TIGTA: Cybersecurity Program Results

November 23, 2020By Smeriglio Associates LLCNews

A review of the IRS Cybersecurity Program gets mixed results. The Treasury Inspector General for Tax Administration (TIGTA) recently evaluated this program against the 2014 Federal Information Security Modernization Act (FISMA). Of five IRS functions tested, two (risk identification and detection of cybersecurity events) were deemed ineffective. One notable weakness was the need to “improve … Read More

IRS: SALT Deduction for PTE

November 21, 2020By Smeriglio Associates LLCNews

The IRS will issue SALT deduction regs for pass-through entities. The regs will clarify that specified income tax payments are deductible by entities such as partnerships and S corporations in computing their nonseparately stated income or loss. Specified income tax payments include amounts paid by pass-through entities to a state, political subdivision of a state … Read More

Estate planning and your art collection

November 20, 2020By Smeriglio Associates LLCNews

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a result, managing these assets involves issues … Read More

IRS: College Student EIPs

November 20, 2020By Smeriglio Associates LLCNews

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register by Nov. 21 so they can receive a payment by year end. According to the IRS, students with little or no … Read More

Hit the target with your email marketing

November 19, 2020By Smeriglio Associates LLCNews

Online retail sales have been booming during the COVID-19 pandemic. This trend has been driven not only by the buying public’s increased inclination to minimize visits to brick-and-mortar stores, but also by the effectiveness of many retailers’ virtual marketing efforts. One such effort that can benefit most any type of business is email marketing. Although … Read More

IRS: Listed Property Costs

November 19, 2020By Smeriglio Associates LLCNews

Generally, a taxpayer can deduct costs incurred in the course of operating a business if the costs can be proven. This includes costs for “listed property” (property used for transportation, entertainment or recreation). To prove business use of listed property, taxpayers must keep adequate records of total use and business use, plus dates and the … Read More

How to minimize turnover in your accounting department

November 18, 2020By Smeriglio Associates LLCNews

The demand for qualified accounting and finance personnel has grown, as business owners struggle to manage unpredictable cash flows, increased costs, and new government policies and financial aid packages. Plus, the potential job market for these professionals has expanded, thanks to technological changes that now allow them to transcend geographic boundaries and work from virtually … Read More

IRS: Expatriate Support

November 18, 2020By Smeriglio Associates LLCNews

The IRS needs better enforcement of the tax rules imposed on those giving up or abandoning their U.S. citizen or resident status, said one report. A Treasury Inspector General for Tax Administration (TIGTA) audit found that from 2008 to 2018, the number of expatriates rose greatly. Yet the IRS didn’t have “a centralized compliance effort … Read More

Preparing for the possibility of a remote audit

November 17, 2020By Smeriglio Associates LLCNews

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s what might change as auditors work on your company’s 2020 year-end financial statements. Eye on technology Fortunately, when the pandemic hit, many accounting firms already … Read More