Coronavirus Tax Filing & Payment | Cg Tax, Audit & Advisory

12 Oct

Coronavirus Tax Filing & Payment, Employer, Helpful COVID-19 Links

Can Employers Provide Disaster Relief for COVID-19?

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October 12, 2020

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is:...

10 Oct

Coronavirus Tax Filing & Payment, Federal Tax

Extended EIP Registration Deadline

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October 7, 2020

Do you know someone who isn’t required to file a tax return and hasn’t yet received an Economic Impact Payment (EIP)? The IRS has announced that the deadline to register for an EIP is...

23 Sep

Coronavirus Tax Filing & Payment, Federal Tax

PPP Loans Forgiven Reporting Requirements Under the CARES Act

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September 23, 2020

In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide...

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...

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...

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...

10 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Concerns Regarding Payroll Tax Deferral

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September 9, 2020

There are concerns NOT covered by the recent IRS guidance on the optional payroll tax deferral. The IRS issued Notice 2020-65 regarding the postponement of withholding and remittance of the employee’s share of Social...

01 Sep

Coronavirus & Nonprofits, Coronavirus Tax Filing & Payment, Federal Tax

2020 Form 1040 Draft

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August 31, 2020

The IRS has issued a draft of the 2020 Form 1040 that allows taxpayers to claim the new charitable contribution deduction. Under the CARES Act, taxpayers who don’t itemize their deductions can take a...

31 Aug

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

The IRS Issues Guidance on the Executive Action Deferring Payroll Taxes

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August 31, 2020

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The...

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