IRS: Newly Revised W4

February 5, 2020By Smeriglio Associates LLCNews

The IRS is informing employees that they can use Forms W-4 printed before Dec. 31, 2019, even though those forms list the now out-of-date 10%-of-AGI medical expense deduction. The Taxpayer Certainty and Disaster Tax Relief Act, which was signed into law on Dec. 20, 2019, extended the 7.5% medical expense deduction threshold for tax years … Read More

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