Federal Tax | Cg Tax, Audit & Advisory

06 Oct

Business Owners: No Change to a Key E-File Mandate

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October 5, 2020

A reminder for business owners: For now, no change to a key e-file mandate. Businesses that file at least 250 of information returns (such as Forms 1099) in a calendar year are required to...

04 Oct

Federal Tax

Final Regulations on Meals & Entertainment

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October 2, 2020

The IRS has issued final regulations on the business expense deduction for meals and entertainment. The Tax Cuts and Jobs Act generally eliminated the deduction for expenses related to activities generally considered entertainment or...

03 Oct

Federal Tax, Helpful COVID-19 Links

IRS Tips for Starting a New Business

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October 1, 2020

In an economy rocked by the COVID-19 crisis, many taxpayers need a new way to earn income. If starting a new business is your goal, the IRS offers some helpful tips on actions you’ll...

30 Sep

Federal Tax

Final Regulations on Withholding for Retirement & Annuity Payments

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September 29, 2020

Final IRS regulations have been issued on the federal income tax withholding for certain periodic retirement and annuity payments. The final regs update the rules for payments made after Dec. 31, 2020. Prior to...

28 Sep

Federal Tax, Helpful COVID-19 Links

EIP Registration Deadline

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September 28, 2020

Reminder: Sept. 30, 2020, is the end of the registration period for individuals who receive federal benefits, such as Social Security, but didn’t receive the $500-per-child portion of the COVID-19-related Economic Impact Payment (EIP)....

27 Sep

Federal Tax, SBA

PPP Loan Forgiveness Guidance

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September 24, 2020

The IRS announced that lenders who make Paycheck Protection Program (PPP) loans that are later forgiven under the CARES Act shouldn’t file information returns or furnish statements to report the forgiveness. Generally, the tax...

26 Sep

Federal Tax

IRS Regulations on 100% Bonus Depreciation

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September 24, 2020

The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after...

25 Sep

Federal Tax

Deadline to Amend 2018 & 2019 Partnership Returns

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September 25, 2020

Attention: Sept. 29 is the deadline for amending 2018 and 2019 partnership returns to reflect the CARES Act. This applies to partnerships subject to the Bipartisan Budget Act of 2015’s centralized partnership audit procedures....

23 Sep

Coronavirus Tax Filing & Payment, Federal Tax

PPP Loans Forgiven Reporting Requirements Under the CARES Act

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September 23, 2020

In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide...

23 Sep

Federal Tax

Final Guidance Available on Decedent’s Estates & Non-Grantor Trusts

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September 22, 2020

Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for...

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