Federal Tax | Cg Tax, Audit & Advisory

28 Dec

Coronavirus Stimulus Bill, Federal Tax, SBA

COVID-19 Relief Bill Provisions

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December 28, 2020

On Dec. 27, President Trump signed a law that provides COVID-19 relief and makes consolidated government appropriations for the fiscal year. There are several tax provisions in the law. For example, eligible taxpayers can...

28 Dec

Federal Tax

Tax-Deductible Business Supplies

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December 28, 2020

Business owners: You still have a handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or...

21 Dec

Coronavirus Stimulus Bill, Federal Tax

Update on New COVID-19 Assistance Package

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December 21, 2020

Congressional negotiators have reached an agreement on a COVID-19 assistance package. The $900 billion deal will provide a second round of direct payments and boost unemployment benefits. The direct payments will be up to...

19 Dec

Federal Tax

IRS Acceptance of Digital Signatures & E-mailed Documents Extended

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December 17, 2020

The IRS extends through June 2021 the acceptance of digital signatures and emailed documents. The extension, set to expire on Dec. 31, 2020, was extended in a recent IRS memo to employees. Last March,...

18 Dec

Federal Tax

There’s Still Time to Make an Impact on Your Tax Bill

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December 17, 2020

If you haven’t yet thought about your 2020 taxes, or considered your 2021 tax situation, don’t delay having a conversation with us. There may be actions you can still take before the end of...

15 Dec

Coronavirus Tax Filing & Payment, Federal Tax

Recovery Rebate Credit

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December 14, 2020

Here’s good news for some people when they file their 2020 tax returns in 2021. A Recovery Rebate Credit is available to taxpayers who didn’t receive an Economic Impact Payment (EIP) in 2020. It’s...

12 Dec

Federal Tax

SECURE Act Increases Max Amount of Employee’s Compensation

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December 10, 2020

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) increased the maximum amount of an employee’s compensation, from a 10% cap to a 15% cap, which can be automatically deferred to an...

10 Dec

Federal Tax

IRS & Security Partners Warn of New Text Message Scam

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December 10, 2020

Beware of a new text message scam, warns the IRS and its security partners. The COVID-19-related scam tells unwary taxpayers that they qualify for a $1,200 Economic Impact Payment. Here’s how the scam works:...

08 Dec

Federal Tax

Remain Vigilant With Tax Security

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December 8, 2020

National Tax Security Awareness Week ends Dec. 4, but the IRS and its security partners urge taxpayers to remain vigilant. A common scam aimed at employers is W-2 theft, according to the IRS. The...

07 Dec

Federal Tax

File Form W-2 and Other Wage Statements by February 1, 2021

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December 7, 2020

The IRS is reminding employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a...

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