Student loan interest: Can you deduct it on your tax return?

July 17, 2020By Smeriglio Associates LLCNews

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making … Read More

Attuning your social media strategy to the pandemic

July 15, 2020By Smeriglio Associates LLCNews

Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and perhaps even generating a bit of revenue. What’s challenging is that the social media strategy … Read More

IRS: People First Initiative FAQ

July 13, 2020By Smeriglio Associates LLCNews

With the July 15 federal tax filing and payment deadline fast approaching, as part of its People First Initiative, the IRS has posted answers to FAQs on tax balances due and payment options. One question on the top of many taxpayers’ minds is: Will the IRS forgive tax debts? The answer: No. Any tax debts … Read More

IRS: Budget Proposal and Implementations

July 12, 2020By Smeriglio Associates LLCNews

Testimony by IRS Commissioner Charles Rettig before the Senate Finance Committee on June 30 included information on President Trump’s fiscal year 2021 IRS budget proposal. It includes $106 million to implement the Taxpayer First Act of 2019. It also provides for creation of a new IRS website that allows taxpayers to prepare, file and distribute … Read More

IRS: Audit Targets

July 11, 2020By Smeriglio Associates LLCNews

What are the latest audit targets of the IRS? IRS Commissioner Charles Rettig gave some clues in recent written testimony before the Senate Finance Committee. Rettig set out the following audit priorities: 1) Abusive tax shelters, particularly syndicated conservation easements and micro-captive insurance shelters; 2) Virtual currency; 3) Tax compliance among high-income taxpayers (generally those … Read More

Independent assurance inspires confidence in sustainability reports

July 10, 2020By Smeriglio Associates LLCNews

Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on the social and economic impacts of the company’s current operations than on environmental matters. Investors, lenders and even the public at … Read More

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