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

26 Jun

Coronavirus Tax Filing & Payment, Federal Tax

Keep EIP Notice For Tax Records

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June 25, 2020

Did you receive an Economic Impact Payment (EIP)? Tens of millions of Americans were sent EIPs to help defray the financial impact brought by COVID-19. If you received an EIP in a check, direct...

25 Jun

Helpful COVID-19 Links, Individual Tax

What Qualifies as a “Coronavirus-Related Distribution” From a Retirement Plan?

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June 24, 2020

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify?...

22 Jun

Coronavirus Healthcare, Helpful COVID-19 Links

How HIPAA Applies to COVID-19-Related Temp Checks and Info Gathering

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June 22, 2020

To cope with the COVID-19 crisis, many employers are taking employees’ temperatures and asking them general health-related questions as they report to work. A cogent question that often arises in light of this activity...

16 Jun

Federal Tax, Helpful COVID-19 Links

Employer Retention Credit

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June 16, 2020

Valuable tax credits are available to employers to help mitigate the effects of the COVID-19 pandemic. But amid the chaos of the last few months, it may be hard to navigate the details of...

15 Jun

Coronavirus Tax Filing & Payment, Employer

COVID-19-Related Deadline Relief Affects HSAs and Retirement Plans

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June 15, 2020

The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to...

12 Jun

Coronavirus & Nonprofits, Nonprofit

Rebuilding Your Nonprofit’s Board

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June 12, 2020

In times of turmoil, your board of directors should be your not-for-profit’s rock-solid foundation. But what if your board is understaffed or simply doesn’t provide the leadership your nonprofit requires? Think about rebuilding it...

02 Jun

Coronavirus Tax Filing & Payment, Federal Tax, SBA

Additional Postponed Deadlines

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June 2, 2020

The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19...

29 May

Coronavirus & Nonprofits, Nonprofit

To Survive the Current Crisis, Your Nonprofit Needs Multiple Revenue Sources

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May 28, 2020

One of the strongest predictors of a nonprofit’s long-term survival is multiple revenue streams. Many organizations with only one or two found that out that the hard way when they failed during the 2008...

28 May

Helpful COVID-19 Links, Individual Tax

Student Loan Interest: Can You Deduct It on Your Tax Return?

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May 27, 2020

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers...

26 May

Helpful COVID-19 Links, SBA

NJEDA Announces Expansion of Grant Program For Businesses Affected by Coronavirus

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May 26, 2020

The New Jersey Economic Development Authority (NJEDA) announced a $50 million expansion of its Small Business Emergency Assistance Grant Program that provides funding to small businesses facing financial challenges as a result of Coronavirus....

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