Tuesday, November 21, 2017

NASCAR Announces Race Start Times for 2018 Season


Born and raised in Greenwich, Connecticut, Michael John Smeriglio III, CPA, has provided financial and tax preparation services for more than three decades. Outside of the office, Michael J. Smeriglio owns a NASCAR modified race car and won championships in 2014, 2015, and 2016.

In November of 2017, NASCAR (National Association for Stock Car Auto Racing) announced the 2018 Monster Energy NASCAR Cup Series start times. The season begins February 18 with the Daytona 500, the 60th anniversary of the race. 

Some changes in the 2018 schedule include the following:

* The Charlotte Motor Speedway playoff race on September 30 will now take place on a 2.42-mile course instead of its 1.5-mile oval track. 

* Chicago Speedway will host a race July 1, but the track will no longer participate in playoffs. Instead, the Las Vegas Motor Speedway opens the 10-race playoffs on September 16.

* The last race prior to playoffs will take place at Indianapolis Motor Speedway in September instead of Richmond International Raceway, where the race has been held for nearly 15 years.

Saturday, October 14, 2017

The Greenwich Old Timers Club Scholarship Program


Born and raised in Connecticut, Michael John Smeriglio serves as a licensed Certified Accountant at his Greenwich-based firm Michael J. Smeriglio III, CPA. An engaged member of the local community, Michael J. Smeriglio also serves as a board member and the treasurer for the Greenwich Old Timers Club.

The Greenwich Old Timers Club was founded in 1960 to support youth sports and student athletes. Since its founding, the organization has contributed more than $1.4 million to promote athletic programs, honor high achievers, and fund scholarships. 

The club’s college scholarship program has been a centerpiece of its mission for many years. More than 100 student athletes have received educational funding through the program. A need-based program, the initiative was first organized in 1966 as a non-renewable $500 award. However, the funding level has grown since its inception, and today deserving student athletes receive a $2,000 award that can be renewed for up to four years. For additional information on the scholarship program, visit www.greenwicholdtimers.org.

Tuesday, October 3, 2017

Assurance and Advisory Services by Michael J. Smeriglio III, CPA


Michael J. Smeriglio established Michael J. Smeriglio III, CPA (MJS CPA), his Greenwich, Connecticut, accounting agency, in the Cos Cob neighborhood in 1986. An accounting graduate of Pace University, Michael John Smeriglio leads a team of financial professionals capable of supporting clients in various areas of financial planning. His firm’s offerings include a variety of assurance and advisory services.

Objective analysis is a key component to any effective financial plan, particularly those designed to achieve long-term investment goals. Financial strategies that are not rooted in analytics are likely to fall victim to a volatile marketplace and the constantly shifting financial landscape. Investment portfolios and finances that have been developed with the support of a skilled accounting team, on the other hand, are more likely to excel in areas of cost control and efficiency. Assurance and advisory services also allow individuals to thoroughly review new technologies before they are integrated into the financial decision-making process.

A few examples of assurance and advisory services at MJS CPA include debt and finance consulting, transaction structuring and negotiations, financial trends and projections, and accounting software selection and implementation, to name only a few. More information regarding the firm’s assurance and advisory services is available online at www.mjscpa.com.

Thursday, March 30, 2017

What Happens in a Tax Audit?


Michael J. Smeriglio has maintained an independent accounting practice in Cos Cob, Connecticut, for more than 30 years. In that time, Michael J. Smeriglio has represented many clients in Internal Revenue Service (IRS) audits. 

Every year, the IRS selects approximately one percent of the population for tax audits. Selected individuals and businesses receive notification via mail, which provides information about what the taxpayer needs to do in response to the audit.

Audits take place either by mail or in an interview with an IRS agent. The majority of audits take place by mail and require the taxpayer to send written documentation of specified tax return elements. This correspondence will then help the IRS resolve any discrepancies in the taxpayer's claimed income or expenses.

In some cases, taxpayers may need to meet with a representative of the IRS. This meeting most often occurs in the taxpayer's home or office, particularly if the audited entity is a small business. Rarely, the IRS may require the taxpayer travel to an IRS office for an in-person interview.

After the IRS has reviewed all documents, the examiner will issue a decision regarding the audited entity's tax obligations. Unresolved audits may result in the examiner's request for an extension, which gives the taxpayer additional opportunities to present documentation. The examiner will ultimately make a decision which the taxpayer may accept or appeal, though only two percent of audited entities choose to appeal.