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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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Andrew Presti

FAQ: Has enhanced Code Sec. 179 been extended for 2010?

The enhanced expensing election under Code Sec. 179 has been extended through December 31, 2010. Under Code Sec. 179, businesses can elect to recover all or part of the cost of qualifying property by deducting (rather than depreciating) the property in the year it is “placed in service,” up to a certain limit. The Hiring […]

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Andrew Presti

May Newsletter

April 30, 2010 Dear Client: Here is our May Newsletter. IRS ramps up guidance on new small employer health insurance tax credit The IRS is moving quickly to alert employers about a new tax credit for health insurance premiums. The recently enacted health care reform package (the Patient Protection and Affordable Care Act of 2010 […]

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Andrew Presti

March Newsletter

March 18th, 2010 Small businesses face both tax opportunities and challenges in 2010 As 2010 unfolds, small businesses are confronted with tax challenges and opportunities on many fronts. Lackluster consumer spending, combined with tight credit, has many small businesses in a holding pattern. Congress may respond with a new tax credit to encourage hiring. Small […]

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Andrew Presti

Indy tech provider seeks to buck struggling economy with free ‘Small Business Makeover’ for one lucky retailer

January 5, 2010 CARMEL, IN – One lucky retailer will receive a free, Point-of-Sale inventory management technology solution, courtesy of Presti & Naegele‘s Accounting Technology Consultants (PN ATC). “Point-of-Sale” refers to the processes that help retailers move their products off the shelf and into the hands of consumers. In a retail store, it can also […]

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