IRS: EIP Assessment

June 16, 2021By Smeriglio Associates LLCNews

As required by the CARES Act, the IRS initiated a public awareness campaign last year to inform taxpayers about the availability of Economic Impact Payments (EIPs). The Treasury Inspector General for Tax Administration (TIGTA) has released an assessment of the IRS’s EIP performance. According to the audit, as of Dec. 31, 2020, IRS had issued … Read More

The long and short of succession planning

June 15, 2021By Smeriglio Associates LLCNews

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built … Read More

IRS: Total EIP Paid

June 11, 2021By Smeriglio Associates LLCNews

The IRS and the U.S. Department of the Treasury recently announced that an additional 1.8 million Economic Impact Payments (EIPs) have been disbursed under the American Rescue Plan Act (ARPA). So far under the ARPA, 167 million payments have been disbursed, representing a total value of approximately $391 billion. The IRS will continue to make … Read More

U.S. Treasury: 2022 Green Book

June 10, 2021By Smeriglio Associates LLCNews

The U.S. Department of the Treasury has issued detailed information about the Biden administration’s tax proposals for fiscal year 2022 for the American Jobs Plan and the American Families Plan. Traditionally, the tax community has referred to this annual publication as the “Green Book.” The proposed provisions detailed in the Green Book include: increasing income … Read More

IRS: Taxpayer Advocate Services Assistance

June 9, 2021By Smeriglio Associates LLCNews

Taxpayers who can’t resolve issues with the IRS on their own may be able to find help from the Taxpayer Advocate Service (TAS). TAS is an independent agency within the IRS, that exists to ensure taxpayers are treated fairly. Cases the TAS can currently accept must deal with one of four issues. They include: cases … Read More

IRS: Emergency Rental Assistance

June 7, 2021By Smeriglio Associates LLCNews

Under two COVID-19 relief laws, “emergency rental assistance” is being provided to certain people by the government. The IRS has added information on its website about the tax implications of these payments. For example, are they included in gross income? The answer is no. The payments aren’t considered income for tax purposes. That includes payments … Read More