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The
Presti & Naegele Advantage
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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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Congress takes up tax bills before breaking for extended recess
The Democratic and Republican nominating ... Read More
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FAQ: What is a CPEO?
A professional employer organization (PEO) is an organization that ...
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How do I? Substantiate meal expenses using the per-diem rate method?
An employee or self-employed individual is allowed a deduction for ...
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August 2016 tax compliance calendar
As an individual or business ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Employers, payroll providers prepare for accelerated filing deadlines
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The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) accelerated the due date for filing Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements, and any returns or statements required by the IRS to report nonemployee compensation to January 31. The change is scheduled to take effect for returns and statements required to be filed in 2017. At this time, many employers and payroll providers are reprogramming their systems for the accelerated due date.
Filing requirements
Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year for services performed by an employee must file a Form W-2 for each employee from whom ...Read More
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Crowdfunding: a new resource with developing tax rules
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IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes that the income tax consequences to a taxpayer of a crowdfunding effort depend on all the facts and circumstances surrounding that effort.
In general, Chief Counsel determined, crowdfunding revenues are included in the recipient's gross income. Code Sec. 61(a) generally provides that gross income includes all income from whatever source derived. However, there are some benefits that a taxpayer receives that are excluded from income because they do not meet the definition of gross income or because a specific exclusion exists. ... Read More
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