Cost management: A budget’s best friend

January 30, 2020By Smeriglio Associates LLCNews

If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are we operating … Read More

IRS: Updated Mortality Improvement Rates

January 30, 2020By Smeriglio Associates LLCNews

Does your company have a single-employer defined benefit pension plan? The IRS has provided updated mortality improvement rates and static mortality tables to be used with these plans. The tables’ purpose is to help calculate the funding target and other items for valuation dates in calendar-year 2021. A modified unisex version of the tables has … Read More

Employee benefit plans: Do you need a Form 5500 audit?

January 29, 2020By Smeriglio Associates LLCNews

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to … Read More

IRS: Qualified Transportation Fringe Benefits

January 29, 2020By Smeriglio Associates LLCNews

An employer can provide employees transit passes in the form of debit cards that will be considered qualified transportation fringe benefits. In one case, an employee tried to use the debit card to purchase fare on public transportation, but it didn’t work. The employee paid in cash instead. The IRS Chief Counsel addressed the question, … Read More

IRS: Partnership Shares on Tax Basis

January 28, 2020By Smeriglio Associates LLCNews

The tax basis reporting of capital accounts has been delayed to 2020. In Notice 2019-66, the IRS has announced that partnerships won’t be required to report partners’ shares of partnership capital on the tax basis method for tax years starting in calendar-year 2019, but will be required to use that method starting in 2020 for … Read More

Yes, SEO is also important for nonprofits

January 27, 2020By Smeriglio Associates LLCNews

If you think search engine optimization (SEO) is something only for-profit businesses need to worry about, think again. The Google rankings of your not-for-profit’s website can make a tremendous difference in the donations and other support you receive. Cracking Google metrics Google, of course, isn’t the only search engine on the Web. But it accounts … Read More

Required Minimum Distributions for Retirees

January 27, 2020By Smeriglio Associates LLCNews

A reminder: Retirees born before July 1, 1949 usually must take required minimum distributions (RMDs) from their retirement plans by Dec. 31. Those who turned 70½ in 2019 (the onset age for RMDs) can wait until April 1, 2020, to take their first distributions. (The April 1 deadline only applies to the RMD for the … Read More

IRS: Tax Withholding Estimator Tool – Form W-4

January 26, 2020By Smeriglio Associates LLCNews

The IRS has launched a new and improved Tax Withholding Estimator, which it said is “designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay.” The revised online tool incorporates the changes from the redesigned Form W-4. If an adjustment is needed, … Read More

Treasury Inspector General: $26.6 billion Recovered 2018

January 25, 2020By Smeriglio Associates LLCNews

The Treasury Inspector General for Tax Administration’s “Semiannual Report to Congress: April 1, 2019 – September 30, 2019” notes that its Office of Audit completed 60 audits and its Office of Investigations completed almost 1,200 investigations in the second half of 2019. These efforts “have resulted in the recovery, protection and identification of monetary benefits … Read More