ERM: A systemic approach to reducing your nonprofit’s risks

March 5, 2020By Smeriglio Associates LLCNews

Do you associate enterprise risk management (ERM) with for-profit businesses? This systemic approach to risk reduction can be just as effective when adopted by nonprofit organizations. Even organizations with limited resources can — and should — use an ERM process to combat threats. Weighing risks ERM is a comprehensive program that considers an organization’s entire … Read More

Deliver Your Tax Documents to Us!

March 5, 2020By Smeriglio Associates LLCNews

A friendly reminder that you can drop-off your Tax Documents to our office, mail to our office, email to us, or electronically upload your documents to our portal.  We cannot begin any work for you until we receive all of the following items:#1 Signed Tax Engagement Letter,#2 Signed Audit Representation Letter (if you chose to enroll … Read More

TIGTA: IRS Performance Report

March 4, 2020By Smeriglio Associates LLCNews

As we begin to file 2019 tax returns, a new report looks at how the IRS performed last tax season. A Treasury Inspector General for Tax Administration (TIGTA) audit shows that, by May 2019, the IRS received over 141 million returns and issued about 100.4 million refunds totaling more than $274 billion. In addition to … Read More

IRS: Charitable Contribution for Disaster Relief Efforts

March 3, 2020By Smeriglio Associates LLCNews

If you’re making charitable contributions specifically for disaster relief efforts in 2018 and 2019, they must be made by Feb. 18, 2020, to qualify under special disaster area charitable gift rules. A new law temporarily suspends certain limits on charitable contribution deductions. For example, cash charitable contribution deductions are generally limited to 60% of adjusted … Read More

Look closely at your company’s concentration risks

March 2, 2020By Smeriglio Associates LLCNews

The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A common problem among … Read More

Deliver Your Tax Documents to Us!

March 2, 2020By Smeriglio Associates LLCNews

A friendly reminder that you can drop-off your Tax Documents to our office, mail to our office, email to us, or electronically upload your documents to our portal.  We cannot begin any work for you until we receive all of the following items:#1 Signed Tax Engagement Letter,#2 Signed Audit Representation Letter (if you chose to enroll … Read More

Congressional Budget Office Economic Outlook

March 1, 2020By Smeriglio Associates LLCNews

What’s the U.S. economic outlook for the next decade? The Congressional Budget Office (CBO) just released a report that projects the federal deficit in 2020 will be 4.6% of gross domestic product (GDP) and will rise to 5.4% of GDP by 2030. “Because of the large deficits, federal debt held by the public is projected … Read More

Earned Income Tax Credit Eligibility

February 29, 2020By Smeriglio Associates LLCNews

Might someone you know qualify for the Earned Income Tax Credit (EITC)? It benefits certain lower income taxpayers. The IRS is urging taxpayers to see if they qualify. According to the IRS, one in five eligible taxpayers doesn’t claim the EITC. Workers at risk for overlooking the credit can include taxpayers without children; armed forces … Read More