Executing your nonprofit’s capital campaign

February 11, 2020By Smeriglio Associates LLCNews

Nonprofit capital campaigns aim to raise a specific — usually, a significant — amount of money over a limited time period. Your not-for-profit may undertake a capital campaign to acquire land, buy a new facility, expand an existing facility, purchase major equipment or seed an endowment. Whatever your goal, a capital campaign can be grueling, … Read More

IRS: Refund Timing

February 11, 2020By Smeriglio Associates LLCNews

Tax filing season is rolling up fast, and millions of Americans are anticipating refunds. The IRS cautions taxpayers to be patient. Some refunds may take longer because they require additional review. The IRS issues most refunds in less than 21 days, but if a tax return has errors, is incomplete or is affected by identity … Read More

IRS: Officers’ Compensation

February 10, 2020By Smeriglio Associates LLCNews

The IRS has issued proposed regulations to reflect changes in the Tax Cuts and Jobs Act (TCJA) related to officers’ compensation made by publicly held corporations. For federal tax purposes, the tax code limits the deduction for certain employee remuneration in excess of $1 million (often referred to as executive compensation). The proposed regs implement … Read More

IRS: 7.5% AGI Medical Expenses

February 9, 2020By Smeriglio Associates LLCNews

Individuals with high medical expenses may gain a valuable itemized deduction as part of a federal government funding bill Congress has passed. The medical expense deduction isn’t new, just improved. Generally, to claim it, a taxpayer must itemize and have total unreimbursed medical expenses exceeding a threshold. The deduction equals the amount of the excess. … Read More

IRS: Final Regulations on Tax-Free Distributions

February 8, 2020By Smeriglio Associates LLCNews

Final regulations have been released that cover corporate predecessors, successors and taxable spin-offs. When certain requirements are met, a corporation may make a tax-free distribution of stock, or stock and securities, of a controlled corporation to the corporation’s shareholders, or to its shareholders and security holders. The IRS’s final regs provide guidance for determining whether … Read More

Setting Every Community Up for Retirement Enhancement Act

February 7, 2020By Smeriglio Associates LLCNews

In addition to a year-end funding bill, lawmakers finalized the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The retirement bill includes expansion of the automatic contribution to savings plans to 15% of employee pay, allows some part-time employees to participate in 401(k) plans and raises the age limit for IRA contributions from age … Read More

Benchmarking financial performance

February 6, 2020By Smeriglio Associates LLCNews

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that gauge the following five elements: … Read More

Pension Benefit Guaranty Corporation: Insolvency of Multi-Employer Pensions

February 6, 2020By Smeriglio Associates LLCNews

Recently the Pension Benefit Guaranty Corp. (PBGC) sounded alarm bells about the health of multi-employer pension plans. To address the necessary legislative changes, experts from PBGC met with the bipartisan U.S. Senate Joint Committee on Taxation. The result was a joint statement, affirming the PBGC concerns. “More than 100 funds are expected to become insolvent … Read More