Estate planning in a socially distanced environment

September 16, 2021By Smeriglio Associates LLCNews

As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clearly, estate planning is as important today — or arguably more important — than ever. But how do you plan your estate and … Read More

5 questions to ask about your marketing efforts

September 15, 2021By Smeriglio Associates LLCNews

For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much of the planning process tends to focus on the initial expenses incurred rather than how to measure return on investment. Here are five questions to ask yourself and your leadership team … Read More

IRS: Communication Tips

September 15, 2021By Smeriglio Associates LLCNews

You can help protect yourself from tax identity theft by knowing how the IRS communicates with taxpayers. The IRS doesn’t normally initiate contact by email. Don’t reply to an email from someone who claims to be from the IRS because it could be fake. Emails from IRS employees end in IRS.gov. The first contact from … Read More

Best practices for reporting business-related T&E expenses

September 14, 2021By Smeriglio Associates LLCNews

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. Substantiating expenses Traditionally, … Read More

IRS: Compliance Assurance Program (CAP)

September 14, 2021By Smeriglio Associates LLCNews

The 2022 Compliance Assurance Program (CAP) application period opens on Sept. 1, 2021. CAP is a voluntary real-time issue resolution program run by the IRS for large corporate taxpayers. The goal of CAP is to resolve tax issues before a taxpayer files a return. To apply for CAP, new applicants must have assets of $10 … Read More

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

September 13, 2021By Smeriglio Associates LLCNews

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude … Read More

IRS: Exempt Organizations

September 13, 2021By Smeriglio Associates LLCNews

The IRS has updated its procedures for contacting entities that are seeking exempt status. The Tax Exempt and Government Entities Division issued a memo with new procedures that apply. For example, if an organization doesn’t submit a Form 2848, “Power of Attorney and Declaration of Representative,” with its application for recognition of tax-exempt status or … Read More

IRS: National Preparedness Month

September 11, 2021By Smeriglio Associates LLCNews

Did you know that September is National Preparedness Month? The IRS is doing its part by urging taxpayers (both individuals and businesses) to develop or update their emergency preparedness plans. To that end, it has compiled a list of action items for taxpayers to consider before a disaster, such as a hurricane or wildfire, strikes. … Read More

2021 – 08/24 – Does your employer provide life insurance? Here are the tax consequences

September 10, 2021By Smeriglio Associates LLCNews

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add … Read More