Last call for lease accounting

July 21, 2022By Smeriglio Associates LLCNews

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit entities that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal … Read More

2022 – 07/12 – Congress – Reconciliation Bill

July 21, 2022By Smeriglio Associates LLCNews

Congress is back in session and negotiations are underway between Sen. Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on a scaled-back, nearly $1 trillion reconciliation bill. To date, the two have agreed on a Medicare prescription drug pricing proposal that’s estimated to save the government $280 million over the next 10 years. They’ve also … Read More

Five tax implications of divorce

July 18, 2022By Smeriglio Associates LLCNews

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of … Read More

Pension Benefit Guaranty Corporation

July 18, 2022By Smeriglio Associates LLCNews

The Pension Benefit Guaranty Corporation is a federal government agency that regulates private sector defined benefit pension plans. Recently, it issued a final rule regarding restrictions and conditions under its Special Financial Assistance (SFA) Program for extremely distressed plans. The final rule reflects public comments on the interim rule released in 2021. Final rule changes … Read More

IRS: ETAAC’s Report on Funding

July 16, 2022By Smeriglio Associates LLCNews

In a report to Congress, the Electronic Tax Administration Advisory Committee (ETAAC) said lawmakers should provide the IRS sustained, long-term funding before fiscal year 2023 begins this fall. This will help ensure that new programs are implemented smoothly with enough staff trained in their facilitation. The recommendation comes at a time when the House Appropriations … Read More

IRS: Expanding Services to Diverse Communities

July 15, 2022By Smeriglio Associates LLCNews

IRS Commissioner Chuck Rettig recently outlined (https://bit.ly/3uvlvOu  ) how the agency has expanded its services to diverse communities. Specifically, he detailed steps the IRS has taken since 2021 to expand services offered in multiple languages. Examples he cited include: providing Form 1040 in Spanish; making Publication 1, “Your Rights as a Taxpayer” available in 20 … Read More