COVID-19 Tax News & Firm Updates | Cg Tax, Audit & Advisory

30 Jul

Coronavirus & Nonprofits, Helpful COVID-19 Links

Monmouth County Announces CARES Economic Assistance Grant Program

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July 30, 2020

The Monmouth County CARES Economic Assistance Grant Program provides financial support up to $10,000 for those qualifying businesses, business owners, and nonprofits that do not exceed $5 million in annual gross revenue and have...

29 Jul

Business, Helpful COVID-19 Links

Reopening Concepts: What Business Owners Should Consider

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July 28, 2020

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown...

28 Jul

Families First Coronavirus Response Act, Federal Tax

IRS Regulations on Employment Tax Credit Refunds

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July 27, 2020

The IRS has issued temporary regulations on assessing the erroneous refunds of employment tax credits. They provide rules for reconciling advance payments, and recapturing the benefit of the credits when necessary, of the refundable...

27 Jul

Employer, Families First Coronavirus Response Act

Form W-2 Reporting of COVID-19-Related Sick Leave and Family Leave

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July 24, 2020

In Notice 2020-54, the IRS recently provided guidance to employers on Form W-2 reporting of qualified sick leave wages and qualified family leave wages. These are the wages paid to employees under the Families...

24 Jul

Coronavirus & Nonprofits, Nonprofit

Main Street Lending Program Now Open to Nonprofit Applicants

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July 23, 2020

Last week, the Federal Reserve announced that nonprofit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the...

21 Jul

Federal Tax, Helpful COVID-19 Links

Beware of Fake Charities

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July 21, 2020

Warning: Criminals often exploit crises, such as the current COVID-19 pandemic, by setting up fake charities to steal from people. According to the IRS, fraudulent schemes normally start with unsolicited contact by telephone, text,...

21 Jul

Coronavirus Tax Filing & Payment, Federal Tax

Your Status of Form 7200

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July 20, 2020

Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the...

20 Jul

Employer, Helpful COVID-19 Links

Communicate Carefully About Compensation During the Pandemic

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July 17, 2020

The COVID-19 pandemic and resulting economic fallout have spurred layoffs and furloughs for many employers. As the months pass, organizations that have retained employees face another dilemma: How should we handle compensation changes? Pay raises...

15 Jul

Employer, Helpful COVID-19 Links

IRS Guidance on “Coronavirus-Related” Retirement Plan Distributions

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July 14, 2020

In Notice 2020-50, the IRS recently provided guidance on “coronavirus-related distributions” from retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some pertinent details for employers. Pension...

14 Jul

Federal Tax, Helpful COVID-19 Links

IRS Temporarily Extends Deadline for Certain E-mail & Digital Procedures

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July 14, 2020

The IRS temporarily extends the deadline for certain email and digital procedures. Due to COVID-19, the IRS announced in March that it would deviate from certain established procedures through July 15, 2020. That is,...

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