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

U.S. Tax Court Building Closed

March 28, 2020By Smeriglio Associates LLCNews

Due to the coronavirus (COVID-19) pandemic, the U.S. Tax Court building in Washington, D.C., is closed until further notice. Taxpayers may comply with statutory deadlines for filing petitions or notices of appeal by timely mailing a petition or notice of appeal to the court. (But petitions and other documents may not be hand delivered to … Read More

SBA offering loans to small businesses hit hard by COVID-19

March 27, 2020By Smeriglio Associates LLCNews

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business … Read More

COVID Effects on Tax Day

March 27, 2020By Smeriglio Associates LLCNews

As previously reported, taxpayers can defer filing a tax return and making certain federal income tax payments, due on April 15, to July 15, without penalties or interest. What if you need more time beyond July 15? Individuals can request an extension to October 15 by filing Form 4868. However, if you’re expecting a refund, … Read More

Beware: Coronavirus may affect financial reporting

March 26, 2020By Smeriglio Associates LLCNews

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but … Read More

Additional IRS Resources for 2021 Tax Season

March 25, 2020By Smeriglio Associates LLCNews

Many people like to speak to a representative on the phone rather than being directed to online resources. The IRS is now providing more help to people who have overdue tax bills and need assistance. The agency is adding 800 phone line tax collection employees to provide phone assistance to taxpayers who have past-due tax … Read More

Reporting Fortnight and Other Digital Currencies?

March 24, 2020By Smeriglio Associates LLCNews

The IRS has removed two “in-game” virtual currencies, Roblox and V-bucks, from its list of examples of convertible virtual currencies. “Virtual” currency is a digital representation of value, other than real currency, that functions as a unit of account. “Convertible” virtual currency has an equivalent value in real currency. Roblox and V-bucks are “currencies” only … Read More

FAQs about audit confirmations

March 23, 2020By Smeriglio Associates LLCNews

Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances and estimates agree with their records. Here are answers to … Read More