Homebuyers: Can you deduct seller-paid points?

September 17, 2020By Smeriglio Associates LLCNews

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying … Read More

IRS: 2019 Return Penalty Notice

September 17, 2020By Smeriglio Associates LLCNews

Do you owe taxes, but haven’t filed your 2019 return yet? Act now to avoid larger penalties that, by law, start after Sept. 14. (The tax deadline was July 15 this year due to the pandemic.) Taxpayers who didn’t request an extension, and still owe taxes, face both the “failure to file” and the “failure … Read More

2020 – 09/14 – IRS: Electric Vehicle Tax Credits

September 16, 2020By Smeriglio Associates LLCNews

Purchasers of certain electric vehicles may qualify for lucrative tax credits. The credit isn’t new, but the IRS has added several new plug-in electric drive motor cars and light truck models to the list of qualifying vehicles. They include: 2020 Audi e-tron Sportback ($7,500 maximum credit), 2020 Audi A8L PHEV and AudiQ5 PHEV ($6,712 max); … Read More

Prioritize customer service now more than ever

September 15, 2020By Smeriglio Associates LLCNews

You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever. Without a strong base of loyal buyers, and a concerted effort … Read More

IRS: Tax Payer Bill of Rights

September 15, 2020By Smeriglio Associates LLCNews

Do you know your rights as a U.S. taxpayer? Collectively, your 10 rights are called the Taxpayer Bill of Rights. One is “the right to confidentiality.” That includes: the IRS generally won’t share information you provide with any third parties, without your permission; the agency generally can’t contact third parties (such as employers or banks) … Read More

CARES Act made changes to excess business losses

September 14, 2020By Smeriglio Associates LLCNews

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about … Read More

IRS: Base Erosion and Anti-Abuse Tax Update

September 13, 2020By Smeriglio Associates LLCNews

The IRS has issued final regulations on the base erosion and anti-abuse tax (BEAT). To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The BEAT limits the ability of large U.S. corporations to shift profits from the United States by making deductible payments to their affiliates in low-tax … Read More

U.S. Treasury: $1.6 Billion EIP Recovered

September 12, 2020By Smeriglio Associates LLCNews

U.S. Treasury officials report that nearly 70% of $1.6 billion in Economic Impact Payments (EIPs) that were sent to deceased people has now been recovered, according to the General Accountability Office (GAO). However, the GAO stated it “was unable to verify that amount” at this time. In a June report about the federal response and … Read More