IRS: Overpayment Interest

July 4, 2020By Smeriglio Associates LLCNews

The IRS announced on its website that overpayment interest, on individual 2019 refunds with respect to returns filed by July 15, 2020, will run from April 15, 2020, until the date of the refund. Interest is allowed and paid on any overpayment in respect of any internal revenue tax. Overpayments are shown on Form 1040 … Read More

Time to team up: Nonprofit partnerships

July 3, 2020By Smeriglio Associates LLCNews

Limited staff and financial resources during the novel coronavirus (COVID-19) pandemic may have your not-for-profit looking for new ways to achieve your mission. Partnering with a like-minded organization potentially enables you to pool funds, staff and supporters — temporarily or permanently. 2 primary arrangements There are many types of partnership arrangements between nonprofit organizations. But … Read More

IRS: QBI Final Regulations

July 3, 2020By Smeriglio Associates LLCNews

The IRS has issued final regulations regarding the qualified business income (QBI) deduction. The regs provide guidance on the treatment of previously suspended losses included in QBI and the determination of the Sec. 199A deduction for taxpayers that hold interests in regulated investment companies (RICs) and certain estates and trusts. The final regs adopt the … Read More

IRS: Audits and New Field Exams until 7/15/2020

June 30, 2020By Smeriglio Associates LLCNews

Has COVID-19 affected IRS audits? The IRS recently posted FAQs on the topic on its website. In them, the IRS states that it has suspended face-to-face meetings related to current field, office and correspondence examinations. To work on current cases, it has expanded its secure electronic communications to support taxpayers and may reach out by … Read More