Donor care during the COVID-19 pandemic

June 5, 2020By Smeriglio Associates LLCNews

One of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are … Read More

IRS: EIP Security and Care

June 5, 2020By Smeriglio Associates LLCNews

Don’t mistake your Economic Impact Payment (EIP) for junk mail! The IRS is reminding taxpayers that some people are getting their EIPs in the form of a prepaid debit card, rather than a paper check or direct bank deposit. However, if you haven’t received yours yet, be aware that the EIP debit cards arrive in … Read More

IRS: Undercover Spending

June 4, 2020By Smeriglio Associates LLCNews

A recent audit of the IRS Criminal Investigations (CI) unit looked at spending for undercover confidential operations. The Treasury Inspector General for Tax Administration (TIGTA) audit showed $1.3 million was spent in fiscal year 2018 to carry out undercover operations. Most travel spending was found to be well documented, but TIGTA wants to see procedures … Read More

Taxpayer Advocate Service Updates

June 3, 2020By Smeriglio Associates LLCNews

The Taxpayer Advocate Service (TAS) routinely helps address taxpayer issues. But in a recent memorandum, it announced it won’t accept cases that are solely related to Economic Impact Payments (EIPs). EIPs are amounts paid to eligible taxpayers to help them deal with the effects of the novel coronavirus (COVID-19). Many taxpayers who haven’t received their … Read More

Adjusting your financial statements for COVID-19 tax relief measures

June 2, 2020By Smeriglio Associates LLCNews

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow Accounting … Read More

U.S. House – PPP Vote

June 2, 2020By Smeriglio Associates LLCNews

The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. Highlights of the bill … Read More

Questions to ask when making COVID-19 risk disclosures

June 1, 2020By Smeriglio Associates LLCNews

Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange Commission (SEC) recently issued guidance to help public companies provide investors and other stakeholders with useful, accurate financial statement disclosures in today’s uncertain marketplace. New disclosure guidance On … Read More