Prioritize customer service now more than ever

September 15, 2020By Smeriglio Associates LLCNews

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever. Without a strong base of loyal buyers, and a concerted effort … Read More

IRS: Tax Payer Bill of Rights

September 15, 2020By Smeriglio Associates LLCNews

Do you know your rights as a U.S. taxpayer? Collectively, your 10 rights are called the Taxpayer Bill of Rights. One is “the right to confidentiality.” That includes: the IRS generally won’t share information you provide with any third parties, without your permission; the agency generally can’t contact third parties (such as employers or banks) … Read More

CARES Act made changes to excess business losses

September 14, 2020By Smeriglio Associates LLCNews

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about … Read More

IRS: Base Erosion and Anti-Abuse Tax Update

September 13, 2020By Smeriglio Associates LLCNews

The IRS has issued final regulations on the base erosion and anti-abuse tax (BEAT). To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The BEAT limits the ability of large U.S. corporations to shift profits from the United States by making deductible payments to their affiliates in low-tax … Read More

U.S. Treasury: $1.6 Billion EIP Recovered

September 12, 2020By Smeriglio Associates LLCNews

U.S. Treasury officials report that nearly 70% of $1.6 billion in Economic Impact Payments (EIPs) that were sent to deceased people has now been recovered, according to the General Accountability Office (GAO). However, the GAO stated it “was unable to verify that amount” at this time. In a June report about the federal response and … Read More

The possible tax consequences of PPP loans

September 11, 2020By Smeriglio Associates LLCNews

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance … Read More

IRS: Suspension of Automatic Filing Follow-ups

September 11, 2020By Smeriglio Associates LLCNews

The IRS has temporarily halted certain outgoing mail. Due to a backlog of unopened mail created by the COVID-19 lockdown, payments from taxpayers that have a balance due may not have been posted to their accounts. As a result, the IRS will suspend automatic mailing of follow-up notices that remind taxpayers to make payments. “This … Read More

2020 – 08/31 – IRS: Review Annual Withholding

September 10, 2020By Smeriglio Associates LLCNews

The IRS reminds taxpayers to review their withholding annually. For a step-by-step method of determining the right amount to withhold, they can use the Tax Withholding Estimator, an online IRS tool. Employees who need to adjust their withholding should submit a new Form W-4 (Employee Withholding Certificate) to their employers soon. The list of those … Read More