CBO: “Projected Changes in the Distribution of Household Income, 2016 – 2021″

February 20, 2020By Smeriglio Associates LLCNews

The Congressional Budget Office (CBO) has published a report titled “Projected Changes in the Distribution of Household Income, 2016 to 2021.” The report presents the CBO’s projections of the distribution of household income, means-tested transfers and federal taxes in 2021 and compares them with the actual distributions in 2016. (2016 is the most recent year … Read More

What are the responsibilities of an audit committee?

February 19, 2020By Smeriglio Associates LLCNews

Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information. Recent SEC statement Under Securities and Exchange Commission (SEC) regulations, all public companies must have an independent audit committee or have the full board of directors act as … Read More

Time passages: Estate planning through the years

February 18, 2020By Smeriglio Associates LLCNews

Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. The early years If you’ve recently embarked on a career, gotten married or both, now is the time to build the foundation for your … Read More

Nonprofit Electronic File Requirement

February 18, 2020By Smeriglio Associates LLCNews

A reminder for nonprofits: The Taxpayer First Act requires most tax-exempt organizations to electronically file information returns and related forms. The new law affects these organizations in tax years starting after July 1, 2019. According to the IRS, the following forms are included in the mandate: Form 990, Return of Organization Exempt from Income Tax; … Read More

What can AI do for my business?

February 17, 2020By Smeriglio Associates LLCNews

You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Here’s a primer on what AI might … Read More

IRS: Offer-In-Compromise Explanation

February 17, 2020By Smeriglio Associates LLCNews

An offer in compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than the amount owed. The IRS can accept an OIC if there’s: 1) doubt as to liability 2) doubt as to collectability, or 3) promotion of effective tax administration. One taxpayer who owed taxes … Read More

IRS: Passthrough Businesses QBI Deduction

February 16, 2020By Smeriglio Associates LLCNews

Owners of passthrough businesses who meet certain requirements may be eligible for a generous deduction, if they’re current on their tax filing. The deduction equals up to 20% of the owner’s share of qualified business income (QBI). In one case, the deduction was denied because the owner hadn’t filed a tax return. The IRS independently … Read More

Home Business Office Deduction

February 15, 2020By Smeriglio Associates LLCNews

The start of the new year ushers in tax season. If you used your home to conduct business, you may qualify to take a home office deduction on your tax return, even if you’re a renter. Here are the basic rules: The home must be your principal place of business, or a place to meet … Read More