(212) 736-0055 info@pntax.com

Schedule Your Small Business Success Consultation

Blog

Andrew Presti

Back to the Basics: Common Gift Tax Return Mistakes

Donors 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 more
Andrew Presti

FAQ: What’s new in back-to-school tax savings?

It 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 more
Andrew Presti

How do I…Set up a retirement plan for employees of my small business?

Many 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 more
Andrew Presti

Deducting receivables as bad business debts

While 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 […]

Read more
Andrew Presti

Congress readies enhanced small business tax bill

A package of small business tax incentives, as part of the larger Small Business Jobs Act of 2010 (H.R. 5297) has been slowly making its way through Congress over the past several months. However, on July 29 members of the Senate effectively blocked a final vote on the H.R. 5297, pushing the prospects for passage […]

Read more