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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

IRS Provides Information About 2022 Educator Deduction Increase

The IRS reminded educators that they will be able to ... Read More

Tax Gap Closer to $1 Trillion – IRS Commissioner Rettig

The gap between taxes owed and ... Read More

Letters Going Out to Taxpayers Missing Qualified Opportunity Fund Information

Taxpayers who may need to take additional actions related ... Read More

Government Employees Who Receive Returns or Return Information Subject to Disclosure Restrictions

The IRS has issued a guidance ... Read More

Filing Deadline for Petition to Review CDP Determination Nonjurisdictional, Eligible for Equitable Tolling

The Supreme Court Reversed ... Read More

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P&N YouTube Channel: How to Record Bill Payments in QBO

By: Kristin E. Cavataio, CPA, Senior Consultant

Kristin E. Cavataio, CPA Learn how to record bill payments in QuickBooks Online! Maintaining accounts payable helps businesses manage cash flow and payment due dates. Understanding this concept is crucial to maintaining your books and records. In this video, we review how to record bill payments.

Click to view our latest QuickBooks QuickTip!

IRS Dispels Common Tax Refund Myths

By: Salvatore V. Russo, CPA, Partner

Salvatore V. Russo, CPA, Partner The IRS addressed the following common myths about tax refunds:

• Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the "Where's My Refund?" tool. Taxpayers can also call the automated refund hotline at 800-829-1954.
• Myth 2: Taxpayers need to wait for their 2020 return to be processed before filing their 2021 return. Taxpayers generally will not need to wait for their 2021 tax returns. They should file when they are ready. Individuals with unprocessed 2020 tax returns, should enter zero dollars for last year's Adjusted Gross Income (AGI) on their 2021 tax return when filing electronically.
•Myth 3: Taxpayers can get a refund date by ordering a tax transcript ... Read More

IRS Provides Reasons Why Some Tax Refunds Filed Electronically Take Longer than 21 Days

By: Thomas Zanata, CPA, Tax Manager

Thomas Zanata, CPA, Tax Manager The IRS has informed taxpayers that the agency issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit. However, some refunds may take longer. The IRS listed several factors that can affect the timing of a refund after the agency receives a return. A manual review may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. Other returns can also take longer to process, including when a return needs a correction to the Child Tax Credit amount or includes a Form 8379, Injured Spouse Allocation, which could take up to 14 weeks to process. The fastest way to get a tax refund is by filing electronically ... Read More

IRS to Send Notices to Help Payers Correct Backup Withholding Errors

By: Lee Forman, CPA, Tax Manager

Lee Forman, CPA, Tax Manager The IRS informed taxpayers that it will send Notices CP2100 and CP2100A notices to financial institutions, businesses, or payers who filed certain types of information returns that do not match IRS records, beginning mid-April 2022. These information returns include:
• Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
• Form 1099-DIV, Dividends and Distributions
• Form 1099-G, Certain Government Payments
• Form 1099-INT, Interest Income
• Form 1099-K, Payment Card and Third-Party Network Transactions ... Read More

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