Why your nonprofit must make time for accountability

November 3, 2020By Smeriglio Associates LLCNews

“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget. But not only is accountability essential to your nonprofit’s health and efficacy — affecting everything from donations to grants, hiring to volunteering, board fiduciary duty to employee morale — it’s … Read More

2020 – 10/21 – IRS: Virtual Currency Tracking

November 3, 2020By Smeriglio Associates LLCNews

Identifying taxpayers with virtual currency transactions isn’t easy for the IRS, said a key report. A recent Treasury Inspector General for Tax Administration (TIGTA) report showed that this is a growing form of alternative payment in the U.S., yet only a small number of audits that focus on such transactions have been initiated. The primary … Read More

IRS: California Wildfire Victim Tax Relief

October 31, 2020By Smeriglio Associates LLCNews

The IRS is providing tax relief for the victims of California wildfires. Victims of the wildfires that began on Sept. 4 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments. The relief is available to any area designated by the Federal Emergency Management Agency as qualifying … Read More

Now more than ever, carefully track payroll records

October 30, 2020By Smeriglio Associates LLCNews

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck … Read More

IRS: Top Ten “To Do List”

October 30, 2020By Smeriglio Associates LLCNews

The IRS now has a “to do” list for next year. The Treasury Inspector General for Tax Administration (TIGTA) has offered its perspective on the 10 most serious management and performance challenges confronting the IRS in 2021. (TIGTA has a statutory requirement to submit an annual report on the subject.) Among other things, the list … Read More

Best practices when forecasting cash flow

October 29, 2020By Smeriglio Associates LLCNews

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these … Read More

4 ways to address elderly parents in your estate plan

October 28, 2020By Smeriglio Associates LLCNews

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning. How can you best handle the financial affairs of parents in the later … Read More