Accounting for indirect job costs the right way

February 27, 2020By Smeriglio Associates LLCNews

Construction contractors, professional service firms, specialty manufacturers and other companies that work on large projects often struggle with job costing. Full cost allocations are essential to gauging whether you’re making money on each job. But some companies simply lump indirect job costs into overhead or fail to use meaningful cost drivers, thereby skewing their profit … Read More

GAO: Report on IRS Implementation of TCJA

February 27, 2020By Smeriglio Associates LLCNews

How is the IRS doing with implementing the Tax Cuts and Jobs Act (TCJA)? The Government Accountability Office (GAO) just issued a report answering that question as it relates to the 2019 filing season. The IRS overcame “significant challenges” and saw improvement during that period, but “overall performance remained lower than” the prior year. One … Read More

If you’re a non-U.S. citizen, the estate planning rules are different

February 26, 2020By Smeriglio Associates LLCNews

Traditional estate planning strategies generally are based on the assumption that all family members involved are U.S. citizens. However, if you or your spouse is a noncitizen, special rules apply that may require additional planning. Defining “residency” and “domicile” If you’re a U.S. resident, but not a citizen, you’re treated similarly to a U.S. citizen … Read More

U.S. Tax Court Stresses Importance of Record Keeping

February 26, 2020By Smeriglio Associates LLCNews

If a taxpayer is audited and doesn’t have good records, the IRS can reconstruct his or her income. A “bank-deposits analysis” assumes that all money deposited in accounts during a given period is taxable income. In one case, the IRS conducted such an analysis of a business owner’s coin shop and precious metals business. The … Read More

How to gather more feedback from the people you serve

February 25, 2020By Smeriglio Associates LLCNews

According to the Center for Effective Philanthropy, practically all not-for-profits in the United States solicit feedback from their clients when designing programs and services. However, resource constraints — lack of adequate staffing, funding and sophisticated technology — may mean that they don’t collect data as often as they’d like or use it as well as … Read More

CBO Budget Deficit 2020

February 25, 2020By Smeriglio Associates LLCNews

The federal government logged an estimated budget deficit of $358 billion for the 1st quarter of fiscal year 2020, according to the Congressional Budget Office (CBO). That’s $39 billion more than the same period in FY 2019. Here are some highlights: the combined total of payroll taxes and individual income taxes rose 5%. Withholding rose … Read More

3 best practices for achieving organic sales growth

February 24, 2020By Smeriglio Associates LLCNews

Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but … Read More

Deliver Your Tax Documents to Us!

February 24, 2020By Smeriglio Associates LLCNews

A friendly reminder that you can drop-off your Tax Documents to our office, mail to our office, email to us, or electronically upload your documents to our portal. We cannot begin any work for you until we receive all of the following items: #1 Signed Tax Engagement Letter, #2 Signed Audit Representation Letter (if you … Read More

IRS: State and County Migration Data

February 23, 2020By Smeriglio Associates LLCNews

The IRS’s Statistics of Income program has published two new data sets: State and County Migration Data, 2017-2018, and State and County Migration Data, 2016-2017. The data shows the migration between both states and counties, including migration flows at the state level, by size of adjusted gross income and the age of the primary taxpayer. … Read More

IRS: Direct Deposit Refund

February 22, 2020By Smeriglio Associates LLCNews

Direct deposit remains the fastest way to receive federal tax refunds. With tax season starting soon, the IRS reminds taxpayers that opting to have their tax refund directly deposited into their checking or savings accounts is the fastest way to get their money. According to the IRS, eight out of 10 taxpayers get their refunds … Read More