cgadmin | Cg Tax, Audit & Advisory

25 Nov

2021 COLAs for Popular Fringe Benefits

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November 23, 2020

The IRS recently released 2021 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including those related to many popular fringe benefits. Here are some highlights to be aware of: Health Flexible Spending Accounts...

24 Nov

Federal Tax, Helpful COVID-19 Links

Vacation Buy Back

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November 24, 2020

How should employers treat “vacation buy back” for tax withholding purposes? Some companies are offering employees the option of “cashing in” accrued vacation time because many are working remotely due to COVID-19. For payroll...

23 Nov

Federal Tax

Preparation is Key for 2020 Tax Filing

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November 23, 2020

Make filing your 2020 federal income tax return easier with some preparation. The IRS is reminding taxpayers to get ready for the 2021 filing season. Steps you can take now include gathering your W-2,...

23 Nov

Coronavirus Healthcare, Employer

Agencies Issue Final Regulations Addressing a COVID-19 Vaccine and More

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November 20, 2020

The IRS, U.S. Department of Labor, and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services — including vaccinations — and testing. The...

22 Nov

Federal Tax

Masking Business Tax Transcripts

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November 19, 2020

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders. But they’re also a treasure chest of information for identity thieves. To help protect taxpayer security,...

21 Nov

Federal Tax

Recovery Rebate Credit

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November 19, 2020

Did you not receive an Economic Impact Payment (EIP) in 2020? If so, you may be able to claim a Recovery Rebate Credit when filing your tax return in 2021. The credit is figured...

20 Nov

SBA

IRS Guidance on Expenses Paid by a Forgiven PPP Loan

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November 20, 2020

The Paycheck Protection Program (PPP) was created by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act to provide relief for small businesses impacted by the COVID-19 pandemic. There were questions, however, whether expenses...

20 Nov

Nonprofit

Using Footnotes to Disclose Your Nonprofit’s Financial Information

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November 19, 2020

Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters, and other stakeholders with critical information about your nonprofit. So it’s important to...

18 Nov

Individual Tax

Taking Distributions From a Traditional IRA

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November 17, 2020

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement...

18 Nov

Federal Tax

Can Donating to Charity Help Your Tax Situation?

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November 17, 2020

Can you help your tax situation if you donate to charity by Dec. 31? Whether you’re supporting natural disaster recovery, COVID 19 crisis aid or any “qualified” charity, your donations may be tax-deductible, which...

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Posts by cgadmin

2021 COLAs for Popular Fringe Benefits

Vacation Buy Back

Preparation is Key for 2020 Tax Filing

Agencies Issue Final Regulations Addressing a COVID-19 Vaccine and More

Masking Business Tax Transcripts

Recovery Rebate Credit

IRS Guidance on Expenses Paid by a Forgiven PPP Loan

Using Footnotes to Disclose Your Nonprofit’s Financial Information

Taking Distributions From a Traditional IRA

Can Donating to Charity Help Your Tax Situation?