April 18th is the deadline to file your 2022 tax return and pay any tax due. If you can’t file on time, you can request a six-month extension to file. However, any tax owed...
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S....
The Inflation Reduction Act created a new corporate alternative minimum tax (CAMT) that imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large...
Attention small business owners! Did you know that you may still be able to claim COVID-19 tax credits that were available to certain employers during the pandemic? Indeed, while the dates to claim COVID-19...
If you file an amended tax return electronically, you can now get a direct deposit refund. The IRS announced that taxpayers e-filing Form 1040-X, Amended U.S. Individual Income Tax Return, have this option. Previously,...
Educators: As you file your 2022 taxes, be aware there’s a tax deduction just for you. Even if you take the standard deduction, an eligible educator can deduct up to $300 in unreimbursed, out-of-pocket...
Cg Tax, Audit & Advisory (“Cg”) is pleased to announce that Anthony J. Turano, CPA has been promoted to Shareholder. In his almost four years with the firm, Anthony has contributed significantly to Cg’s...
There will be no change in certain interest rates for the quarter beginning April 1, 2023. The IRS announced that, for 2nd quarter of 2023, the interest rate for overpayments will remain unchanged, computed...
A review of certain provisions in existing tax laws may provide an indication of the many areas of prospective action in the next two years.
Retirement catch-ups at risk
The SECURE 2.0 Act, enacted at the...
Like most income, tips in the service industry are taxable. This includes tips paid directly to you by customers, tips paid by credit, debit, or gift cards and tips split with other employees. Noncash...