Federal Tax | Cg

20 Mar

Third Round of EIPs

Posted by cgadmin
March 18, 2021

The IRS has begun sending the third round of Economic Impact Payments (also sometimes referred to as recovery rebates) to eligible taxpayers via direct deposit or paper checks. The IRS calls these payments “EIP...

14 Mar

Federal Tax

Unemployment Compensation Under ARPA

Posted by cgadmin
March 12, 2021

For tax purposes, unemployment compensation (UC) generally is included in gross income. Under the American Rescue Plan Act (ARPA), for tax years beginning in 2020, taxpayers with adjusted gross income (AGI) under $150,000 may...

12 Mar

Federal Tax

Stay Vigilant With Financial Information

Posted by cgadmin
March 10, 2021

Stay vigilant: The IRS is urging taxpayers to keep practicing smart financial information habits by securing their computers, phones and other devices. Be aware that criminals often use the IRS as a lure to...

06 Mar

Federal Tax

Qualified Transportation Fringe Benefit Plan

Posted by cgadmin
March 4, 2021

Have you participated in your employer’s qualified transportation fringe benefit plan and have a balance remaining on your transit pass because you no longer use it to commute to work due to the COVID-19...

04 Mar

Coronavirus Tax Filing & Payment, Federal Tax

IRS Guidance on Employee Retention Credit

Posted by cgadmin
March 4, 2021

In Notice 2021-20, the IRS provides guidance on claiming the employee retention tax credit for calendar quarters in 2020. The guidance clarifies details about the credit and describes retroactive changes made under a law...

02 Mar

Federal Tax

Standard Deduction vs. Itemized Deductions

Posted by cgadmin
March 2, 2021

When filing your tax return, is it better to take the standard deduction or claim itemized deductions? It depends. The standard deduction changes yearly and is based on filing status and age. Itemizing requires...

01 Mar

Federal Tax

Kia Models Added to List of Vehicles Eligible for Electric Vehicle Tax Credit

Posted by cgadmin
March 1, 2021

The IRS has added two Kia models to the list of vehicles eligible for an electric vehicle tax credit. The tax code provides a federal credit of up to $7,500 to purchasers of qualifying...

25 Feb

Federal Tax

It’s Full Speed Ahead for Tax Season!

Posted by cgadmin
February 16, 2021

It’s full speed ahead for the 2020 tax season now that the IRS is accepting returns. Here are some IRS tips to help you avoid common errors that will slow the filing process and...

24 Feb

Federal Tax

New Plug-In Vehicle Models for Tax Break

Posted by cgadmin
February 18, 2021

New Ford and Porsche models join the ranks of plug-in vehicles available for a lucrative tax break. Buyers of certain electric passenger vehicles and light trucks can claim a credit for up to $7,500....

21 Feb

Federal Tax

Qualified Disaster Relief Contributions

Posted by cgadmin
February 18, 2021

A new tax incentive may give disaster relief funds a huge boost to certain donations from corporations. In 2020, the Consolidated Appropriations Act (CAA) established a new category of “qualified disaster relief contributions.” Under...

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