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

22 Dec

Looking for a 2022 Safety Net for Your Business? Act on EIDL Funding Before Year End

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December 22, 2021

As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to...

12 Apr

Coronavirus Healthcare, Coronavirus Tax Filing & Payment, Federal Tax

2020 Premium Tax Credit Update

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April 12, 2021

The IRS recently suspended a requirement to repay excess advance payments of the 2020 Premium Tax Credit (PTC). The action is a result of the American Rescue Plan Act, which was enacted on March...

04 Mar

Coronavirus Tax Filing & Payment, Federal Tax

IRS Guidance on Employee Retention Credit

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March 4, 2021

In Notice 2021-20, the IRS provides guidance on claiming the employee retention tax credit for calendar quarters in 2020. The guidance clarifies details about the credit and describes retroactive changes made under a law...

24 Jan

Coronavirus Tax Filing & Payment, Federal Tax

Tax Relief for Certain Individuals, Trusts & Estates

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January 21, 2021

The IRS is providing tax relief that applies to certain individuals, trusts and estates. Specifically, the relief is from the tax penalty for estimated tax payments due before July 15, 2020, with respect to...

15 Dec

Coronavirus Tax Filing & Payment, Federal Tax

Recovery Rebate Credit

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December 14, 2020

Here’s good news for some people when they file their 2020 tax returns in 2021. A Recovery Rebate Credit is available to taxpayers who didn’t receive an Economic Impact Payment (EIP) in 2020. It’s...

03 Dec

Coronavirus Tax Filing & Payment, Employer

IRS Releases Final Instructions for Payroll Tax Form Related to COVID-19 Relief

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December 1, 2020

In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax...

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...

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