &
Naegele
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IRS Highlights Online Tools and Resources Ahead of Tax Filing Season
By: Andrew Presti, Senior Partner
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The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, a special page is available on the IRS website that outlines steps taxpayers can take to make tax filing easier.
Individuals, especially those who do not usually file tax returns, were urged to... Read More
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2022 Inflation Adjustments for Pension Plans, Retirement Accounts Released
By: Salvatore Russo, CPA, Partner
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The 2022 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged.
The 2022 cost-of-living adjustments (COLAs) were released for:
- pension plan dollar limitations, and
- other retirement ... Read More
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State and Local Fiscal Recovery Funds Program Final Rule Issued
By: Elias Koumniotes, Senior Tax Manager
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The U.S. Department of the Treasury issued the final rule implementing the State and Local Fiscal Recovery Funds (SLFRF) Program.
The program, created as part of the American Rescue Plan, provides $350 billion to state, local, and tribal governments to support their response to the COVID-19 pandemic, ensuring they have resources to provide for health and vaccine services, funding to support families and business who might be struggling with the economic impacts of the pandemic, and maintaining vital ... Read More
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