COVID-19 Tax News & Firm Updates | Cg Tax, Audit & Advisory

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...

02 Dec

Federal Tax, Helpful COVID-19 Links

Guidance on Interaction of Employer Retention Credit

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December 1, 2020

The IRS has offered clarification on the interaction of the COVID-19-related Employer Retention Credit (ERC) in acquisitions. Under the law, if an employer receives a Paycheck Protection Program (PPP) loan, it may not receive...

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

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...

16 Nov

COVID-19 Firm News, Helpful COVID-19 Links

HealthChampion Provides Workplace Protection & COVID-19 Screening

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November 16, 2020

Governor Murphy recently signed Executive Order No. 192 providing mandatory health and safety standards to protect all New Jersey employees at work during the COVID-19 pandemic. We want to let you know about an app...

09 Nov

Federal Tax, Helpful COVID-19 Links

Watch Out for EIP Scam

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November 9, 2020

Beware: A new tax scam tricks people into disclosing bank account information under the guise of receiving a $1,200 Economic Impact Payment (EIP). “Criminals are relentlessly using COVID-19 and as cover to try...

04 Nov

Federal Tax, Helpful COVID-19 Links

Certain EIP Recipients Eligible for Extra Money

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November 3, 2020

Certain recipients of Economic Impact Payments (EIPs) may be eligible for extra money. Federal beneficiaries who received an EIP but didn’t register for a $500 supplemental payment per qualifying child may still sign up...

02 Nov

Business, Helpful COVID-19 Links

Now More Than Ever, Carefully Track Payroll Records

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October 29, 2020

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off,...

29 Oct

Coronavirus & Nonprofits, Nonprofit

Nonprofits: Internal Audits Still Matter

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October 28, 2020

Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your nonprofit’s internal controls aren’t effective, scammers can find ways to exploit them and steal from your organization — even...

27 Oct

Families First Coronavirus Response Act, Federal Tax

COVID-19 Employer Credits Tool

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October 27, 2020

The Taxpayer Advocate Service has launched a tool to determine eligibility for COVID-19 employer credits. Employers can use the tool to determine if they’re eligible to receive the employee retention credit or paid sick...

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