cgadmin | Cg Tax, Audit & Advisory

21 Sep

Weighing the Risks Vs. Rewards of a Mezzanine Loan

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September 17, 2020

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’...

19 Sep

Federal Tax

Definition of Dependent for Tax Purposes

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September 17, 2020

How does the tax code define “dependent” for tax purposes? The IRS has finalized the definition based on changes brought by the Tax Cuts and Jobs Act (TCJA) for tax years 2018 through 2025....

17 Sep

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

Deal Reached on NJ Millionaires Tax

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September 17, 2020

A deal has been reached with Governor Phil Murphy and state legislative leaders regarding the "millionaires tax" designed to alleviate some of the economic stress brought on by the COVID-19 pandemic. Here are the...

17 Sep

Coronavirus Tax Filing & Payment, Individual Tax

Tax Implications of Working From Home and Collecting Unemployment

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September 16, 2020

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come...

16 Sep

Federal Tax

IRS Issues 2020-2021 Business Travel Per Diem Rates

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September 15, 2020

The IRS has issued the 2020–2021 business travel per diem rates for substantiating employee business expenses, including lodging, meals and incidental expenses. The Meal and Incidental Expense (M&IE) rates for the transportation industry remain...

16 Sep

Coronavirus Healthcare, Federal Tax

Medicaid Coverage Limited to COVID-19 Testing Isn’t Minimum Essential Coverage

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September 15, 2020

The IRS has determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months...

15 Sep

Federal Tax

Excise Tax Deadline Postponed

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September 15, 2020

The IRS has postponed, until Jan. 15, 2021, the due date for reporting and paying the excise taxes on minimum required contributions to a single employer defined benefit plan. The tax is imposed on...

14 Sep

Coronavirus Tax Filing & Payment, Employer

Employers Should Approach Payroll Tax Deferral Cautiously

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September 14, 2020

As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of...

13 Sep

Nonprofit

What to Do When the Audit Ends

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September 10, 2020

Financial audits conducted by outside experts are among the most effective tools for revealing risks in nonprofits. They help assure donors and other stakeholders about your stability — so long as you respond to...

12 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Haven’t Filed Your 2019 Return Yet?

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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...

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Posts by cgadmin

Weighing the Risks Vs. Rewards of a Mezzanine Loan

Definition of Dependent for Tax Purposes

Deal Reached on NJ Millionaires Tax

Tax Implications of Working From Home and Collecting Unemployment

IRS Issues 2020-2021 Business Travel Per Diem Rates

Medicaid Coverage Limited to COVID-19 Testing Isn’t Minimum Essential Coverage

Excise Tax Deadline Postponed

Employers Should Approach Payroll Tax Deferral Cautiously

What to Do When the Audit Ends

Haven’t Filed Your 2019 Return Yet?