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

21 May

Did You Get an Economic Impact Payment That Was Less Than You Expected?

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May 20, 2020

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the Coronavirus (COVID-19) pandemic. The IRS reports that in the first four...

20 May

Federal Tax, Helpful COVID-19 Links

EIP & Prepaid Debit Cards

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May 19, 2020

Questions keep popping up about the Economic Impact Payments (EIPs) being sent to millions of Americans, and so do new answers from the IRS. For example, can you have your EIP sent to a...

18 May

Coronavirus Healthcare

Elective Surgeries & Invasive Procedures in NJ to Resume on May 26

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July 12, 2022

New Jersey Governor Phil Murphy recently signed Executive Order No. 1451 that allows elective surgeries and invasive procedures (both medical and dental) to resume on Tuesday, May 26, 2020 at 5:00 am. According to the...

15 May

Coronavirus Healthcare, Federal Tax

Increased Flexibility in Cafeteria Plans

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May 15, 2020

To address unanticipated health care expenses due to the COVID-19 pandemic, the IRS has issued guidance to increase flexibility in employees’ cafeteria plans. The IRS has added to the situations in which a cafeteria...

15 May

Coronavirus & Nonprofits, Nonprofit

Is Your Nonprofit’s Tap Running Dry?

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May 14, 2020

The novel Coronavirus (COVID-19) crisis has put enormous financial stress on many nonprofits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need...

08 May

Coronavirus & Nonprofits, Nonprofit

Time to Team Up: Nonprofit Partnerships

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May 8, 2020

Limited staff and financial resources during the novel Coronavirus (COVID-19) pandemic may have your nonprofit looking for new ways to achieve your mission. Partnering with a like-minded organization potentially enables you to pool funds,...

08 May

Coronavirus Tax Filing & Payment, Individual Tax

Do You Have Tax Questions Related to COVID-19? Here Are Some Answers

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May 8, 2020

The Coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of...

06 May

Employer, Families First Coronavirus Response Act

FFCRA Update: DOL Clarifies Issues Related to Paid Leave

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May 6, 2020

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division recently posted additional guidance regarding paid sick and emergency childcare leave under the Families First Coronavirus Response Act (FFCRA). Much of the guidance offers...

05 May

Federal Tax, Helpful COVID-19 Links

Employee Retention Tax Credit FAQs

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May 5, 2020

Employers have many questions about the new Employee Retention tax credit. To answer them, the IRS has issued a series of FAQs about the credit, which is part of the Coronavirus Aid, Relief, and...

05 May

Federal Tax, Helpful COVID-19 Links

Qualifying Child in EIPs

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May 5, 2020

How does the IRS define “qualifying child” in relation to Economic Impact Payments (EIPs)? Under the Coronavirus Aid, Relief and Economic Act, eligible taxpayers can receive an additional $500 per qualifying child. According to...

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