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

IRS: Careful Bookkeeping

January 10, 2020By Smeriglio Associates LLCNews

Careful recordkeeping is one key to success for small business owners. A good system of maintaining records leads to better decision making. It helps business owners monitor business progress; prepare financial statements; identify income sources; track expenses; support items on tax returns; and more. Small business owners are free to use the system of their … Read More