2020 – 06/29 – IRS: “Pseudonym Program” Needs Improvement

July 10, 2020By Smeriglio Associates LLCNews

The IRS “Pseudonym Program” needs improvement, according to a report by the Treasury and Inspector General for Tax Administration (TIGTA). The program manages fictitious names used by IRS employees when taxpayer interaction may involve harassment, threats or assaults. As of Dec. 2018, 729 IRS employees had registered pseudonyms. Previous steps taken to control the program … Read More

How to succeed at virtual team building

July 9, 2020By Smeriglio Associates LLCNews

Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of these businesses have lowered overhead costs such as … Read More

IRS: Gig Economy Tips for Taxpayers

July 9, 2020By Smeriglio Associates LLCNews

Do you work in the “gig economy?” It’s also called the sharing or access economy, and generally depends on a digital platform. Gig work has been popular for a while, and in light of COVID-19, many furloughed employees have turned to it for income. Companies that have had to shift the way they do business … Read More

Business charitable contribution rules have changed under the CARES Act

July 8, 2020By Smeriglio Associates LLCNews

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has … Read More

The CARES Act liberalizes net operating losses

July 7, 2020By Smeriglio Associates LLCNews

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions Basically, you may be able to … Read More

IRS: July 15 Deadline and Direct Pay

July 7, 2020By Smeriglio Associates LLCNews

Taxpayers were given extra time to file and pay current tax liabilities, in response to the COVID-19 pandemic. Absent another extension, the deadline of July 15, is almost here. Those who owe a 2019 income tax liability as well as estimated tax for quarters one and two of 2020, must make two separate payments (the … Read More

Is your nonprofit’s tap running dry?

July 6, 2020By Smeriglio Associates LLCNews

The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses. Here’s how to assess your financial condition and take appropriate action. Put your board in … Read More

IRS: July 15 Deadline Confirmed

July 6, 2020By Smeriglio Associates LLCNews

The IRS has announced that the July 15 income tax filing and payment deadline WON’T be postponed. Taxpayers who need more time to file their federal income tax return can get an extension until October 15 by filing Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” before the … Read More