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

24 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Tax Refund Interest Payments

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August 24, 2020

The IRS is sending tax refund interest payments. The IRS announced the payments will be made to about 13.9 million individual taxpayers. The interest payments, averaging about $18, will be made to individuals who...

22 Aug

Coronavirus Tax Filing & Payment, Federal Tax

IRS Reopens Registration Period for Child EIPs

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August 20, 2020

The IRS has reopened the registration period for those who didn’t receive $500-per-child Economic Impact Payments (EIPs) earlier this year. Certain federal benefit recipients are urged to use the IRS’s “Non-Filers tool” from 8/15/20...

21 Aug

Coronavirus Tax Filing & Payment, Federal Tax, Helpful COVID-19 Links

IRS Updates EIP Webpage to Help Those Without Stimulus Payments

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August 20, 2020

The IRS has updated its Economic Impact Payment webpage to help people who haven’t received COVID-19 stimulus payments. A new FAQ details a paper alternative to the “Non-Filers tool” for individuals who weren’t required...

18 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Can I Claim a Home Office Tax Deduction?

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August 13, 2020

With millions of taxpayers working from home due to COVID-19, many people may be wondering about the possibility of claiming a home office deduction on their 2020 tax returns. In a tax tip, the...

13 Aug

Coronavirus Tax Filing & Payment, Individual Tax

More Parents May Owe “Nanny Tax” This Year, Due to COVID-19

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August 11, 2020

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny...

12 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Late Tax Filers May Still Receive an EIP

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August 12, 2020

Are you a late tax filer? You may still get an Economic Impact Payment (EIP) under the CARES Act. The IRS says that if individuals filing 2019 tax returns in 2020 are determined to...

11 Aug

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?

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August 11, 2020

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are...

11 Aug

Federal Tax, Helpful COVID-19 Links

CARES Act Special Funding & Benefit Limitation Rules for Single-Employer Defined Benefit Pension Plans

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August 10, 2020

The IRS has issued guidance that addresses questions about the special funding and benefit limitation rules for single-employer defined benefit pension plans under the CARES Act. In a nutshell, the special rules state that...

10 Aug

Coronavirus Stimulus Bill, Federal Tax

EIP Per Qualifying Child

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August 10, 2020

The IRS is issuing $500 per qualifying child to some parents. These individuals used the IRS Non-Filers tool before May 17, 2020, and claimed at least one qualifying child. These individuals didn’t receive the...

03 Aug

Federal Tax, Helpful COVID-19 Links

CARES Act IRA & Retirement Plan Withdrawals

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July 31, 2020

Under the CARES Act, eligible taxpayers in need may receive assistance in the form of favorable tax treatment for withdrawals from retirement plans and IRAs. The law also allows certain retirement plans to offer...

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