IRS: Half-year Eligibility Review

July 10, 2021By Smeriglio Associates LLCNews

With the 2021 tax year nearly half over, it’s a good time to review your eligibility for tax deductions and tax credits. To help you minimize your tax bill, the IRS is offering tips for year-round tax planning. Tax deductions lead to reduced taxable income. To find out if you can itemize deductions (rather than … Read More

Tax-favored ways to build up a college fund

July 9, 2021By Smeriglio Associates LLCNews

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible … Read More

Make health care decisions while you’re healthy

July 8, 2021By Smeriglio Associates LLCNews

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is … Read More

Yellen on Fiscal Policy

July 8, 2021By Smeriglio Associates LLCNews

U.S. Treasury Secretary Janet Yellen told lawmakers on June 17 that “there are some tough trade-offs in fiscal policy,” but “a fairer tax code for a structurally sound economy is not one of them.” Appearing before the House Ways and Means Committee hearing on the Administration’s Fiscal Year 2022 budget proposal, Yellen called the president’s … Read More

IRS: Experience Gap for IT Workforce

July 7, 2021By Smeriglio Associates LLCNews

The Treasury Inspector General for Tax Administration (TIGTA) has reported for some time that the IRS’s technology needs upgrades. According to a recent TIGTA audit, as of May 2020, the IRS reported that “within the next three years, 619 information technology employees with expert-level skills are eligible to retire.” That’s 50.2% of the IRS’s IT … Read More

IRS: Whistleblower Office

July 6, 2021By Smeriglio Associates LLCNews

Individuals who give the IRS Whistleblower Office information about unpaid federal tax may qualify for cash awards. To be eligible, the tip must be credible, specific and relate to “tax underpayments or violations of internal revenue laws,” and the IRS must use the information to collect proceeds. One whistleblower claimed that the IRS used information … Read More