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

12 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Haven’t Filed Your 2019 Return Yet?

Posted by cgadmin
Leave a comment
September 11, 2020

Do you owe taxes, but haven’t filed your 2019 return yet? Act now to avoid larger penalties that, by law, start after Sept. 14. (The tax deadline was July 15 this year due to...

10 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Concerns Regarding Payroll Tax Deferral

Posted by cgadmin
Leave a comment
September 9, 2020

There are concerns NOT covered by the recent IRS guidance on the optional payroll tax deferral. The IRS issued Notice 2020-65 regarding the postponement of withholding and remittance of the employee’s share of Social...

08 Sep

Coronavirus Stimulus Bill, Federal Tax

Status Update on the Additional COVID-19 Relief Bill

Posted by cgadmin
Leave a comment
September 8, 2020

A cloud of uncertainty continues to surround another COVID-19 relief bill. Senate Majority Leader Mitch McConnell (R-Ky) has said he is unsure if negotiators for another COVID-19 relief bill will reach an agreement. The...

02 Sep

Helpful COVID-19 Links, Individual Tax

Back-to-School Tax Breaks on the Books

Posted by cgadmin
Leave a comment
September 2, 2020

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray...

02 Sep

Employer, Helpful COVID-19 Links

How Qualified Retirement Plan Rules Affect COVID-19-Related Layoffs and Rehires

Posted by cgadmin
Leave a comment
August 31, 2020

Has your organization laid off employees this year because of the COVID-19 pandemic, but you plan to rehire some of them before the end of 2020? Or maybe you already have? If so, and...

01 Sep

Coronavirus & Nonprofits, Coronavirus Tax Filing & Payment, Federal Tax

2020 Form 1040 Draft

Posted by cgadmin
Leave a comment
August 31, 2020

The IRS has issued a draft of the 2020 Form 1040 that allows taxpayers to claim the new charitable contribution deduction. Under the CARES Act, taxpayers who don’t itemize their deductions can take a...

31 Aug

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

The IRS Issues Guidance on the Executive Action Deferring Payroll Taxes

Posted by cgadmin
Leave a comment
August 31, 2020

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The...

31 Aug

Business, Coronavirus Healthcare

Helping Employees Understand Their Health Care Accounts

Posted by cgadmin
Leave a comment
August 27, 2020

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement...

29 Aug

Federal Tax, Helpful COVID-19 Links

IRS Relief for Checks

Posted by cgadmin
Leave a comment
August 28, 2020

Due to delays in processing, the IRS is providing relief from bad check penalties for dishonored checks it received between March 1, 2020, and July 15, 2020. The IRS says that if a taxpayer...

26 Aug

Employer, Families First Coronavirus Response Act

Court Invalidates Some Paid Sick and Family Leave Regs Related to COVID-19

Posted by cgadmin
Leave a comment
August 25, 2020

A federal trial court recently invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations implementing the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). The decision marks an...

Shopping cart