Bridging the gap between budgeting and risk management

December 16, 2019By Smeriglio Associates LLCNews

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporate into adjustments to next year’s budget: … Read More

IRS: S Corporation Revocation Deadline

December 16, 2019By Smeriglio Associates LLCNews

The rules that allow certain benefits to S corporations that revoke their S corporation status and become C corporations (referred to as eligible terminated S corporations, or ETSCs) are applicable only if the revocation takes place by Dec. 21, 2019. An ETSC is a C corporation that was an S corporation on Dec. 21, 2017, … Read More

Traditional & Roth IRA

December 15, 2019By Smeriglio Associates LLCNews

Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns. Self-directed IRAs offer the same estate planning benefits as traditional IRAs, but they allow you to transfer … Read More

Audits and “Continuous Auditing”

December 14, 2019By Smeriglio Associates LLCNews

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records in real time. Going paperless facilitates a concept known as “continuous auditing,” where auditors continually gather data to support their procedures. This more modern approach can improve your company’s internal audit and … Read More

What is your taxpayer filing status?

December 13, 2019By Smeriglio Associates LLCNews

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December … Read More

Website Design Development Costs

December 13, 2019By Smeriglio Associates LLCNews

Most businesses have a website. But determining the proper tax treatment for the costs involved in developing a website isn’t easy. The IRS hasn’t yet released official guidance, so you must apply existing guidance that’s available on other costs to the issue of website development costs. The exact treatment of website design costs depends on … Read More

Employer Credit for Paid Family & Medical Leave

December 12, 2019By Smeriglio Associates LLCNews

Attention employers! A valuable credit, known as the employer credit for paid family and medical leave, will expire soon. It allows eligible employers to claim a general business credit on their 2018 and 2019 tax returns. The credit is based on wages paid in those years to “qualifying employees” on leave, subject to conditions. It’s … Read More

Close-up on pushdown accounting for M&As

December 11, 2019By Smeriglio Associates LLCNews

Change-in-control events — like merger and acquisition (M&A) transactions — don’t happen every day. If you’re currently in the market to merge with or buy a business, you might not be aware of updated financial reporting guidance that took effect in November 2014. The changes provide greater flexibility to post-M&A accounting. Pushdown accounting is optional … Read More