Federal Tax | Cg

01 Feb

ERC Extended for Employers Keeping Workers on Payroll

Posted by cgadmin
January 28, 2021

The Employee Retention Credit (ERC) is extended for employers who keep workers on payroll. The recently enacted Consolidated Appropriations Act made several changes to the tax credit, which was created under the CARES Act....

27 Jan

Federal Tax

Plug-In Vehicles Available for Tax Break

Posted by cgadmin
January 27, 2021

New plug-in vehicles are now available for a tax break. The IRS has added models to its list of vehicles that are eligible for the plug-in electric motor vehicle tax credit. The tax code...

26 Jan

Federal Tax

Direct Deposit Income Tax Returns

Posted by cgadmin
January 26, 2021

Did you know that eight out of 10 taxpayers receive their income tax refunds using direct deposit? The reason, according to the IRS, is that filing electronically and choosing direct deposit is the fastest...

25 Jan

Federal Tax

IRS Form for Identity Theft

Posted by cgadmin
January 22, 2021

What should you do if you think you’ve been the victim of tax-related identity theft? The IRS has a form to file for that. The “Identity Theft Affidavit” is for taxpayers who suspect identity...

24 Jan

Coronavirus Tax Filing & Payment, Federal Tax

Tax Relief for Certain Individuals, Trusts & Estates

Posted by cgadmin
January 21, 2021

The IRS is providing tax relief that applies to certain individuals, trusts and estates. Specifically, the relief is from the tax penalty for estimated tax payments due before July 15, 2020, with respect to...

20 Jan

Federal Tax

Tax Season Begins February 12

Posted by cgadmin
January 20, 2021

It is later than in past years. The IRS stated that the start date will allow time to do additional programming and testing of systems following the Dec. 27 tax law changes that...

18 Jan

Federal Tax

CAA Expands Certain School-Related Expense Deductions for Educators

Posted by cgadmin
January 18, 2021

A long-standing benefit for some educators gets an update. Eligible K-12 teachers and instructors are entitled to up to $250 annually in an “above-the-line deduction” for certain school-related expenses paid out of their own...

16 Jan

Federal Tax

IRS Expands Identity Protection PIN Opt-In Program

Posted by cgadmin
January 14, 2021

The IRS has expanded its Identity Protection (IP) PIN Opt-In program to all taxpayers who can verify their identities. The IP PIN is a six-digit code known only to the taxpayer and to the...

12 Jan

Federal Tax

Final Regulations on Business Interest Expense

Posted by cgadmin
January 12, 2021

The IRS has issued final regulations that provide additional guidance regarding the limitation on the deduction for business interest expense. The deduction was amended by the Tax Cuts and Jobs Act and the CARES...

11 Jan

Federal Tax

Higher Education Grants Under CARES Act

Posted by cgadmin
January 11, 2021

Are you a student, or do you know a student, who has received a higher education grant under the CARES Act? The IRS recently posted FAQs on its website about information-reporting requirements for these...

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