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Andrew Presti

FAQ: What tax legislation is Congress expected to pass this year?

At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress’s agenda for action before year-end. Estate tax The federal estate tax was abolished as of January 1, 2010. In its place, a […]

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Andrew Presti

How do I…Claim the small business health insurance tax credit for 2010?

The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take […]

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Andrew Presti

IRS begins 401(k) compliance check questionnaire

401(k) plans represent the most preferred vehicle for retirement savings today – making up more than 60 percent of retirement plans, according to the IRS. However, 401(k) plans are also the most non-compliant type of retirement plan as well, according to a study by IRS Employee Plans Examinations. In light of the popularity and non-compliance […]

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Andrew Presti

Health care reform extends coverage, income tax exclusion for young adult coverage

The health care reform package makes two important changes to insurance coverage for young adults. First, the new law allows young adults to remain on their parents’ health insurance plan until age 26. Second, the new law extends certain favorable tax treatment to coverage for young adults. Extended coverage Traditionally, many plans and insurers would […]

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Andrew Presti

Planning for the 3.8 percent Medicare tax on investment income

The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010) imposes a new 3.8 percent Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not take effect until 2013, it is not too soon to examine methods to […]

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Andrew Presti

Presti And Naegele Are Sharing Their Newsletter With Twitter

Presti & Naegele will shortly start sharing their Newsletter with Twitter in an effort to reach out to our clients – however they prefer to communicate. Follow us on Twitter and stay up to date

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Andrew Presti

Quickbooks Email Virus

There have been a recent string of emails that seem as though they are coming from “QuickBooks” which are in fact not from Intuit.

If you see any email from QuickBooks asking you to click on a link to “upgrade” or “read more” please do not click on any of the links as they are possible viruses, spyware, malware etc.

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Andrew Presti

Health care reform 101: New responsibilities and taxes for employers and individuals

Health care reform is now law and many employers are asking how does it affect my business and my employees? The first thing to keep in mind is that reform is gradual. The health care reforms and tax provisions in the new health care reform package play out over time, with some taking effect this […]

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Andrew Presti

HIRE Act provides payroll tax forgiveness and worker retention credit

On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act. The $18 billion HIRE Act is expected to be the first of several “jobs” bills out of Congress in 2010. The new law encourages companies to hire unemployed workers and also retain existing workers by providing two key tax incentives: […]

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Andrew Presti

How Do I? Deal with the new foreign account compliance rules under the HIRE Act?

The recently enacted Hiring Incentives to Restore Employment (HIRE) Act of 2010 includes a comprehensive set of foreign account compliance measures that will impact taxpayers with accounts in foreign banks and other financial institutions. Generally, for payments made beginning in 2013, taxpayers with various types of financial accounts or other interests overseas will be subject […]

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