2020 – 10/12 – IRS: October 15th Deadline!

October 15, 2020By Smeriglio Associates LLCNews

The deadline for various tax-related actions is almost here. Oct. 15, 2020 is the deadline for filing several types of 2019 income tax returns that were extended. For example, it’s the due date for 2019 individual income tax returns for those who requested an extension. It’s also the due date for corporate and electing large … Read More

4 steps to improving your company’s sales

October 14, 2020By Smeriglio Associates LLCNews

Most salespeople would tell you that there are few better feelings in life than closing a deal. This is because guiding a customer through the sales process and coming out the other side with dollars committed isn’t a matter of blind luck. It’s a craft — based on equal parts data mining, psychology, intuition and … Read More

2020 – 10/05 – IRS: Necessary Step to Close Business Permanently

October 10, 2020By Smeriglio Associates LLCNews

One unfortunate fallout of the COVID-19 pandemic is that some businesses are closing permanently. If you’re considering a closure, be prepared to address several issues, along with your tax advisor. The IRS has redesigned its “Closing a Business” page “to help businesses comply with final tax responsibilities,” said Eric Hylton, Commissioner of the IRS Small … Read More

TIGTA: Audit of IRS Seizures Non-Compliant

October 9, 2020By Smeriglio Associates LLCNews

Property seizures by the IRS aren’t always by the book, according to a Treasury Inspector General for Tax Administration (TIGTA) audit. It reviewed 60% of the seizures from the 12 months that ended June 30, 2019 to evaluate IRS compliance with the law and with IRS’s own rules. The sample revealed seizures that weren’t in … Read More

Gifts in kind: New reporting requirements for nonprofits

October 8, 2020By Smeriglio Associates LLCNews

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a charity functions effectively. They may … Read More