Weighing the risks vs. rewards of a mezzanine loan

September 24, 2020By Smeriglio Associates LLCNews

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas. If your company needs … Read More

Employers have questions and concerns about deferring employees’ Social Security taxes

September 22, 2020By Smeriglio Associates LLCNews

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, … Read More

TIGTA: IRS Systems Report

September 22, 2020By Smeriglio Associates LLCNews

The Treasury Inspector General for Tax Administration (TIGTA) said in an audit that the accuracy of Currency Transaction Report (CTR) data in IRS systems must be improved to ensure its usefulness in compliance activities. The IRS regularly imports CTR data from the Financial Crimes Enforcement Network (FinCEN). Financial institutions are required to file CTRs with … Read More

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