IRS: Florida Highway Penalty Waived

November 9, 2019By Smeriglio Associates LLCNews

The IRS is temporarily waiving the penalty for using dyed fuel on Florida highways. It took the step to minimize and prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian. The relief is available only if the vehicle operator, or the person selling the fuel, pays the tax of … Read More

U.S. Tax Court – Solar Equipment Accrual Method

November 9, 2019By Smeriglio Associates LLCNews

The U.S. Tax Court ruled that a solar equipment manufacturer is required to use the accrual method of accounting. The court ruled that the manufacturer wasn’t entitled to use the installment sale method to report income from the sale of equipment it made. The reason: The equipment was personal property of the kind includible in … Read More

Is multicloud computing right for your business?

November 8, 2019By Smeriglio Associates LLCNews

Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. Under this approach, companies don’t rely on a single cloud service; rather, they distribute their data and computing … Read More

GAAP vs. tax-basis: Which is right for your business?

November 8, 2019By Smeriglio Associates LLCNews

Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your situation. The basics GAAP is the most common financial reporting standard in the United States. … Read More