Federal Tax | Cg

10 Dec

IRS & Security Partners Warn of New Text Message Scam

Posted by cgadmin
December 10, 2020

Beware of a new text message scam, warns the IRS and its security partners. The COVID-19-related scam tells unwary taxpayers that they qualify for a $1,200 Economic Impact Payment. Here’s how the scam works:...

08 Dec

Federal Tax

Remain Vigilant With Tax Security

Posted by cgadmin
December 8, 2020

National Tax Security Awareness Week ends Dec. 4, but the IRS and its security partners urge taxpayers to remain vigilant. A common scam aimed at employers is W-2 theft, according to the IRS. The...

07 Dec

Federal Tax

File Form W-2 and Other Wage Statements by February 1, 2021

Posted by cgadmin
December 7, 2020

The IRS is reminding employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a...

07 Dec

Federal Tax

IRS Expands Identity Protection PIN Opt-In Program

Posted by cgadmin
December 7, 2020

With federal income tax fraud continuing to be an issue, the IRS has expanded its Identity Protection (IP) PIN Opt-In program to taxpayers nationwide. Starting in mid-January, the program will be offered to all...

05 Dec

Federal Tax

Holiday Shopping May Increase Cybercrime

Posted by cgadmin
December 3, 2020

Be on the lookout for online scams, says the IRS. Between COVID-19 and holiday shopping, there’s increased time online, which raises the risk of cybercrime. That’s why the IRS is urging taxpayers to step...

02 Dec

Federal Tax, Helpful COVID-19 Links

Guidance on Interaction of Employer Retention Credit

Posted by cgadmin
December 1, 2020

The IRS has offered clarification on the interaction of the COVID-19-related Employer Retention Credit (ERC) in acquisitions. Under the law, if an employer receives a Paycheck Protection Program (PPP) loan, it may not receive...

24 Nov

Federal Tax, Helpful COVID-19 Links

Vacation Buy Back

Posted by cgadmin
November 24, 2020

How should employers treat “vacation buy back” for tax withholding purposes? Some companies are offering employees the option of “cashing in” accrued vacation time because many are working remotely due to COVID-19. For payroll...

23 Nov

Federal Tax

Preparation is Key for 2020 Tax Filing

Posted by cgadmin
November 23, 2020

Make filing your 2020 federal income tax return easier with some preparation. The IRS is reminding taxpayers to get ready for the 2021 filing season. Steps you can take now include gathering your W-2,...

22 Nov

Federal Tax

Masking Business Tax Transcripts

Posted by cgadmin
November 19, 2020

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders. But they’re also a treasure chest of information for identity thieves. To help protect taxpayer security,...

21 Nov

Federal Tax

Recovery Rebate Credit

Posted by cgadmin
November 19, 2020

Did you not receive an Economic Impact Payment (EIP) in 2020? If so, you may be able to claim a Recovery Rebate Credit when filing your tax return in 2021. The credit is figured...

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