IRS: Private Debt Collection Agencies

January 16, 2020By Smeriglio Associates LLCNews

In certain cases, the IRS is required to use private debt collection agencies (PCAs) to collect the amounts owed. The IRS wants the public to be aware that, with identity theft heating up, scammers pretending to be from PCAs are placing random calls, demanding payment from unsuspecting taxpayers. Here’s what you need to know: The … Read More

Pension Benefit Guaranty Corporation Annual Report

January 14, 2020By Smeriglio Associates LLCNews

A key protector of many Americans’ retirement benefits is at risk, according to a recent report. The Pension Benefit Guaranty Corp. (PBGC) serves as a backstop for two pension programs: single-employer and multi-employer plans. In its fiscal year 2019 report, the single-employer plan showed a net positive balance of $8.7 billion, but the multi-employer plan … Read More

IRS: Business Returns and Individual Return Timing

January 13, 2020By Smeriglio Associates LLCNews

Ready, set, file. The IRS has announced that it will begin accepting 2019 e-filed business returns on Jan. 7 and will begin accepting individual returns on Jan. 27. The tax agency noted that while individual taxpayers may get their returns prepared using a tax professional before the start date (or use software programs), the processing … Read More

TCJA Charitable Contribution Deduction

January 12, 2020By Smeriglio Associates LLCNews

Due to changes in the Tax Cuts and Jobs Act, the Washington, D.C.-based Tax Policy Center estimates that only 9% of taxpayers will now receive a tax deduction for charitable contributions. The Center has published a chartbook titled “Tax Incentives for Charitable Contributions.” It evaluates the implications of alternative income tax incentives for charitable deductions … Read More

Proposed Group Health Plan Disclosures

January 11, 2020By Smeriglio Associates LLCNews

Proposed IRS rules would require group health plans and their insurers to disclose cost-sharing information. They would be required, upon request, to share information to participants, beneficiaries or enrollees (or their authorized representatives). This would include providing an estimate of individuals’ cost-sharing liability for covered items or services furnished by a provider. The plans and … Read More