IRS: Resumption of Collection

July 24, 2021By Smeriglio Associates LLCNews

Reminder: The IRS will soon be resuming certain collection and enforcement processes that had been suspended because of the COVID-19 pandemic. Some of these processes will start up again on July 15. For example, the IRS will begin to levy certain assets through various programs with other government agencies on that date. That means the … Read More

IRS audits may be increasing, so be prepared

July 23, 2021By Smeriglio Associates LLCNews

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5% … Read More

IRS: Online Account FAQ

July 23, 2021By Smeriglio Associates LLCNews

The IRS recently posted a round of frequently asked questions (FAQs) that focus on its “Online Account” system. In a nutshell, the IRS’s Online Account is a portal that allows individual taxpayers to access their tax account information (including tax balances and payment history). It also allows taxpayers to set up payment plans for outstanding … Read More

U.S. Treasury – Global Minimum Tax

July 21, 2021By Smeriglio Associates LLCNews

U.S. Treasury Secretary Janet Yellen has announced that 130 nations have agreed to proposals by the Organization for Economic Cooperation and Development for a global minimum tax on corporations. India, China, and Turkey, which had been holding out at some point in the negotiations, have joined in the agreement. Nine countries, however, didn’t sign. They … Read More

Does your estate plan address your grandchildren in a fair manner?

July 20, 2021By Smeriglio Associates LLCNews

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair.” It all depends on your family’s circumstances. Specifically, providing for grandchildren is one area where equal treatment may inadvertently result in unfairness. Consider this scenario Bob has two adult children, Ted and Carol. Ted … Read More

Federal Plug-in Electric-Drive Credits

July 20, 2021By Smeriglio Associates LLCNews

The tax code provides a credit (of up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks. The IRS has added Ford, Hyundai and Porsche models to the list of vehicles eligible for the credit. They are the 2021: Ford Mustang Mach-E GT ($7,500); Hyundai Ioniq Plug-In Hybrid EV ($4,543); Hyundai … Read More

IRS extends administrative relief for 401(k) plans

July 19, 2021By Smeriglio Associates LLCNews

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently … Read More