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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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PATH Act provides planning opportunities with permanent extensions of many tax incentives
After years of routine temporary extensions, Congress has made ... Read More
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FAQ - What are the 2016 optional standard mileage rates for automobile use?
The IRS has issued the 2016 optional standard mileage rates for ...
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January 2016 tax compliance calendar
January 2016 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Presti & Naegele Becomes IRS Certifying Acceptance Agent
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Presti & Naegele has recently been authorized by the IRS to act as a Certifying Acceptance Agent. This designation allows the firm to assist foreign clients in obtaining an individual taxpayer identification number (ITIN), a U.S. tax processing number issued by the IRS for foreign individuals who are required to file a U.S. individual tax return. We are able to facilitate the application process by reviewing the necessary documents and forwarding completed forms to the IRS on behalf of our clients. ... Read More
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How Do I? Elect to be taxed as an S corporation?
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An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid.
Qualified corporation. A corporation qualifies as a small business corporation for S corporation purposes if the following requirements are met, regardless of the corporation's size or earnings:
- The corporation is a qualifying domestic corporation;
- It is not an ineligible corporation;
- It has no more than 100 shareholders;
- All shareholders are individuals, estates, certain trusts or qualifying tax-exempt entities;
- No shareholder is a nonresident alien; and
- Only one class of stock is outstanding.
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IRS gets budget boost to improve customer service and cybersecurity, curb identity theft
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Going into the 2016 filing season, the IRS has additional monetary resources to improve customer service and cybersecurity along with curbing identity theft. The fiscal year (FY) 2016 omnibus spending bill approved by Congress and signed into law by President Obama in December, allocates $290 million above FY 2015 funding to the IRS with instructions of where to spend the funds: customer service, tax-related identity theft and refund fraud, and cybersecurity.
Customer service
During the 2015 filing season, many taxpayers and tax professionals were very frustrated with customer service at the IRS. The National Taxpayer Advocate discovered that less than 40 percent of all calls to IRS customer service representatives were ... Read More
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