Federal Tax | Cg

10 Jan

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...

28 Dec

Federal Tax

Tax-Deductible Business Supplies

Posted by cgadmin
December 28, 2020

Business owners: You still have a handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or...

21 Dec

Coronavirus Stimulus Bill, Federal Tax

Update on New COVID-19 Assistance Package

Posted by cgadmin
December 21, 2020

Congressional negotiators have reached an agreement on a COVID-19 assistance package. The $900 billion deal will provide a second round of direct payments and boost unemployment benefits. The direct payments will be up to...

19 Dec

Federal Tax

IRS Acceptance of Digital Signatures & E-mailed Documents Extended

Posted by cgadmin
December 17, 2020

The IRS extends through June 2021 the acceptance of digital signatures and emailed documents. The extension, set to expire on Dec. 31, 2020, was extended in a recent IRS memo to employees. Last March,...

18 Dec

Federal Tax

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

Posted by cgadmin
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

Posted by cgadmin
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

Posted by cgadmin
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...

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