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The
Presti & Naegele Advantage
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Watch Now
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Blood Manor
Jimmy Fallon and Kevin Hart recently visited Presti & Naegele client, Blood Manor-named New York's scariest haunted house.
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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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October 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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Business identity theft, tax consequences and best practices
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Facilitated by the speed, ubiquity, and anonymity of the Internet, criminals are able to easily steal valuable information such as Social Security numbers and use it for a variety of nefarious purposes, including filing false tax returns to generate refunds from the IRS. The victims are often unable to detect the crime until it is too late, generally after the IRS receives the legitimate tax return from the actual taxpayer. By that time the first return has often been long accepted and the refund processed. Because of the ease, speed, and difficulty involved in policing cybercrime, identity theft has grown rapidly. One estimate from the National Taxpayer Advocate Service has calculated that individual identity theft case receipts have increased by more than 666 percent from fiscal year (FY) 2008 to FY 2012.
There is, however, another dangerous facet of identity theft that costs the government, taxpayers, and businesses millions of dollars each year. ... Read More
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How Do I? Make an in-plan Roth IRA rollover?
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In-plan Roth IRA rollovers are a relatively new creation, and as a result many individuals are not aware of the rules. The Small Business Jobs Act of 2010 made it possible for participants in 401(k) plans and 403(b) plans to roll over eligible distributions made after September 27, 2010 from such accounts, or other non-Roth accounts, into a designated Roth IRA in the same plan. Beginning in 2011, this option became available to 457(b) governmental plans as well. These "in-plan" rollovers and the rules for making them, which may be tricky, are discussed below.
Designated Roth account
401(k) plans and 403(b) plans that have designated Roth accounts may offer in-plan Roth rollovers for eligible rollover distributions. Beginning in 2011, the option became available to 457(b) governmental plans, allowing ... Read More
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