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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

Presti & Naegele’s Alex Flores named Insightful Accountant's Top 100 ProAdvisors

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Treasury to review/re-evaluate tax regulations

The Treasury Department is to ... Read More

Filing season ends with no red flags

The IRS processed more than 128 million returns and ... Read More

How Do I? Differentiate tips from service charges for tax purposes

Although the employee may end up with the same ... Read More

May 2017 tax compliance calendar

May 2017 tax compliance calendar ... Read More

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White House calls for significant tax cuts and other tax reforms


Salvatore Russo, Partner President Trump on April 26th, just before his “100 days” in office, unveiled his highly-anticipated tax reform outline –the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, doubling the standard deduction, and more than halving the corporate tax rate; along with changing the tax treatment of pass-through businesses, expanding child and dependent incentives, and more. Both the alternative minimum tax and the federal estate tax would be eliminated. The White House proposal does not include spending and tax incentives for infrastructure; nor a controversial “border tax.”

According to White House officials, the President’s proposals set out broad principles with specifics to be hammered-out in coming weeks. Actual “bill language” with details is now expected sometime in June now that the President has thrown his support officially to tax reform. ... Read More

FAQ: What are my odds of being audited?


Andrew Presti, Senior Partner Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a decade, the agency added.

Selection Process

The raw audit numbers, of course, do not answer the more specific question regarding “my chances of being audited by the IRS.” The IRS does very little random selection of returns for being audited these days. Computer analysis flags certain suspect items but, ... Read More


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