Federal Tax | Cg Tax, Audit & Advisory

18 Dec

There’s Still Time to Make an Impact on Your Tax Bill

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December 17, 2020

If you haven’t yet thought about your 2020 taxes, or considered your 2021 tax situation, don’t delay having a conversation with us. There may be actions you can still take before the end of...

15 Dec

Coronavirus Tax Filing & Payment, Federal Tax

Recovery Rebate Credit

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December 14, 2020

Here’s good news for some people when they file their 2020 tax returns in 2021. A Recovery Rebate Credit is available to taxpayers who didn’t receive an Economic Impact Payment (EIP) in 2020. It’s...

12 Dec

Federal Tax

SECURE Act Increases Max Amount of Employee’s Compensation

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December 10, 2020

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) increased the maximum amount of an employee’s compensation, from a 10% cap to a 15% cap, which can be automatically deferred to an...

10 Dec

Federal Tax

IRS & Security Partners Warn of New Text Message Scam

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December 10, 2020

Beware of a new text message scam, warns the IRS and its security partners. The COVID-19-related scam tells unwary taxpayers that they qualify for a $1,200 Economic Impact Payment. Here’s how the scam works:...

08 Dec

Federal Tax

Remain Vigilant With Tax Security

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December 8, 2020

National Tax Security Awareness Week ends Dec. 4, but the IRS and its security partners urge taxpayers to remain vigilant. A common scam aimed at employers is W-2 theft, according to the IRS. The...

07 Dec

Federal Tax

File Form W-2 and Other Wage Statements by February 1, 2021

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December 7, 2020

The IRS is reminding employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a...

07 Dec

Federal Tax

IRS Expands Identity Protection PIN Opt-In Program

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December 7, 2020

With federal income tax fraud continuing to be an issue, the IRS has expanded its Identity Protection (IP) PIN Opt-In program to taxpayers nationwide. Starting in mid-January, the program will be offered to all...

05 Dec

Federal Tax

Holiday Shopping May Increase Cybercrime

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December 3, 2020

Be on the lookout for online scams, says the IRS. Between COVID-19 and holiday shopping, there’s increased time online, which raises the risk of cybercrime. That’s why the IRS is urging taxpayers to step...

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...

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