IRS: Scams For The Holidays

December 8, 2022By Smeriglio Associates LLCNews

The holiday season is in full swing, and so are scams, warns the IRS. Con artists target taxpayers, possibly posing as IRS agents trying to collect bogus tax bills. They often demand payment by gift cards. Scammers may also claim a taxpayer’s identity has been stolen and used for criminal activity. These scams are usually … Read More

Accounting policies and procedures are essential for nonprofits, too

December 7, 2022By Smeriglio Associates LLCNews

Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and monitoring financial results to paying invoices and handling payroll tax, there’s a lot that falls under the accounting umbrella. Are these tasks, and others, being managed as efficiently at your organization as they could be? … Read More

What to do if your CFO or controller leaves

December 6, 2022By Smeriglio Associates LLCNews

A leadership departure in your accounting department can create turmoil, at least temporarily. However, it also provides an opportunity to assess the department’s performance and create a vision for how it should perform in the future. Here are four questions to address if your CFO or controller leaves. 1. Is the job description up to … Read More

IRS: Student Loan Payment Pause

December 5, 2022By Smeriglio Associates LLCNews

A student loan payment pause is extended through June 2023. On Nov. 22, President Biden announced that the U.S. Dept. of Education is extending the pause on student loan payments while Biden’s student loan relief plan is on hold following court rulings. The Biden Administration is asking the U.S. Supreme Court to take up the … Read More

Annual gift tax exclusion amount increases for 2023

December 2, 2022By Smeriglio Associates LLCNews

Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to loved ones during your lifetime without any gift tax. For 2022, the amount is $16,000 per recipient. … Read More

IRS: Roundtable Discussions

December 2, 2022By Smeriglio Associates LLCNews

The U.S. Treasury Department recently conducted another roundtable discussion on how to improve accessibility and service quality at the IRS. These series of discussions are intended to help the IRS develop a strategic plan to modernize tax administration. Specifically, the conversation focused on the challenges underserved taxpayers face when trying to communicate with the IRS. … Read More

IRS: Whirlpool Case

December 1, 2022By Smeriglio Associates LLCNews

The U.S. Supreme Court has refused a request by appliance manufacturer, Whirlpool to review a long-standing case. At issue is the treatment of Whirlpool’s 2009 earnings from its Luxembourg controlled foreign corporation, and whether branch rules applied to the income or U.S. Treasury regulations that taxpayers have relied upon for decades. In a tax blog, … Read More