Tag Archive for Peter Scalise

Trick or Treat: The IRS Releases New Administrative Authority Governing 2015 Tax Rate and Deduction Levels

The Internal Revenue Service (hereinafter the “Service”) released today new administrative authority for calendar year 2015 within Revenue Procedure 2014-61 that makes adjustments to more than 40 tax provisions, including the tax rate schedules, deduction levels, and many other tax provisions. It should be duly noted that Revenue Procedure 2014-61, is scheduled to be published in the Internal Revenue Bulletin 2014-47 on Monday, November 17, 2014 and can be cited here.

The primary adjustments included within this new administrative authority include, but are certainly not limited to:

• The tax rate of 39.6% affects singles whose income exceeds $413,200 (i.e., $464,850 for Read More

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TaxConnections Worldwide Tax Blogs Awards 2014 – Top Twenty Tax Bloggers

TaxConnections Worldwide Tax Blogs gives our readers an opportunity to get to know these tax experts better through their writing. We highly recommend you read TaxConnections Worldwide Tax Blogs to stay informed of emerging tax trends. We highly recommend you interact with our bloggers through your comments on their blog posts. Commenting on a tax bloggers post is a great way to let them know you appreciate the knowledge they have shared. We also recommend you connect with our bloggers on their TaxConnections Microsite. Simply click on their name on their blog post and you will be guided directly to their Microsite where you can connect with them easily on the “ Connect With Me” button.

Here are TaxConnections Top Twenty Worldwide Tax Bloggers:

Peter Scalise
Daniel Erasmus
Harold Goedde
Kathryn Morgan
Hale Stewart
William Richards
Steven Potts
Virginia La Torre Jeker
Michael DeBlis
Annette Nellen
John Dundon
Manasa Nadig
Jerry Donnini
Ronald Cappuccio
Betty Williams
Claire McNamara
Robert McKenzie
James McBrearty

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Tax Advisors Marketing For Tax Clients – Learn How These Tax Professionals Attracted The Attention of 1000s

Congratulations to Peter Scalise of Prager Metis CPAs, LLP who received the highest number of searches to his tax professional profile page on TaxConnections during 2013. With more than 7125 views in the year, everyone would like to know how Peter had so many prospective clients paying attention to his tax services. The answer is he utilized every feature available on www.taxconnections.com to build visibility and trust for his tax services and expertise. Marketing experts know that you need to build familiarity with clients first, familiarity builds trust, and trust is why people come to you for tax services. There are many of our gold annual members who made it to the top of the search results in TaxConnections including: Brian Mahany, Hugo van Zyl, Kathryn Morgan, Howard Liebman, Larry Langdon, Steven Potts and so many others who took the lead in marketing their tax reputations online Read More

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A Practical Guide to the Scope and Application of the Final Treasury Regulations Governing the Proper Tax Treatment for Repair & Maintenance Expenditures

U.S.Treasury To Insure Money Market Mutual FundsIntroduction

The Department of Treasury finally issued their much awaited final treasury regulations governing the proper tax treatment for repair and maintenance expenditures on Friday, September 13th. The final treasury regulations replace the temporary regulations previously issued in December of 2011. As with temporary treasury regulations, the final treasury regulations have the force and effect of law on both taxpayers and the government and any deviation from these treasury regulations will require the filing of Form 8275-R entitled “Regulation Disclosure Statement” for taking a position contrary to a treasury regulation in either temporary or final form. These final treasury regulations are meant to provide further clarity and reduce controversy over the determination of whether an expenditure may be currently deducted as a repair under I.R.C. § 162(a) or must be capitalized under I.R.C. § 263(a). While generally effective for tax years beginning on or after January 1, 2014, taxpayers have the option of applying the final treasury regulations to tax years beginning on or after January 1, 2012

A Practical Guide to the Scope and Application of the Final Treasury Regulations

The subsequent synopsis will serve as a practical guide to the scope and application of the final treasury Read More

Written by | Posted in Treasury Regulations • United States

SALT Alert: Texas Becomes Latest State To Join Multi-State Research Tax Incentives Program

Overview of Multi-State Research Tax Incentives

Multi-State Research Tax Incentives (e.g., whether in the form of a credit, deduction or grant) are a highly advantageous way to supplement the federal-level research and development tax credit pursuant to I.R.C. § 41 in tax effecting companies true cost of their research and development spend while lowering a companies blended multi-state effective tax rate for both tax accrual and tax return purposes at the multi-state levels.

More specifically, in addition to the Federal-Level Research and Development Tax Credit pursuant to I.R.C. § 41, there are now approximately forty states that offer research tax incentives and these states generally follow the federal statutory, administrative and judicial Read More

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Utilizing Preservation Tax Incentives To Reduce Property Owner’s Expenditures For Renovation

The Historic Preservation Tax Incentives Program, jointly administered by the National Park Service and the State Historic Preservation Offices, is the nation’s most effective Federal program to promote urban and rural revitalization and to encourage private investment in rehabilitating historic buildings. These tax incentives apply explicitly to preserving income-producing historic property and have generated billions of dollars in historic and rehabilitation preservation activity since the program’s commencement in 1976.

There are two categories of preservation tax credits as outlined below:

•  Pursuant to I.R.C. § 47(a)(1), the Rehabilitation Tax Credit offers a 10 percent credit available for the rehabilitation of non-historic buildings with an additional requirement that the building must have been originally constructed before 1936; or

•  Pursuant to I.R.C. § 47(a)(2), the Historic Tax Credit offers a 20 percent credit available for the rehabilitation of a Certified Historic Structure (e.g., one listed on the National Register of Historic Places or located in a Registered Historic District and determined to be of significance to the Historical District).

These preservation tax incentives can significantly reduce a property owner’s perceived costs for the renovation of an older building and should certainly be considered when planning a renovation project. In addition, it should be duly Read More

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