Leveraging internal audits

May 5, 2022By Smeriglio Associates LLCNews

Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think beyond compliance. Internal auditors who understand the big picture can expand their department’s influence by helping their organizations mitigate risk, improve … Read More

IRS: Owe and Didn’t File?

May 5, 2022By Smeriglio Associates LLCNews

The deadline to file 2021 tax returns is now in the rearview mirror for most people. But what if you owe tax and didn’t request a filing extension? You should file soon to limit interest and penalties. Here are some after-tax-day tips from the IRS: Make a full or partial payment online by debit or … Read More

IRS: Tax-Exempt Filings

May 4, 2022By Smeriglio Associates LLCNews

Most tax-exempt organizations must file certain 2021 returns with the IRS by May 16, 2022. Last week, the IRS reminded calendar year not-for-profits of this deadline for submitting Forms 990, 990-N, 990-T and 4720 electronically. In fact, electronic filing is mandatory, generally through an IRS-authorized e-file provider. If organizations can’t meet the May 16 deadline, … Read More

AICPA: Improve IRS Customer Service

May 3, 2022By Smeriglio Associates LLCNews

Groups representing tax lawyers and accountants have repeated calls for the IRS to act immediately to improve customer service, including the suspension of automated notices. As you may know, the agency is struggling to process a huge backlog of returns. One group, the American Institute of Certified Public Accountants (AICPA), said the IRS should discontinue … Read More

IRS: 1099 Errors and Omissions

May 2, 2022By Smeriglio Associates LLCNews

If your business issued Forms 1099 for 2021, you may soon hear from the IRS. Twice a year, the IRS sends notices (CP2100 and CP2100A) informing financial institutions, businesses and other payers that issued Forms 1099 about errors or omissions. If the names and/or taxpayer ID numbers (TINs) on the 1099s are missing or don’t … Read More

IRS: Employee Retention Credit

April 30, 2022By Smeriglio Associates LLCNews

Relief is available to businesses if they owe penalties for additional income tax due to retroactive employee retention credit (ERC) claims. The ERC is a refundable credit claimed on employment tax returns. The IRS requires employers to reduce the income tax deduction for “ERC qualified wages” by the amount of ERC the employer received for … Read More