14
Jan
A valuable employee benefit got a little better for 2020. One category of benefits is for transportation in a commuter highway vehicle and any transit pass, now worth up to $270 per month....
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Federal Tax
07
Jan
Have you had a recent life change, such as a marriage, divorce, financial gain or financial loss? You can contact the Cg Team with any questions about changes in your financial situation. In addition,...
17
Dec
The rules that allow certain benefits to S corporations that revoke their S corporation status and become C corporations (referred to as eligible terminated S corporations, or ETSCs) are applicable only if the revocation...
10
Dec
Black Friday and Cyber Monday are over, but shopping-related scams persist. That’s why the IRS wants taxpayers to take these simple steps to protect their identities, their financial assets and their devices: Shop at...
03
Dec
The Tax Cuts and Jobs Act (TCJA) resulted in changes for some business travelers. The IRS has issued guidance in Revenue Procedure 2019-48 for these travelers and their employers to clarify the changes. The...
26
Nov
As the holidays near, many taxpayers are thinking about how they want to “give back” and donate to charities. An IRS tool lets taxpayers learn if the organizations they donate to qualify for a...
19
Nov
The Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026. To reflect the change, the IRS has updated rules for using...
12
Nov
With the 2020 tax-filing season approaching, taxpayers may want to take time now to determine if they or their families are eligible for significant tax credits. For example, the Earned Income Tax Credit (EITC)...
07
Nov
The IRS announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The...
05
Nov
When it comes to planning for next year’s tax return filing, the IRS urges taxpayers to wait no longer. To avoid tax-time surprises on their 2019 federal tax returns, taxpayers should start by using...