5 good reasons to turn down an inheritance

September 3, 2020By Smeriglio Associates LLCNews

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take this action? Here are five reasons: 1. Gift and estate tax savings. This is often cited as … Read More

IRS: Auditor Face-to-Face

September 3, 2020By Smeriglio Associates LLCNews

Recent IRS instructions to its auditors limit face-to-face contacts. In a memo to auditors, the IRS has provided guidance about conducting audits in the COVID-19 environment. If there are less than 180 days remaining on the statute of limitations in a case, the IRS advises the auditor to contact the taxpayer by phone using “soft … Read More

Helping employees understand their health care accounts

September 2, 2020By Smeriglio Associates LLCNews

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to … Read More

Take a fresh look at your company’s brand

September 1, 2020By Smeriglio Associates LLCNews

A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and determine whether tweaks … Read More

5 common accounting software mistakes to avoid

August 31, 2020By Smeriglio Associates LLCNews

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without … Read More

IRS: 2017 Data from Foreign-Controlled Domestics Corps

August 31, 2020By Smeriglio Associates LLCNews

The IRS has announced new data (for tax year 2017) for foreign-controlled domestic corporations. For 2017, there were 128,601 tax returns filed with the IRS for domestic corporations with foreign owners (usually other corporations) who had 50% or more of the domestic corporation’s stock. These returns reported $14.6 trillion of total assets and $5.5 trillion … Read More

IRS: CAREs Act IRA Deadline

August 30, 2020By Smeriglio Associates LLCNews

The deadline to return distributions to certain retirement accounts is coming up. IRA owners, beneficiaries or workplace retirement plan participants who received a required minimum distribution (RMD) this year have until Aug. 31 to roll over or repay the distributions to avoid paying taxes. The CARES Act waived RMDs during 2020 for IRAs and retirement … Read More

IRS: Sidelined EIP Payments

August 29, 2020By Smeriglio Associates LLCNews

Economic Impact Payments (EIPs) will soon be sent to certain taxpayers whose payments had been sidelined. The IRS has announced that in early-to-mid-September, it will send EIPs to about 50,000 “injured spouses” whose portion of the EIP was diverted to pay past-due child support owed by their spouses. This applies to joint-filer spouses who aren’t … Read More