IRS Virtual Currency Reporting

April 3, 2020By Smeriglio Associates LLCNews

As virtual currencies like bitcoin grow in popularity, how can the IRS ensure that people are paying the related taxes? Taxpayers must report and pay taxes on income from virtual currency transactions. But according to a recent report by the Government Accountability Office (GAO), the IRS guidance for proper reporting of this income is unclear. … Read More

IRS: Unemployment Compensation

April 1, 2020By Smeriglio Associates LLCNews

When the coronavirus (COVID-19) causes a lost job or reduced hours, can affected employees draw unemployment compensation (UC)? UC is paid for by a tax on employers to replace part of a displaced worker’s wages. Generally, to collect UC, individuals must be able to, be available for and actively seek work. However, states have flexibility … Read More

How to use visual aids in financial reporting

March 31, 2020By Smeriglio Associates LLCNews

Thanks to the Internet and social media, we’re bombarded daily with all kinds of information. As a result, most people prefer clear, concise snippets of data over lengthy text. Have your financial statements kept up with today’s data-consumption trends? Show and tell Humans are visual learners. In business, the use of so-called “infographics” started with … Read More

IRS: COVID-19 Refundable Payroll Tax Credits

March 31, 2020By Smeriglio Associates LLCNews

Are you a business owner with employees unable to work due to coronavirus (COVID-19)? As you may have heard, employers can begin taking advantage of two new refundable payroll tax credits created by the Families First Coronavirus Response Act. The Act was signed into law on March 18, 2020. The IRS also announced that it … Read More

IRS: Carbon Sequestration Tax Credit.

March 30, 2020By Smeriglio Associates LLCNews

New IRS guidance addresses when construction begins for purposes of the carbon sequestration tax credit. Taxpayers that began construction on a qualified facility or carbon capture equipment by satisfying either a “physical work test” or a “five percent safe harbor test” before the effective date may use it as the date that construction began. A … Read More

IRS: High-income non-filers Investigation

March 29, 2020By Smeriglio Associates LLCNews

The IRS says it’s targeting high-income taxpayers who haven’t filed federal income tax returns. How? With unannounced, face-to-face visits. The tax agency says it’s hired additional enforcement personnel and will increase collection visits nationwide with taxpayers who haven’t filed tax returns in 2018 or previous years. High-income non-filing taxpayers are generally defined as those who’ve … Read More