Is a Health Savings Account right for you?

October 19, 2021By Smeriglio Associates LLCNews

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an … Read More

2021 – 10/08 – IRS: Audit Technique Guides

October 19, 2021By Smeriglio Associates LLCNews

The IRS publishes “Audit Techniques Guides” that IRS examiners use during audits to understand unique issues in specific industries. While the guides are designed for IRS auditors, they’re available to the public so they can be used to understand the audit process. The guides explain industry-specific audit techniques and include information on the examination of … Read More

What are your options to pay for long-term care?

October 18, 2021By Smeriglio Associates LLCNews

Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for your children or other heirs after your death. Here are a few insurance options … Read More

TIGTA: “Complex and Inconsistent” Rules

October 18, 2021By Smeriglio Associates LLCNews

An audit from the Treasury Inspector General for Tax Administration (TIGTA) calls for refining “complex and inconsistent” rules for the earned income tax credit (EITC) and the additional child tax credit (ACTC). The audit evaluated the reasons for disallowance of the credits’ claims. An analysis of 698,000 tax returns with an automated review claiming one … Read More

IRS: Defined Contribution Benefit Plan

October 16, 2021By Smeriglio Associates LLCNews

If an employer has both a defined contribution retirement plan and a defined benefit retirement plan, what are the limits on contribution deductions? The IRS answered that question in an “Issue Snapshot.” Generally, an employer’s contributions to a qualified plan are deductible if they’re ordinary and necessary expenses and compensation for services rendered. However, contributions … Read More

IRS: Surprise Medical Bills

October 15, 2021By Smeriglio Associates LLCNews

The IRS, the Dept. of Labor and the Dept. of Health and Human Services have issued interim final regulations about “surprise medical bills.” The regulations have been issued to implement the No Surprises Act, which was part of the Consolidated Appropriations Act. They detail the federal arbitration process that providers, facilities, or providers of air … Read More

Is your business tracking website metrics?

October 14, 2021By Smeriglio Associates LLCNews

In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation now when … Read More

IRS: Form 5500

October 14, 2021By Smeriglio Associates LLCNews

The IRS, the U.S. Department of Labor and the Pension Benefit Guaranty Corporation jointly announced a notice of proposed revisions to the Form 5500 Annual Return/Report filed for employee pension and welfare benefit plans. The proposals are intended to implement changes to the Form 5500 annual reporting under the SECURE Act, which was enacted in … Read More