IRS: Net Operating Loss Carryback with AMT

June 16, 2020By Smeriglio Associates LLCNews

The IRS has issued FAQs for C corporations that are interested in carrying back net operating losses (NOLs) to years in which the alternative minimum tax (AMT) applies. The Coronavirus Aid, Relief and Economic Security (CARES) Act amended the tax code to provide for a carryback of any NOL arising in a tax year starting … Read More

IRS: American Tax Payers Abroad – 7/15

June 15, 2020By Smeriglio Associates LLCNews

American taxpayers who live and work abroad have extra time to file and pay their 2019 federal income tax. The usual deadline is June 15, but due to the COVID-19 pandemic, this date has been postponed to July 15, 2020. This relief also applies to nonresident aliens and foreign entities with a U.S. filing and … Read More

COVID-19 Affect on U.S. Federal Budget

June 14, 2020By Smeriglio Associates LLCNews

How has the COVID-19 pandemic affected the U.S. federal budget? Estimates of the effects were outlined in a recent letter from the Congressional Budget Office (CBO) to Sen. Rick Scott (R-FL), a member of the Senate Budget Committee. Some of the deferred revenue “will be collected in July, some will be collected in later years, … Read More

IRS: EIP Reissuance Fee for Replacement Debit Card

June 13, 2020By Smeriglio Associates LLCNews

Some Economic Impact Payments (EIPs) were sent on prepaid debit cards. These EIP cards were sent in plain envelopes from “Money Network Cardholder Services.” Some recipients thought the envelopes were junk mail and they threw them in the trash. The IRS now explains that individuals who have lost or destroyed their cards may request free … Read More

IRS: Ineligible EIP & VOID Instructions

June 12, 2020By Smeriglio Associates LLCNews

Did you receive an Economic Impact Payment (EIP) that you need to return? EIPs are amounts sent by the IRS to eligible recipients to help defray the economic effects of COVID-19. With millions of EIPs sent, inevitably, some were sent in error to persons who are deceased or otherwise ineligible. These EIPs must be returned. … Read More

Going, going, gone: Going concern assessments in the midst of COVID-19

June 11, 2020By Smeriglio Associates LLCNews

The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs, furloughs or restrictions on work; liquidity issues; and disruptions to their supply chains and customers. These negative impacts have brought the “going concern” issue to … Read More

IRS: Phased Reopening of IRS Offices

June 11, 2020By Smeriglio Associates LLCNews

In a website message, IRS Commissioner Charles Rettig explained that the agency is reopening facilities in various states after curtailing operations because of the COVID-19 pandemic. The IRS is now bringing more employees back into its offices to do work that can’t be performed remotely. The first phase includes certain employees in Kentucky, Texas and … Read More

Rioting damage at your business? You may be able to claim casualty loss deductions

June 10, 2020By Smeriglio Associates LLCNews

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage … Read More