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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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Latest IRS Data Book gives insight into audit activities
The IRS has issued its annual Data Book for fiscal year (FY) 2015, which ... Read More
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How do I? Determine a residential tax credit for solar panels
Individual taxpayers may claim a nonrefundable personal tax credit for qualified ...
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FAQ: Are contributions to foreign charities tax-deductible?
Social media has helped to make our world smaller and when natural disasters ...
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May 2016 tax compliance calendar
May 2016 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Don't overlook new-for-2016 enhancements to certain tax incentives
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Passage of the "Tax Extenders" undeniably provided one of the major headlines - and tax benefits - to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although these tax extenders (over 50 of them in all) were largely made retroactive to January 1, 2015, valuable enhancements to some of these tax benefits were not made retroactive. Rather, these enhancements were made effective only starting January 1, 2016. As a result, individuals and businesses alike should treat these enhancements as brand-new tax breaks, taking a close look at whether one or several of them may apply. Here’s a list to consider as 2016 tax planning gets underway now that tax filing-season has ended:
Section 179 expensing. The PATH Act permanently extended the Code Section 179 dollar of investment limitations at the higher $500,000 and $2 million, levels, which are adjusted for inflation for tax years beginning after 2015 (it is $500,000 and $2,010,000 for 2016). In addition, starting only in 2016, the $250,000... Read More
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Filing season closes; cybersecurity and customer service top priorities for IRS
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The 2016 filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus returns and prevent the issuance of fraudulent refunds.
Cybersecurity
Concerns about cybersecurity and the confidentiality of taxpayer information were paramount during the filing season. According to the IRS, its basic systems are attacked "millions of times" every day by cybercriminals looking for weaknesses. In April, IRS Commissioner John Koskinen told Congress that the agency's basic systems are secure. However, cybercriminals did breach its Get Transcript app in 2015 and other applications are under constant probing and attack by cybercriminals.
Koskinen assured Congress that the agency is beefing up its cybersecurity staffing. The IRS has hired 55 new cybersecurity experts. However, ... Read More
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