Federal Tax | Cg Tax, Audit & Advisory

20 Nov

4 Year-End Planning Steps to Trim Your 2025 Taxes

Posted by cgadmin
Leave a comment
November 19, 2025

Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which...

12 Nov

Federal Tax, Tax

100% or 40%? Smart Depreciation Moves for 2025

Posted by cgadmin
Leave a comment
November 11, 2025

The One Big Beautiful Bill Act made 100% bonus depreciation permanent for businesses that purchase and place into service qualified new or used property after Jan. 19, 2025. However, for 2025 only, you can...

11 Nov

Federal Tax, Tax

Form 990 Due Nov. 17: How to Reduce Audit Risk

Posted by cgadmin
Leave a comment
November 6, 2025

Did your nonprofit organization opt last May for an automatic six-month extension for filing Form 990, Return of Organization Exempt from Income Tax? If so, your 2024 information return (Form 990, Form 990-EZ or...

11 Nov

Federal Tax, State & Local Tax, Tax

Phase Out Begins for Individual Tax Refunds and Estimated Tax Payments Issued by Paper Checks

Posted by cgadmin
Leave a comment
November 11, 2025

As of September 30, 2025 the IRS has been required to phase out tax refunds sent out by paper checks for individual taxpayers. This phaseout has been mandated by the issuance of President Trump’s...

10 Nov

Federal Tax, Tax

New IRS Guidance on ERC Refund Limits

Posted by cgadmin
Leave a comment
November 5, 2025

The IRS has updated its Employee Retention Credit (ERC) FAQ page. The new FAQs address ERC refund limitations enacted under the One Big Beautiful Bill Act. The tax law prevents the IRS from allowing...

07 Nov

Federal Tax, Tax

AICPA Seeks IRS Guidance on New Deduction Reporting

Posted by cgadmin
Leave a comment
October 30, 2025

Recently, the American Institute of Certified Public Accountants (AICPA) asked the IRS to clarify reporting and substantiation requirements for deducting qualified tips and overtime pay. These deductions were made available by the One Big...

04 Nov

Federal Tax, Tax

IRS Updates Form 1099-K FAQs Following the OBBBA

Posted by cgadmin
Leave a comment
October 29, 2025

The IRS has updated its FAQ page for Form 1099-K (Payment Card and Third Party Network Transactions). The One Big Beautiful Bill Act retroactively reinstates the lower Form 1099-K reporting thresholds that applied before...

03 Nov

Federal Tax, Tax

Cybersecurity Essentials for Businesses: Lessons from the IRS

Posted by cgadmin
Leave a comment
October 24, 2025

October was National Cybersecurity Awareness Month, a time when the IRS and its Security Summit partners remind us about best practices for protecting personal information. For example, use a virtual private network when connecting...

29 Oct

Federal Tax, Tax

Open Enrollment Starts Nov. 1: Explore HDHP and HSA Benefits

Posted by cgadmin
Leave a comment
October 24, 2025

Health insurance open enrollment begins Nov. 1. One option is a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). You fund the higher deductible by contributing pretax income to the HSA....

28 Oct

Federal Tax, Tax

IRS Sets Higher 2026 Limits for FSAs and HSAs

Posted by cgadmin
Leave a comment
October 17, 2025

Employers and employees, take note: The IRS has released 2026 inflation-adjusted limits for employee health benefits. Workers who defer earnings to health Flexible Spending Accounts (FSAs) can contribute as much as $3,400 in 2026...

Shopping cart