Federal Tax | Cg Tax, Audit & Advisory

02 Jun

Coronavirus Tax Filing & Payment, Federal Tax, SBA

Additional Postponed Deadlines

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June 2, 2020

The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19...

01 Jun

Federal Tax, SBA

Paycheck Protection Program Flexibility Act of 2020

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June 1, 2020

The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those...

29 May

Federal Tax

More COVID-19 Tax Deadline Relief

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May 29, 2020

In new guidance, the IRS has provided more coronavirus (COVID-19) deadline relief for employment taxes, employee benefit plan and other requirements. Notice 2020-35 postpones deadlines for certain specified time-sensitive actions with respect to certain...

28 May

Federal Tax, SBA

Paycheck Protection Program Interim Final Rules

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May 28, 2020

Interim final rules on calculating loan forgiveness amounts under the Paycheck Protection Program (PPP) have been issued by the Small Business Administration (SBA). They generally mirror the PPP loan forgiveness application instructions the SBA...

26 May

Federal Tax

Which Spouse to Use For ‘Get My Payment’ Tool

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May 26, 2020

Some married couples want to know if it matters whose information they use on the IRS’s “Get My Payment” tool to find out when they’re getting their Economic Impact Payments (EIPs). According to new...

23 May

Federal Tax

Safeguard Your EIP

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May 26, 2020

“Stay alert and safeguard” your Economic Impact Payment (EIP), urges the Treasury Inspector General for Tax Administration (TIGTA). EIPs are made to eligible taxpayers to help mitigate the financial effects of the novel coronavirus...

22 May

Federal Tax

2021 Inflation-Adjusted Amounts For HSA

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May 22, 2020

The IRS has announced 2021 inflation-adjusted amounts for contributions to Health Savings Accounts (HSAs). An HSA is a tax-exempt account funded with pretax dollars that can be used only for qualified medical expenses. However,...

20 May

Federal Tax, Helpful COVID-19 Links

EIP & Prepaid Debit Cards

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May 19, 2020

Questions keep popping up about the Economic Impact Payments (EIPs) being sent to millions of Americans, and so do new answers from the IRS. For example, can you have your EIP sent to a...

19 May

Federal Tax

People First Initiative

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May 18, 2020

The IRS’s “People First Initiative” was set up to give taxpayers relief during the novel Coronavirus (COVID-19) crisis. The relief (much of it previously announced) covers a variety of issues from easing payment guidelines...

15 May

Coronavirus Healthcare, Federal Tax

Increased Flexibility in Cafeteria Plans

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May 15, 2020

To address unanticipated health care expenses due to the COVID-19 pandemic, the IRS has issued guidance to increase flexibility in employees’ cafeteria plans. The IRS has added to the situations in which a cafeteria...

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