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May Newsletter

Sal Russo discusses, “White House calls for significant tax cuts and other tax reforms”. Andrew Presti answers, “FAQ: What are my odds of being audited?”.

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Wayne Naegele

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 […]

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Salvatore Russo

White House calls for significant tax cuts and other tax reforms

White House calls for significant tax cuts and other tax reforms President Trump on April 26th, just before his “100 days” in office, unveiled his highly-anticipated tax reform outline –the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket […]

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Steve Grgas

Treasury to review/re-evaluate tax regulations

Treasury to review/re-evaluate tax regulations The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action on April 21. Following its review and re-evaluation, the Treasury Department will make […]

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Steve Grgas

Filing season ends with no red flags

Filing season ends with no red flags The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most refunds were deposited electronically. Although the filing season […]

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Andrew Presti

FAQ: What are my odds of being audited?

FAQ: What are my odds of being audited? Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a […]

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Steve Grgas

How Do I? Differentiate tips from service charges for tax purposes

How Do I? Differentiate tips from service charges for tax purposes Although the employee may end up with the same amount whether something is designated a tip or a service charge, the IRS reporting requirements for the employer do differ. Basically, any amount required to be paid by a customer rather than at the customer’s […]

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Steve Grgas

May 2017 tax compliance calendar

May 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 May 2017. May 1 Employers. File Form 941 for the […]

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April Newsletter

Steve Grgas discusses, “How do I? Maximize start-up deductions for a new business”. Wayne Naegele discusses, “IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits.”

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Brian Whelan

Tax reform proceeds to possible summer enactment

Tax reform proceeds to possible summer enactment Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. […]

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