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

08 Mar

American Rescue Plan Act to Provide Economic Relief From the COVID-19 Pandemic

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March 8, 2021

The Senate recently passed a $1.9 trillion American Rescue Plan Act designed to provide economic relief to Americans and businesses impacted by the COVID-19 pandemic. Here are the major highlights: Direct $1,400 stimulus payments to...

08 Mar

Coronavirus & Nonprofits, Nonprofit

Rebuilding Your Nonprofit’s Operating Reserves

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March 5, 2021

Events of the past year put a dent in many nonprofits' reserves. Perhaps you tapped this stash to buy personal protective equipment or to pay team member salaries when your budget no longer proved...

04 Mar

Coronavirus Tax Filing & Payment, Federal Tax

IRS Guidance on Employee Retention Credit

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March 4, 2021

In Notice 2021-20, the IRS provides guidance on claiming the employee retention tax credit for calendar quarters in 2020. The guidance clarifies details about the credit and describes retroactive changes made under a law...

23 Feb

Coronavirus & Nonprofits, Individual Tax

Did You Make Donations in 2020? There’s Still Time to Get Substantiation

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February 16, 2021

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still...

12 Feb

Families First Coronavirus Response Act, Federal Tax

Sick & Family Leave Tax Credit

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February 10, 2021

Are you self-employed and a survivor of COVID-19? If so, you may be able to claim a sick and family leave tax credit under the Families First Coronavirus Response Act. The law allows certain...

09 Feb

Federal Tax, Helpful COVID-19 Links

COVID-19 Scam

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February 9, 2021

The U.S. Department of Justice (DOJ) and the IRS’s Criminal Investigation division are warning taxpayers about a new wave of COVID-19-related scams. Officials with the DOJ and IRS spotlighted a number of scams, including:...

07 Feb

Federal Tax, Helpful COVID-19 Links

IRS Updates Get My Payment Tool

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February 5, 2021

The IRS has updated its “Get My Payment” tool to include information on how the second Economic Impact Payments (EIPs) will be delivered to eligible individuals to provide COVID-19 relief. Here’s a question that...

29 Jan

Coronavirus & Nonprofits, Nonprofit

Will Permanent Work-From-Home Work for Your Nonprofit?

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January 28, 2021

It’s been almost a year since many nonprofit organizations sent team members home — to work remotely. For many nonprofits and employees, remote work has been a positive experience. And as the pandemic fades,...

27 Jan

Helpful COVID-19 Links, Individual Tax

Don’t Forget to Take Required Minimum Distributions This Year

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January 26, 2021

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The...

24 Jan

Coronavirus Tax Filing & Payment, Federal Tax

Tax Relief for Certain Individuals, Trusts & Estates

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January 21, 2021

The IRS is providing tax relief that applies to certain individuals, trusts and estates. Specifically, the relief is from the tax penalty for estimated tax payments due before July 15, 2020, with respect to...

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