August 20, 2010
Andrew Presti
Blog Posts
0 CommentsThe U.S. Chamber of Commerce announced Aug. 17 that more than 1,099 companies around the nation have signed a letter to lawmakers asking them to repeal new Form 1099 reporting requirements, calling them burdensome, complex, and very costly. Implemented as part of the recently enacted health care reform law (Pub. L. No. 111-148 as modified […]
Read moreAugust 19, 2010Andrew PrestiBlog Posts0 CommentsPresident Obama’s proposal to keep the exemption level for the gift tax below that of the estate tax may discourage evasion, but it significantly adds to the complexity of the tax code, the Joint Committee on Taxation said in an Aug. 16 analysis. JCT’s analysis of the president’s fiscal year 2011 budget proposal noted that […]
Read moreAugust 18, 2010Andrew PrestiBlog Posts0 CommentsThe IRS concludes that stock-option payments made to employees of a former subsidiary create a compensation expense and deduction that belong to the subsidiary, not the parent company. Guidance from the Internal Revenue Service’s chief counsel, released last summer, opined on the tax treatment of stock-option payments made by a parent company to employees of […]
Read moreAugust 17, 2010Andrew PrestiBlog Posts0 CommentsChanges to the foreign tax credit under newly signed legislation (Pub. L. No. 111-226) represent significant alterations to the cross-border tax regime and create a host of questions for taxpayers, Ernst & Young LLP practitioners said Aug. 12. “These provisions represent fundamental changes in some long-standing international tax rules,” Barbara Angus, a practitioner in E&Y’s […]
Read moreAugust 16, 2010Andrew PrestiBlog Posts0 CommentsThe IRS issued temporary and proposed regulations Wednesday relating to taxpayer elections to defer recognition of cancellation of debt (COD) income.The American Recovery and Reinvestment Act of 2009 (ARRA, PL 111-5) enacted IRC § 108(i), providing an election to defer COD income arising from the forgiveness or reacquisition of certain debt instruments occurring between Jan. […]
Read moreAugust 13, 2010Andrew PrestiBlog Posts0 CommentsPresident Obama signed Aug. 10 legislation (H.R. 1586) that makes a handful of changes to the foreign tax credit as a way to help pay for a temporary increase in funding for Medicaid and education. The signing of the Education Jobs and Medicaid Assistance Act of 2010 followed House passage of the measure after a […]
Read moreAugust 05, 2010Andrew PrestiBlog Posts0 CommentsDonors report gifts subject to the gift tax and gifts subject to the generation-skipping transfer (GST) tax on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The proper reporting of gifts on Form 709 depends on a number of factors, including the type of gift, who the gift is given to, and whether […]
Read moreAugust 04, 2010Andrew PrestiBlog Posts0 CommentsIt is no secret to students, working individuals going back to school, and their families that the cost of education is becoming continuously more expensive year after year. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to college and […]
Read moreAugust 04, 2010Andrew PrestiBlog Posts0 CommentsMany small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we’ll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs. Payroll deduction IRAs Many small employers […]
Read moreAugust 04, 2010Andrew PrestiBlog Posts0 CommentsWhile the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the […]
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