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The
Presti & Naegele Advantage
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Watch Now
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Presti & Naegele client,
Innovations in Wallcoverings celebrates their 40th Anniversary.
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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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IRS prepares to launch voluntary certification program for PEOs
The IRS is set to launch ... Read More
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IRS gearing up for revived private tax collection
The IRS is gearing up ...
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How do I...calculate the EITC for members of the U.S. military?
To claim the EITC, ...
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FAQ: Is the cost of a weight loss program for obesity tax deductible?
Yes ...but only if it is a ...
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June 2016 tax compliance calendar
June 2016 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Taxpayer protections, IRS oversight bills advance in Congress
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Responding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime. The House also took up a bill expanding disclosure of taxpayer information in cases involving missing children and the Ways and Means Committee approved a bill impacting disclosures by exempt organizations.
Stolen identity refund fraud
Tax-related identity theft occurs when a criminal uses the personal identification of another to obtain a fraudulent refund. According to the IRS and the Treasury Inspector General for Tax Administration (TIGTA), tax-related identity theft continues to grow despite efforts to uncover and apprehend criminals. In 2014, the IRS estimated that it prevented the issuance of nearly $25 billion in fraudulent refunds. However, criminals obtained more than $5 billion in fraudulent refunds. ... Read More
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FAQ: Who is eligible for the small business stock exclusion?
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Included among the many important individual and business incentives extended and enhanced by the massive tax bill passed in late December is a 100-percent exclusion of gain from the sale of qualified small business stock. Under the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) individuals and other noncorporate taxpayers should not overlook the benefit of investing in qualified small business stock considering the ability for qualifying taxpayers to exclude 100-percent of gain from the sale or exchange of the stock. There are certain limitations, however, regarding who qualifies for the tax break, holding periods, and what qualifies as qualified small business stock.
What is qualified small business stock?
The 100-percent exclusion from gain for investing in qualified small business stock is intended to encourage investment in small businesses and specialized small business investment companies. To qualify as small business stock for purposes of the 100-percent exclusion:
-- The stock must be issued by a C corporation that invests 80-percent of its assets in the active conduct of a trade or ... Read More
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