IRS: Cryptocurrecy Reporting – Schedule 1

February 4, 2020By Smeriglio Associates LLCNews

The IRS has begun accepting and processing 2019 federal tax returns. In an information release, among other things, the IRS is reminding taxpayers about cryptocurrency reporting. Form 1040 now includes questions about virtual currency transactions. So, taxpayers who in 2019 engaged in a virtual currency transaction will need to file Schedule 1, Additional Income and … Read More

IRS: Get Ready to File

February 3, 2020By Smeriglio Associates LLCNews

With the tax filing season almost here, taxpayers may want to check out a new IRS publication from the IRS. “Publication 5348, Get Ready to File” can help individuals prepare for the tax-filing season. It offers information and resources on electronic filing options, withholding, estimated tax payments, credits and deductions, data protection and tax refunds. … Read More

IRS: Tax Exempt Organization to E-File

February 2, 2020By Smeriglio Associates LLCNews

Recent legislation generally requires tax-exempt organizations to e-file forms. The Taxpayer First Act, enacted in July, requires nonprofits to electronically file information returns and related forms in tax years starting after July 1, 2019. Those who previously filed paper forms will receive a letter from the IRS informing them of the change. Filing deadlines vary … Read More

Nondeductible IRA contributions require careful tracking

January 31, 2020By Smeriglio Associates LLCNews

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying. … Read More

W-2 Wage and Tax Statement Issuance

January 31, 2020By Smeriglio Associates LLCNews

Most employees anticipate receiving their W-2 Wage and Tax Statements near the end of January, so they can get their tax returns prepared and filed. Forms for 2019 should be mailed to you by Jan. 31. If you don’t receive your W-2s by the end of February, the IRS says to start by checking with … Read More

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