cgadmin | Cg Tax, Audit & Advisory

24 Jul

Summer Events May Affect You at Tax Time

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July 21, 2021

Summer brings changes for many people, but you may not think about the tax aspects of those changes. That’s why the IRS is reminding taxpayers of a few ways that summer events could affect...

22 Jul

SBA

PPP Forgiveness and Repayment: What Businesses Need to Know Now

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July 22, 2021

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t...

21 Jul

Federal Tax

Opt Out of Advance CTC Payments

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July 16, 2021

The advance child tax credit (CTC) payments began July 15 and recipients still have the chance to opt out even if they start receiving payments. The IRS announced that families can use its Child...

20 Jul

Nonprofit

Does Your Nonprofit Owe Tax on Its Sponsorships and Advertising?

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July 16, 2021

Your nonprofit may prefer to avoid activities that subject it to unrelated business income tax (UBIT). But if you accept advertising or sponsorships that aren’t substantially related to your tax-exempt purpose, you may unwittingly...

19 Jul

Individual Tax, Tax

Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends

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July 15, 2021

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses, and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment...

16 Jul

Business

IRS Extends Administrative Relief for 401(k) Plans

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July 13, 2021

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief...

15 Jul

Tax

Eligible NJ Taxpayers to Potentially Receive Middle Class Tax Rebate

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July 15, 2021

New Jersey taxpayers filing a 2020 resident Income Tax return (NJ-1040) with a tax balance of $1 or more may be eligible to receive the Middle Class Tax Rebate. Qualifying taxpayers do not need...

14 Jul

Employer, Helpful COVID-19 Links

IRS Continues to Address COVID-Related Leave

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July 12, 2021

The American Rescue Plan Act (ARPA), signed into law earlier this year, amended and extended the tax credits available to eligible employers that provide paid sick and family leave. This relief is consistent with...

12 Jul

Federal Tax

More Info From IRS on Child Tax Credit

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July 12, 2021

The IRS is providing more information about the advance payments of the Child Tax Credit (CTC) that will begin being made on July 15 to eligible families. On its website, the IRS explained that...

12 Jul

Individual Tax, Tax

Are You a Nonworking Spouse? You May Still Be Able to Contribute to an IRA

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July 8, 2021

Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home. In general, an IRA contribution is allowed only if a taxpayer...

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Posts by cgadmin

Summer Events May Affect You at Tax Time

PPP Forgiveness and Repayment: What Businesses Need to Know Now

Opt Out of Advance CTC Payments

Does Your Nonprofit Owe Tax on Its Sponsorships and Advertising?

Can Taxpayers Who Manage Their Own Investment Portfolios Deduct Related Expenses? It Depends

IRS Extends Administrative Relief for 401(k) Plans

Eligible NJ Taxpayers to Potentially Receive Middle Class Tax Rebate

IRS Continues to Address COVID-Related Leave

More Info From IRS on Child Tax Credit

Are You a Nonworking Spouse? You May Still Be Able to Contribute to an IRA