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The
Presti & Naegele Advantage
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Watch Now
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Congratulations
to our client, Angelique Kidjo, on winning her third Grammy Award for "Best World Music Album".
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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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Tax law changes effective January 1, 2016 require some revised planning
The Protecting Americans from Tax Hikes Act of 2015 ... Read More
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Small business incentives, reforms to ACA taxes, and other proposals in Obama's FY 2017 budget could gain traction in 2016
Tweaks to enhanced Code Sec. 179 ...
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FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can ...
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March 2016 tax compliance calendar
March 2016 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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How do I? Arrange an installment payment agreement with the IRS?
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The IRS always urges taxpayers to pay their current tax liabilities when due, to avoid interest and penalties. Taxpayers who can't pay the full amount are urged to pay as much as they can, for the same reason. But some taxpayers cannot pay their full tax liability by the normal April 15 deadline (April 18th in 2016 because of the intersection of a weekend and a District of Columbia holiday).
One alternative is to enter into an installment payment agreement with the IRS, where taxpayers agree in writing to make monthly payments to the IRS and to reduce their tax liability to zero over a reasonable period of time. The IRS may also agree to an installment payment arrangement for back taxes. Penalties and interest may continue to accrue, although the IRS may reduce the penalties. While the IRS is authorized to enter into a partial payment installment agreement for a portion of the taxpayer's liability, the agency has been reluctant to do this.
Form 9465
Taxpayers who cannot pay the tax liability ... Read More
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White House & Congress take action to increase participation in retirement plans
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Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and that the current private pension system is not working well enough to avoid the problem.
A Joint Committee on Taxation study identified several major impediments to retirement savings: lack of access to workplace plans; high costs of starting and maintaining plans, especially for small employers; low employee coverage and participation rates; the lack of lifetime income options; and the use of savings before retirement (known as leakage). Key policy goals to remedy these shortfalls include increased access, participation and contribution levels; reduced leakage of account balances; and the promotion of a greater number of lifetime income options.
The Obama Administration's Fiscal Year 2017 budget includes ... Read More
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