Federal Tax | Cg Tax, Audit & Advisory

19 Aug

Renew Expiring ITINs

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August 19, 2020

If you have an expiring Individual Taxpayer Identification Number (ITIN), renew it soon to avoid delays next year (including delayed refunds). The IRS issues ITINs to people who must file U.S. tax returns, but...

19 Aug

Federal Tax

Tax Savings From 2020 Higher Education Costs

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August 19, 2020

Higher education may not look traditional this year, in light of COVID-19. But whether classes are taken online, part or full-time, education can be expensive. The IRS is reminding taxpayers who pay eligible costs...

18 Aug

Federal Tax

Start Prepping for 2021

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August 13, 2020

No one likes to think about income tax returns before they have to. But if you start preparing now for 2021, it’ll make things easier when tax time comes. Everyone should have a system...

18 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Can I Claim a Home Office Tax Deduction?

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August 13, 2020

With millions of taxpayers working from home due to COVID-19, many people may be wondering about the possibility of claiming a home office deduction on their 2020 tax returns. In a tax tip, the...

14 Aug

Federal Tax

Beware Ransomware

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August 13, 2020

You’ve probably heard of a scam called ransomware. The IRS describes it as an invasive software that targets “human and technical weakness to infect a potential victim’s computer, network or server.” It may be...

12 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Late Tax Filers May Still Receive an EIP

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August 12, 2020

Are you a late tax filer? You may still get an Economic Impact Payment (EIP) under the CARES Act. The IRS says that if individuals filing 2019 tax returns in 2020 are determined to...

11 Aug

Federal Tax, Helpful COVID-19 Links

CARES Act Special Funding & Benefit Limitation Rules for Single-Employer Defined Benefit Pension Plans

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August 10, 2020

The IRS has issued guidance that addresses questions about the special funding and benefit limitation rules for single-employer defined benefit pension plans under the CARES Act. In a nutshell, the special rules state that...

10 Aug

Coronavirus Stimulus Bill, Federal Tax

EIP Per Qualifying Child

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August 10, 2020

The IRS is issuing $500 per qualifying child to some parents. These individuals used the IRS Non-Filers tool before May 17, 2020, and claimed at least one qualifying child. These individuals didn’t receive the...

06 Aug

Federal Tax, SBA

SBA Issues Additional PPP Loan Forgiveness FAQs

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August 6, 2020

The Small Business Administration (SBA), in consultation with the U.S. Treasury Dept., has issued additional FAQs regarding the forgiveness of Paycheck Protection Program (PPP) loans. In general, the new FAQs provide guidance on general...

06 Aug

Federal Tax

Simplified Accounting Rules Available for Small Businesses

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August 6, 2020

New simplified accounting rules may be available for small businesses. The IRS has issued proposed regulations that will adopt the simplified tax accounting rules that are part of the Tax Cuts and Jobs Act...

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