IRS: $1 Billion Funding Increase

July 14, 2022By Smeriglio Associates LLCNews

Is better customer service from the IRS coming? The U.S. House of Representatives Appropriations Subcommittee has approved the fiscal 2023 Financial Services and General Government bill, including IRS funding that is $1 billion above the FY 2022 level. Subcommittee Chair Mike Quigley (D-IL) said this “continues restoring the IRS from draconian cuts this agency has … Read More

GAO: Direct Stimulus Payments

July 13, 2022By Smeriglio Associates LLCNews

A new Government Accountability Office (GAO) report, “Stimulus Checks: Direct Payments to Individuals During the COVID-19 Pandemic,” states that the federal government made $931 billion in stimulus payments in 2020 and 2021. However, 2% of those payments were made improperly. The GAO suggests that the IRS and Treasury Department can reduce errors while administering tax … Read More

When hiring, don’t overlook older workers

July 12, 2022By Smeriglio Associates LLCNews

Is your business hiring? Many companies are — in fact, an employment report released by the U.S. Department of Labor earlier this month revealed that nonfarm payrolls increased by 390,000 in May, and the unemployment rate held steady at 3.6%. As the job market continues to feel the impact of “the Great Resignation,” the competition … Read More

IRS: Alimony

July 12, 2022By Smeriglio Associates LLCNews

If you’re getting divorced, you have one more thing to think about: taxes. When you receive a final divorce decree, update your withholding by filing a new W-4 with your employer. If you receive alimony, you may need to increase withholding or make estimated payments. However, if your divorce was finalized after Dec. 31, 2018, … Read More

Checking in on your accounts payable processes

July 11, 2022By Smeriglio Associates LLCNews

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a … Read More

US Treasury: Pillar Two

July 11, 2022By Smeriglio Associates LLCNews

Requiring large multinational corporations to report income everywhere they operate is essential to a global deal on minimum corporate income tax, according to Kimberly Clausing, a UCLA law professor who recently served as the U.S. Deputy Assistant Treasury Secretary for tax analysis. Clausing said the country-by-country reporting provision is a “core principle” of Pillar Two, … Read More

IRS: Record Keeping for Tax Credit Eligibility

July 9, 2022By Smeriglio Associates LLCNews

Are you keeping detailed tax records? With 2022 half over, you should be mindful that tax planning is a year-round task. Putting off recordkeeping could result in lost tax opportunities. Eligibility for certain tax credits and deductions available to taxpayers is based on their adjusted gross income (AGI). AGI is gross income minus specific deductions … Read More

Simple ways to make strategic planning a reality

July 8, 2022By Smeriglio Associates LLCNews

Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad. It’s easy to get overwhelmed by all the possible directions you could go in and have a hard time choosing … Read More

2022 – 06/28 – IRS: Voice Bot

July 8, 2022By Smeriglio Associates LLCNews

The next time you contact the IRS by phone, it’s likely that you’ll end up speaking to a voice bot. The IRS launched “authenticated” voice bots this year, and they’re now operating at 100% capacity. The bots, which are powered by artificial intelligence and currently available in English and Spanish, are an advance from previous, … Read More