March 12, 2021
Andrew Presti
Blog Posts
0 CommentsMarch 8, 2021 Dear Clients, Colleagues and Friends, On March 3rd, 2021, the U.S. Small Business Administration (SBA) issued an Interim Final Rule (IFR) that provides an alternative method for IRS Form 1040, Schedule C filers to calculate their Paycheck Protection Program (PPP) Loan amounts. The IFR now allows Schedule C filers to calculate their […]
Read moreJanuary 14, 2021Andrew PrestiBlog Posts0 CommentsIRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes This year marks the 5th Annual National Tax Security Awareness Week-a collaboration by the IRS, state tax agencies and the tax industry. The IRS and the Security Summit partners have issued warnings to all taxpayers and tax professionals to beware of scams and […]
Read moreNovember 14, 2020Andrew PrestiBlog Posts0 CommentsIRS Finalizes 100 Percent Bonus Depreciation Regulations The IRS has adopted previously issued proposed regulations ( REG-106808-19) dealing with the 100 percent bonus depreciation deduction. In addition, some clarifying changes have been made to previously issued final regulations ( T.D. 9874). Changes to the proposed and earlier final regulations are largely in response to various comments submitted […]
Read moreAugust 06, 2020Andrew PrestiBlog Posts0 CommentsMid-Year Safe Harbor Plan Amendments and COVID-19 Relief The IRS has clarified and provided relief for mid-year amendments reducing safe harbor contributions. An updated safe harbor notice and an election opportunity must be provided even if the change is only for highly compensated employees. Coronavirus (COVID-19) relief applies if a plan amendment is adopted between […]
Read moreMay 13, 2020Andrew PrestiBlog Posts0 Comments“Get My Payment” Tool Available for Economic Impact Payments The Treasury Department and the IRS have released the “Get My Payment” tool to assist Americans in receiving their “economic impact payments” issued under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). The free tool went live on April 15, and is located at https://www.irs.gov/coronavirus/get-my-payment. […]
Read moreMay 05, 2020Andrew PrestiBlog Posts0 CommentsEIDL/PPP and NYS Dept. of Labor May 5, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. EIDL/PPP While the Economic Injury Disaster Loan (EIDL) program is currently only accepting new applications from agricultural related businesses, the […]
Read moreApril 14, 2020Andrew PrestiBlog Posts0 CommentsFurther IRS Due Date Changes & Stimulus Payment Information April 14, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service (IRS) has announced Additional Relief for Taxpayers Affected by the Ongoing Coronavirus Pandemic (Notice 2020-23). Please see below for a brief summary of these updates: The IRS has extended returns and payments that would […]
Read moreApril 03, 2020Andrew PrestiBlog Posts0 CommentsPaycheck Protection Program April 3, 2020 Dear Clients, Colleagues and Friends, The most popular program from the CARES Act for small business owners this week has been the Paycheck Protection Program (PPP). Since being signed into law on March 27, 2020, the program has drawn the attention of most small business owners. The PPP which is being […]
Read moreMarch 25, 2020Andrew PrestiBlog Posts0 CommentsDevelopments in Response to COVID-19 March 25, 2020 Dear Clients, Colleagues and Friends, The following is a summary of current developments in response to COVID-19. Provisions are rapidly changing, however, we want to inform you of them as they stand today and have provided links to the applicable websites which may contain updated information. We […]
Read moreMarch 25, 2020Andrew PrestiBlog Posts0 CommentsFamilies First Coronavirus Response Act (FFCRA) March 25, 2020 Dear Clients, Colleagues and Friends, We are rapidly reviewing federal and local guidance to provide you with tools to structure your responses in this rapidly changing environment. Here is some information to immediately assist employees impacted by the COVID-19 pandemic, including qualified disaster relief payments. Expect […]
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