Federal Tax | Cg

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...

10 Jan

Federal Tax, Helpful COVID-19 Links

Info on Second Round of EIPs

Posted by cgadmin
January 8, 2021

As the second round of economic impact payments (EIPs) rolls out, eligible taxpayers may be able to help speed up the process. The IRS has updated its “Get My Payment” tool, which answers questions...

09 Jan

Federal Tax

Extended Charitable Donation Tax Breaks

Posted by cgadmin
January 6, 2021

The new law extends and improves charitable donation tax breaks. For 2020, individuals who don’t itemize deductions could take up to a $300 above-the-line deduction for cash contributions to qualified charitable organizations. The Consolidated...

02 Jan

Federal Tax

Anticipating Your Tax Refund

Posted by cgadmin
December 30, 2020

Tax season is rolling up fast, and millions of Americans will be anticipating refunds. As always, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially to pay...

28 Dec

Coronavirus Stimulus Bill, Federal Tax, SBA

COVID-19 Relief Bill Provisions

Posted by cgadmin
December 28, 2020

On Dec. 27, President Trump signed a law that provides COVID-19 relief and makes consolidated government appropriations for the fiscal year. There are several tax provisions in the law. For example, eligible taxpayers can...

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