5 key points about bonus depreciation

September 21, 2020By Smeriglio Associates LLCNews

Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and … Read More

2020 – 09/15 – IRS: Business Travel Per Diem 2020-21

September 21, 2020By Smeriglio Associates LLCNews

The IRS has issued the 2020–2021 business travel per diem rates for substantiating employee business expenses, including lodging, meals and incidental expenses. The Meal and Incidental Expense (M&IE) rates for the transportation industry remain at $66 for travel in the continental U.S. and $71 for travel outside the continental U.S. The per diem for travel … Read More

CBO Federal Budget Figures

September 20, 2020By Smeriglio Associates LLCNews

New federal budget figures are out, projecting $3.3 trillion deficit for fiscal year 2020. A report by the Congressional Budget Office (CBO) said that’s more than triple the shortfall recorded in 2019. At 16% of the gross domestic product, it represents the largest deficit since 1945. “That increase is mostly the result of the economic … Read More

Employer with Employees Working From Home “Nexus”

September 19, 2020By Smeriglio Associates LLCNews

Are you an employer with employees working at home due to COVID-19? In response to the pandemic, some states have issued specific guidance on whether telecommuting employees temporarily working in a state due to COVID-19 create “nexus” for an employer who doesn’t operate in that state. Call or visit our website for more information!   www.mjscpa.com/ 

IRS: Medicaid Coverage COVID-19 Not Minimum Essential Coverage

September 18, 2020By Smeriglio Associates LLCNews

The IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months doesn’t prevent those months from qualifying as coverage months for purposes of determining eligibility for the premium tax credit. The Families … Read More

Homebuyers: Can you deduct seller-paid points?

September 17, 2020By Smeriglio Associates LLCNews

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying … Read More

IRS: 2019 Return Penalty Notice

September 17, 2020By Smeriglio Associates LLCNews

Do you owe taxes, but haven’t filed your 2019 return yet? Act now to avoid larger penalties that, by law, start after Sept. 14. (The tax deadline was July 15 this year due to the pandemic.) Taxpayers who didn’t request an extension, and still owe taxes, face both the “failure to file” and the “failure … Read More

2020 – 09/14 – IRS: Electric Vehicle Tax Credits

September 16, 2020By Smeriglio Associates LLCNews

Purchasers of certain electric vehicles may qualify for lucrative tax credits. The credit isn’t new, but the IRS has added several new plug-in electric drive motor cars and light truck models to the list of qualifying vehicles. They include: 2020 Audi e-tron Sportback ($7,500 maximum credit), 2020 Audi A8L PHEV and AudiQ5 PHEV ($6,712 max); … Read More