IRS: Business Returns and Individual Return Timing

January 13, 2020By Smeriglio Associates LLCNews

Ready, set, file. The IRS has announced that it will begin accepting 2019 e-filed business returns on Jan. 7 and will begin accepting individual returns on Jan. 27. The tax agency noted that while individual taxpayers may get their returns prepared using a tax professional before the start date (or use software programs), the processing … Read More

TCJA Charitable Contribution Deduction

January 12, 2020By Smeriglio Associates LLCNews

Due to changes in the Tax Cuts and Jobs Act, the Washington, D.C.-based Tax Policy Center estimates that only 9% of taxpayers will now receive a tax deduction for charitable contributions. The Center has published a chartbook titled “Tax Incentives for Charitable Contributions.” It evaluates the implications of alternative income tax incentives for charitable deductions … Read More

Proposed Group Health Plan Disclosures

January 11, 2020By Smeriglio Associates LLCNews

Proposed IRS rules would require group health plans and their insurers to disclose cost-sharing information. They would be required, upon request, to share information to participants, beneficiaries or enrollees (or their authorized representatives). This would include providing an estimate of individuals’ cost-sharing liability for covered items or services furnished by a provider. The plans and … Read More

IRS: Careful Bookkeeping

January 10, 2020By Smeriglio Associates LLCNews

Careful recordkeeping is one key to success for small business owners. A good system of maintaining records leads to better decision making. It helps business owners monitor business progress; prepare financial statements; identify income sources; track expenses; support items on tax returns; and more. Small business owners are free to use the system of their … Read More

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