IRS: Pandemic Related Delays

May 18, 2022By Smeriglio Associates LLCNews

Many officials and groups have already weighed in on the IRS’s various pandemic-related delays and administrative problems. Now, National Taxpayer Advocate Erin Collins is recommending that the IRS extend the window for taxpayers to claim refunds and waive the time limit for filing refund suits. In normal times, taxpayers can generally request a credit or … Read More

Businesses may receive notices about information returns that don’t match IRS records

May 17, 2022By Smeriglio Associates LLCNews

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect … Read More

White House Fact Sheet: Russia

May 17, 2022By Smeriglio Associates LLCNews

President Biden has widened the circle of U.S. businesses prohibited from working in Russia or for Russian nationals to accounting, corporate formation and consulting services. (The newest sanctions don’t mention legal services.) In addition, sanctions have been extended to include industrial goods exported from Russia, limits on Russian state-controlled TV stations and visa restrictions on … Read More

IRS: Option to Electronically File Payroll Tax

May 16, 2022By Smeriglio Associates LLCNews

The IRS is reminding business owners of the option to electronically file their payroll tax returns and make tax payments. Also known as employment taxes, payroll taxes include federal (and possibly state) income tax withheld from employee wages, as well as the employer and employee portions of Social Security and Medicare taxes. Taxpayers can file … Read More

IRS: Digital Asset Reporting Mode

May 14, 2022By Smeriglio Associates LLCNews

Some observers have noted that the digital asset reporting model proposed in President Biden’s fiscal 2023 budget is very similar to that put forward by the multinational Organization for Economic Cooperation and Development (OECD). But, as a U.S. Treasury official has stated, the OECD model is narrower in scope and “focuses on transactions involving dispositions … Read More

IRS: Estimated Tax Payments

May 13, 2022By Smeriglio Associates LLCNews

The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy usually need to … Read More

Opening up to SLAT opportunities

May 12, 2022By Smeriglio Associates LLCNews

Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law. Fortunately, … Read More