Flash reports: Real-time financial reporting

October 8, 2021By Smeriglio Associates LLCNews

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles (GAAP). And many companies only produce GAAP financials at the end of the quarter or year. … Read More

IRS: 2020 Extensions

October 8, 2021By Smeriglio Associates LLCNews

An important deadline is coming up. Individual taxpayers with filing extensions for their 2020 income tax returns have an extension deadline of Friday, Oct. 15, 2021. Taxpayers who fail to file on or before that deadline may be subject to a late-filing penalty. Although the deadline is firm for most taxpayers, certain taxpayers may have … Read More

Is it time to upgrade your accounting system?

October 7, 2021By Smeriglio Associates LLCNews

Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and extract data specific to customers and/or projects. Businesses and accounting software solutions evolve over … Read More

IRS: Child Tax Credit

October 7, 2021By Smeriglio Associates LLCNews

Taxpayers who don’t qualify for the Child Tax Credit because their children are too old may have an alternative. The Credit for Other Dependents maxes out at $500 per dependent if certain conditions are met. To qualify, dependents must: Be age 17 or older; have individual taxpayer ID numbers; be a qualifying relative of the … Read More

Related-party transactions draw attention from auditors

October 6, 2021By Smeriglio Associates LLCNews

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and evaluating your interactions with them are important parts of the external audit process — especially in … Read More

TIGTA – COVID Report

October 6, 2021By Smeriglio Associates LLCNews

Federal government agencies, including the IRS, were dramatically affected by COVID-19. How well did the IRS protect its workers and the public from the pandemic? In April of 2021, the Treasury Inspector General for Tax Administration (TIGTA) conducted unannounced inspections at 20 of 350 Taxpayer Assistance Centers and found that mostly, safety protocols were followed. … Read More

Tax depreciation rules for business automobiles

October 5, 2021By Smeriglio Associates LLCNews

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs. … Read More

IRS: FBAR Deadline Upcoming

October 5, 2021By Smeriglio Associates LLCNews

The IRS is reminding U.S. citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBARs) is Oct. 15, 2021. Filers missing the April 15 annual FBAR due date earlier this year received an automatic extension until Oct. 15 to file their … Read More

IRS: International Plan for Tax Law

October 4, 2021By Smeriglio Associates LLCNews

Treasury Secretary Janet Yellen is urging Congress to consider an international plan as it writes new tax laws. Recently, 134 countries and jurisdictions (including the U.S.) have signed on to the Organization for Economic Cooperation and Development plan for reforming international tax rules. It provides countries with a fairer distribution of profits and taxing rights … Read More