Federal Tax | Cg Tax, Audit & Advisory

22 Dec

Important Tax Changes to Remember

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December 21, 2021

Before the new year, the IRS reminds businesses of changes that may affect their taxes. Here’s a quick look at two. The CARES Act allowed employers to defer payments of Social Security taxes from...

20 Dec

Advance CTC Payment Updates

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December 20, 2021

Taxpayers who qualify for advance Child Tax Credit (CTC) payments for 2021 should’ve received the final 2021 payment on or near Dec. 15, 2021 (if by direct deposit). This final batch totaling about $16...

16 Dec

Federal Tax, Individual Tax, Tax

RMD Deadline Dec. 31

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December 13, 2021

Retirees: You may need to take required minimum distributions (RMDs) from retirement plans and IRAs by Dec. 31. Generally, RMDs are amounts that must be withdrawn annually from most retirement plan accounts and IRAs...

14 Dec

Federal Tax, Individual Tax, Tax

EIP & CTC Tax Filing in 2022

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December 13, 2021

If you received Economic Impact Payments (EIPs) or advance Child Tax Credit (CTC) payments in 2021, expect to hear from the IRS in January. Letters will be mailed, listing the total EIPs or CTC...

12 Dec

Federal Tax, Individual Tax, Tax

Taxpayer Year-End Reminders

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December 9, 2021

As 2021 comes to an end, the IRS wants to remind you of certain tasks you may want to accomplish before Dec. 31. To reduce this year’s tax liability, charitable donations must be made...

19 Nov

Federal Tax

5 Different Filing Statuses for Federal Tax Returns

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November 17, 2021

Did you know there are five different filing statuses for federal tax returns? They generally depend on a taxpayer’s marital status as of Dec. 31. However, more than one filing status may apply in...

17 Nov

Federal Tax

Infrastructure Investment & Jobs Act

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November 17, 2021

On Nov. 15, President Biden signed the Infrastructure Investment and Jobs Act. The $1.2 trillion law provides money for improvements in bridges, mass transit, rail, airports, ports, and waterways. The bipartisan legislation also contains...

10 Nov

Federal Tax

Special Charity Tax Deduction

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November 8, 2021

As we approach the end of the year, be aware that taxpayers are allowed a special charitable contribution deduction for 2021 even if they don’t itemize. Ordinarily, people who claim the standard deduction on...

08 Nov

Federal Tax

Potential Refunds From IRS Adjusted Tax Returns

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November 4, 2021

The IRS is sending out refunds averaging $1,189 to 430,000 taxpayers. This is the latest batch of refunds based on American Rescue Plan Act (ARPA) changes made after many taxpayers had already filed their...

30 Oct

Federal Tax

Home Office Deduction

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October 27, 2021

Millions of taxpayers still work from home due to the pandemic. This has some wondering if they can claim home office deductions on their 2021 tax returns. Those who qualify may be able to...

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