IRS: Interactive Tax Assistant

January 9, 2020By Smeriglio Associates LLCNews

The IRS is encouraging taxpayers to use its “Interactive Tax Assistant” tool, which provides basic information on a wide range of tax topics. Topics are organized by category, such as the Affordable Care Act; filing requirements, forms to use and due dates; and filing status, dependents and exemptions. Other topics include pensions, IRAs, Social Security, … Read More

Risk assessment: A critical part of the audit process

January 8, 2020By Smeriglio Associates LLCNews

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process. The big picture Every audit starts with assessing “audit risk.” This refers to the likelihood that the auditor will issue an adverse opinion … Read More

IRS: Conversion Easement Transaction

January 8, 2020By Smeriglio Associates LLCNews

The IRS is tightening up enforcement action on syndicated conversion easement transactions. They involve transactions that allow multiple taxpayers to claim a deduction for a particular conservation easement. IRS Commissioner Chuck Rettig said that “putting an end to these abusive schemes is a high priority for the IRS.” According to the agency, taxpayers may avoid … Read More

IRS: 2020 Optimal Standard Mileage

January 7, 2020By Smeriglio Associates LLCNews

The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. Notice 2020-5 provides that the 2020 standard mileage rate for transportation or travel expenses is 57.5 cents (down from 58 cents per mile for 2019) for all miles of … Read More

IRS: Change in Accounting Method Update

January 6, 2020By Smeriglio Associates LLCNews

The IRS has updated its list of automatic accounting method changes subject to automatic consent procedures. Revenue Procedure 2019-43 modifies change procedures for 1) certain sale, lease, or financing transactions; 2) tenant construction allowances; 3) streamlined method changes for taxpayers without an applicable financial statement; and 4) a change in basis of computing reserves under … Read More

Who needs an estate plan? You do!

January 5, 2020By Smeriglio Associates LLCNews

Estate planning is often associated with the division of your assets, and this is certainly a key component. It’s typically accomplished, for the most part, by drafting a will, which is the foundation of an estate plan. With a valid will, you determine who gets what. It can cover everything from the securities in your … Read More