IRS: Tax Gap Explained

May 21, 2022By Smeriglio Associates LLCNews

Have you ever heard about the “tax gap” and wondered what it is? According to the IRS, “the gross tax gap is the difference between true tax liability for a given period and the amount of tax that is paid on time.” The tax agency explains that estimates consistently show the United States “enjoys a … Read More

IRS: Zelle and Venmo 1099-K

May 20, 2022By Smeriglio Associates LLCNews

If you receive business income payments through third-party payors, 2022 might be a game changer for your taxes. If these payments total at least $600 for the year, payors such as Zelle and Venmo are now required to file a Form 1099-K with the IRS. Previously, the threshold was $20,000. Some members of Congress want … Read More

IRS: Digital Asset Oversight?

May 19, 2022By Smeriglio Associates LLCNews

You knew it was coming! Digital assets, including cryptocurrencies and nonfungible tokens, are likely to be subject to new regulations soon. The Joint Chiefs of Global Tax Enforcement currently is exploring ways to prevent digital asset-based tax crimes and money laundering. Proposed solutions include intelligence-sharing and coordinated investigation and enforcement actions. Meanwhile, the U.S. Financial … Read More

IRS: Pandemic Related Delays

May 18, 2022By Smeriglio Associates LLCNews

Many officials and groups have already weighed in on the IRS’s various pandemic-related delays and administrative problems. Now, National Taxpayer Advocate Erin Collins is recommending that the IRS extend the window for taxpayers to claim refunds and waive the time limit for filing refund suits. In normal times, taxpayers can generally request a credit or … Read More

Businesses may receive notices about information returns that don’t match IRS records

May 17, 2022By Smeriglio Associates LLCNews

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect … Read More

White House Fact Sheet: Russia

May 17, 2022By Smeriglio Associates LLCNews

President Biden has widened the circle of U.S. businesses prohibited from working in Russia or for Russian nationals to accounting, corporate formation and consulting services. (The newest sanctions don’t mention legal services.) In addition, sanctions have been extended to include industrial goods exported from Russia, limits on Russian state-controlled TV stations and visa restrictions on … Read More