Reporting and managing inventory

January 11, 2022By Smeriglio Associates LLCNews

Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s uncertain marketplace, it’s clearly a good idea to review your current approach and make adjustments as needed. What’s the right reporting method? … Read More

IRS: Compensation Tables

January 11, 2022By Smeriglio Associates LLCNews

The IRS has released the covered compensation tables for the 2022 plan year. For purposes of determining covered compensation for the 2022 year, the taxable wage base is $147,000. The taxable wage base is the amount of an employee’s wages that is subject to Social Security tax. It is also used by employers for qualified … Read More

KPIs: What are they, and which ones count?

January 10, 2022By Smeriglio Associates LLCNews

Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance indicators (KPIs) on a monthly or weekly basis is a simplified alternative to gauge performance in real time. Popular financial metrics KPIs measure an organization’s … Read More

IRS: Tax Liability

January 10, 2022By Smeriglio Associates LLCNews

The IRS has issued a reminder about checking your 2021 tax liability to avoid being subject to estimated tax penalties, which apply if you underpay your taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by making a quarterly estimated tax payment to the IRS. … Read More

IRS: Conduct Case Closure Checklist

January 8, 2022By Smeriglio Associates LLCNews

How is the IRS handling misconduct among its employees? The Treasury Inspector General for Tax Administration (TIGTA) just took a look. A TIGTA audit showed that the IRS consistently used a “Conduct Case Closure Checklist” to address previously reported issues in 85 of 86 randomly selected cases. However, “misconduct was not always addressed timely,” TIGTA … Read More

IRS: Federal Budget Deficit

January 1, 2022By Smeriglio Associates LLCNews

The federal budget deficit for the first two months of fiscal year 2022 (Oct. and Nov.) was an estimated $358 billion, according to a Congressional Budget Office report. That amount is $71 billion below the deficit recorded for the same period in fiscal year 2021, the CBO said. Individual income and payroll taxes grew by … Read More

IRS: Disaster Donation Information

December 31, 2021By Smeriglio Associates LLCNews

After recent disasters such as the tornado in Kentucky, many people are giving to charity to help the victims. And due to a special temporary rule, more people will be able to deduct donations to qualifying charities on their 2021 federal income tax returns. Under a COVID-19 law, taxpayers don’t need to itemize deductions on … Read More

New digital asset reporting requirements will be imposed in coming years

December 30, 2021By Smeriglio Associates LLCNews

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage … Read More