Federal Tax | Cg Tax, Audit & Advisory

17 Apr

IRS Get My Payment Tool Available

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April 17, 2020

The IRS says its new Get My Payment tool is now up and running. It allows taxpayers to check on the status of their Economic Impact Payments (EIPs), which are being sent to help...

14 Apr

Federal Tax, Helpful COVID-19 Links

Economic Impact Payments Beginning to Be Deposited

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April 14, 2020

The IRS announced that it has deposited the first Economic Impact Payments into taxpayers’ bank accounts. “We know many people are anxious to get their payments; we’ll continue issuing them as fast as we...

11 Apr

Coronavirus Tax Filing & Payment, Federal Tax, Tax

Report Employee Retention Tax Credit

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April 10, 2020

Employers should report the employee retention tax credit on their returns for the 2nd quarter of 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act supports certain employers that operate a business during...

09 Apr

Federal Tax, Helpful COVID-19 Links

TIGTA Warning For Potential Scams

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April 9, 2020

The Treasury Inspector General for Tax Administration (TIGTA) has issued an urgent warning to taxpayers to “be on high alert” for potential scams related to the government payments that will be made to taxpayers...

17 Mar

Federal Tax, Tax

Emergency Coronavirus Bill

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March 20, 2020

On Saturday, the U.S. House of Representatives passed a multi-billion dollar bill to provide Coronavirus (COVID-19) relief. The Senate will take up the bill this week. Treasury Dept. Secretary Steven Mnuchin stated the bill...

10 Mar

Federal Tax, Tax

Can You Benefit From the HCTC?

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March 6, 2020

Under the tax code, “eligible individuals” can claim a refundable Health Coverage Tax Credit (HCTC). The credit is for a part of the premiums they paid for qualified health insurance coverage for themselves and...

03 Mar

Federal Tax, Tax

GAO Report on TCJA Progress

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February 28, 2020

The Tax Cuts and Jobs Act was signed into law in Dec. 2017. Since then, the IRS has issued a great deal of guidance to taxpayers to navigate the new tax laws. How is...

25 Feb

Federal Tax, Tax

IRS Proposed Regs For TCJA Federal Income Tax Withholding Changes

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February 24, 2020

The IRS has issued proposed regulations to conform to the Tax Cuts and Jobs Act’s federal income tax withholding changes. The proposed regs are designed to accommodate the redesigned 2020 Form W-4, “Employee’s Withholding...

18 Feb

Federal Tax, Tax

Standard Deduction Vs. Claiming Itemized Deductions

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February 17, 2020

What’s best for you, taking the standard deduction or claiming itemized deductions? The standard deduction changes yearly and is based on age and filing status. The Tax Cuts and Jobs Act raised the standard...

11 Feb

Federal Tax, Tax

Dependents and Federal Income Taxes

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February 10, 2020

How do dependents affect federal income taxes? The Congressional Budget Office recently issued a report on this topic. It analyzed tax return data under 2019 tax rules and compared it with the rules that...

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