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

03 Oct

IRS Tips for Starting a New Business

Posted by cgadmin
Leave a comment
October 1, 2020

In an economy rocked by the COVID-19 crisis, many taxpayers need a new way to earn income. If starting a new business is your goal, the IRS offers some helpful tips on actions you’ll...

28 Sep

Employer, Families First Coronavirus Response Act

DOL Revises Rules on Paid Sick and Family Leave Related to COVID-19

Posted by cgadmin
Leave a comment
September 28, 2020

In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that implemented the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). By way...

28 Sep

Federal Tax, Helpful COVID-19 Links

EIP Registration Deadline

Posted by cgadmin
Leave a comment
September 28, 2020

Reminder: Sept. 30, 2020, is the end of the registration period for individuals who receive federal benefits, such as Social Security, but didn’t receive the $500-per-child portion of the COVID-19-related Economic Impact Payment (EIP)....

23 Sep

Coronavirus Tax Filing & Payment, Federal Tax

PPP Loans Forgiven Reporting Requirements Under the CARES Act

Posted by cgadmin
Leave a comment
September 23, 2020

In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide...

22 Sep

Coronavirus Healthcare, Employer

COVID-19 Testing, Diagnostics Not Minimum Essential Coverage

Posted by cgadmin
Leave a comment
September 22, 2020

In Notice 2020-66, the IRS recently determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one...

21 Sep

Business, Helpful COVID-19 Links

Weighing the Risks Vs. Rewards of a Mezzanine Loan

Posted by cgadmin
Leave a comment
September 17, 2020

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’...

17 Sep

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

Deal Reached on NJ Millionaires Tax

Posted by cgadmin
Leave a comment
September 17, 2020

A deal has been reached with Governor Phil Murphy and state legislative leaders regarding the "millionaires tax" designed to alleviate some of the economic stress brought on by the COVID-19 pandemic. Here are the...

17 Sep

Coronavirus Tax Filing & Payment, Individual Tax

Tax Implications of Working From Home and Collecting Unemployment

Posted by cgadmin
Leave a comment
September 16, 2020

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come...

16 Sep

Coronavirus Healthcare, Federal Tax

Medicaid Coverage Limited to COVID-19 Testing Isn’t Minimum Essential Coverage

Posted by cgadmin
Leave a comment
September 15, 2020

The IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months...

14 Sep

Coronavirus Tax Filing & Payment, Employer

Employers Should Approach Payroll Tax Deferral Cautiously

Posted by cgadmin
Leave a comment
September 14, 2020

As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of...

Shopping cart