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The
Presti & Naegele Advantage
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Watch Now
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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Small businesses score victory with PACE Act, wait for fix on health reimbursement arrangements
Small businesses received ... Read More
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How Do I...Shift Taxable Income into 2016?
As the calendar approaches the end of 2015 ...
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FAQ: When is Equipment "Placed in Service"?
For a business to start writing off the cost ...
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November 2015 tax compliance calendar
November 2015 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Clock ticks down to year-end passage of tax extenders for individuals and businesses
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As 2015 winds down, another temporary extension of the tax extenders appears almost certain. Despite talk in early 2015 about finding a permanent solution to the on-again, off-again extenders, the arrival of November brings a short window for Congress to extend these tax breaks. The expected late passage of these popular tax breaks also adds uncertainty to year-end tax planning as well as possibly causing a delay to the start of the 2016 filing season.
Tax extenders
A host of temporary but popular tax incentives expired after December 31, 2014. Under current law, these incentives are unavailable for 2015 (although a very small number, notably bonus depreciation, have special provisions that may make them available in 2015 to qualified taxpayers). ... Read More
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IRS promises more identity theft protections in 2016 filing season
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After acknowledging earlier this year that hackers breached one of its popular online apps, the IRS has promised more identity theft protections in the 2016 filing season. The IRS, along with partners in the tax preparation community, has identified and tested more than 20 new data elements on returns to help detect and prevent identity-theft related filings. The agency is also working to prevent criminals from accessing tax-time financial products.
Identity theft
Combatting identity theft is on ongoing process as criminals continue to create new ways of stealing personal information and using it for their gain. Tax-related identity theft typically peaks early in the filing season. Criminals file bogus returns early so taxpayers remain unaware you have been victimized until they try to file a return and learn one already has been filed. Between 2011 and 2015, the IRS identified 19 million suspicious returns and prevented the issuance of some $60 billion in fraudulent refunds. During the 2015 filing season... Read More
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