Your home office expenses may be tax deductible

January 24, 2020By Smeriglio Associates LLCNews

Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must … Read More

IRS: Updated 2020 Levy Exemption Table

January 24, 2020By Smeriglio Associates LLCNews

Taxpayers with outstanding tax debts may be subject to a levy on assets and income sources. A levy can be enforced through wage garnishment, by taking money in a bank account or other financial account, or by seizure of the taxpayer’s property. The IRS just issued an updated 2020 levy exemption table, which is used … Read More

Treasury Inspector General: Digital Accountability Audit

January 23, 2020By Smeriglio Associates LLCNews

The Treasury Inspector General for Tax Administration has released an audit addressing the IRS’s compliance with the Digital Accountability and Transparency Act (DATA). The DATA requires federal agencies to disclose direct expenditures and link federal contract, loan and grant spending information to federal agency programs. A review of 86 financial and award data sample transactions … Read More

IRS: Amendments to Qualified Retirement Plans

January 22, 2020By Smeriglio Associates LLCNews

The IRS has issued its 2019 list of required amendments for qualified retirement plans. The 2019 Required Amendments (RA) list for individually designed retirement plans identifies changes in qualification requirements that became effective in 2019 that may require a retirement plan to be amended to remain qualified. Among other required amendments for 2019, plans that … Read More

Nonprofits: Are you ready for the new contribution guidance?

January 21, 2020By Smeriglio Associates LLCNews

When the Financial Accounting Standards Board (FASB) updated its rules for recognizing revenue from contracts in 2014, it only added to the confusion that nonprofits already had about accounting for grants and similar contracts. Fortunately, last year, the FASB provided some much-needed clarification with Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying … Read More

IRS: FBAR Verification Filings

January 21, 2020By Smeriglio Associates LLCNews

The IRS has changed the process under which it accepts requests for verification that it has received a filed FBAR. (FBAR is FinCEN Form 114, Report of Foreign Bank and Financial Accounts). Previously, the IRS allowed FBAR filers to call its FBAR hotline to obtain verbal verification of filing for up to five FBARs, at … Read More

IRS: Volunteer Program Audit

January 20, 2020By Smeriglio Associates LLCNews

A recent audit from the Treasury Inspector General for Tax Administration (TIGTA) addresses the safeguarding of taxpayer information at IRS Volunteer Program sites. The Volunteer Program provides no-cost federal tax return preparation and electronic filing to certain individual taxpayers, such as low-income, elderly or disabled taxpayers. One area of concern the audit found was that … Read More