(212) 736-0055 info@pntax.com

Schedule Your Small Business Success Consultation

Author Archive for Wayne Naegele

wnaegele

Rules for managing tax basis on stock sales worth a look

Rules for managing tax basis on stock sales worth a look A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court that he timely made […]

Read more
wnaegele

Business meals and entertainment: how to maximize tax deductions

Business meals and entertainment: how to maximize tax deductions Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an […]

Read more
wnaegele

Presti & Naegele’s Alex Flores named Insightful Accountant’s Top 100 ProAdvisors

The long wait is over – Insightful Accountant is excited to announce our “Top 100 ProAdvisors for 2017.” Our Categorical Winners and “ProAdvisor of the Year” will be announced during one of the Main Stage Events at next month’s “Scaling New Heights” conference in Orlando, Fla. A special thank you to our sponsors, Canon imageFORMULA Document […]

Read more
wnaegele

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining […]

Read more
wnaegele

Congressional leaders highlight tax reform proposals

Congressional leaders highlight tax reform proposals As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways and Means Chair Kevin Brady, R-Texas, has predicted that […]

Read more
wnaegele

How do I?…claim the federal fuel tax credit

How do I?…claim the federal fuel tax credit The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered significant fraud associated with the fuel tax credit and is watching for fraudulent claims. The credit is not available to most taxpayers but only to qualified taxpayers, such […]

Read more
wnaegele

FAQ…I received a letter from the IRS inquiring about a suspicious return

FAQ…I received a letter from the IRS inquiring about a suspicious return Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time that they are victims of identity theft when they receive a letter from the IRS. A taxpayer may receive a letter when the IRS stops suspicious tax returns […]

Read more
wnaegele

March 2017 tax compliance calendar

March 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2017. March 1 Employers. Semi-weekly depositors must deposit employment […]

Read more