IRS: Minimizing In-Person Contact

December 30, 2021By Smeriglio Associates LLCNews

As part of its response to the COVID-19 pandemic, the IRS has taken steps to protect taxpayers by minimizing the need for in-person contact. For example, the IRS is temporarily allowing taxpayers to use electronic (or digital) signatures (e-signatures) on certain paper forms they can’t file electronically. The IRS has now extended this policy through … Read More

IRS: CARES Act Timing

December 29, 2021By Smeriglio Associates LLCNews

Before the new year, the IRS reminds businesses of changes that may affect their taxes. Here’s a quick look at two. The CARES Act allowed employers to defer payments of Social Security taxes from the original 2020 due dates. By Jan. 3, 2022, 50% of the deferred amount must be paid, to avoid penalties and … Read More

Helping your employees make the most of email

December 28, 2021By Smeriglio Associates LLCNews

Once a revolutionary breakthrough in communications technology, email is now an afterthought for many people. But that can cause problems for businesses: Servers get filled up, messages get lost, and employees’ productivity isn’t quite what it could be. Although doing so may seem superfluous or antiquated, providing employees with some retraining or upskilling on proper … Read More

IRS: Form 990

December 28, 2021By Smeriglio Associates LLCNews

The IRS announced that the publicly available data it provides on electronically filed Forms 990 in a machine-readable format will soon be available solely on the Tax Exempt Organization Search webpage. Beginning Dec. 31, 2021, the IRS will no longer update the Form 990 Series data on Amazon Web Services. This change is to provide … Read More

Could an FLP fit into your succession plan?

December 27, 2021By Smeriglio Associates LLCNews

Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership … Read More

IRS: Standard Mileage Rates

December 27, 2021By Smeriglio Associates LLCNews

Most optional standard mileage rates used to calculate the deductible costs of operating an automobile for various purposes will rise for 2022. Beginning on Jan. 1, 2022, the standard mileage rate for vehicles (cars, vans, pickups and panel trucks) will be 58.5 cents per mile driven for business (up 2.5 cents per mile from 2021). … Read More

IRS: Closer Look on Business Donations

December 25, 2021By Smeriglio Associates LLCNews

In an article entitled “Closer Look,” an IRS official discusses business charitable deductions. Sunita Lough, Commissioner of the IRS Tax Exempt and Government Entities Division described two tax-reduction opportunities. C corporations that make charitable cash contributions to eligible charities in 2021 may take a deduction up to a limit of 25% of taxable income. “But … Read More

How to account for change orders

December 24, 2021By Smeriglio Associates LLCNews

Last-minute changes to contracts can be frustrating. But, if managed properly, they can sometimes provide an opportunity to boost profits. Here are ways construction companies, engineering firms, software developers and other businesses that enter into long-term contracts with customers can better track change orders, account for them properly on their financial statements and use them … Read More

GAO – Refined Coal Production Tax Credit

December 24, 2021By Smeriglio Associates LLCNews

The Government Accountability Office (GAO) has issued a report on the refined coal production tax credit. With the goal of reducing emissions, since 2004, the federal government has offered tax credits that support the production of refined coal. The GAO reports that refined coal producers claimed nearly $1.6 billion in credits in 2019. Congress has … Read More