Federal Tax | Cg Tax, Audit & Advisory

04 Aug

Fax Form 3115

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August 4, 2020

In a series of Q&As on its website, the IRS discusses temporary procedures that allow taxpayers to fax the required duplicate copy of Form 3115, “Application for Change in Accounting Method,” when making an...

03 Aug

Federal Tax

Watch Out for Fake Payments

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August 3, 2020

Criminals never stop looking for ways to trick taxpayers out of their money. One scheme that made the IRS’s 2020 list of the top 12 tax scams to avoid (the “Dirty Dozen”) involves fake...

03 Aug

Federal Tax, Helpful COVID-19 Links

CARES Act IRA & Retirement Plan Withdrawals

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July 31, 2020

Under the CARES Act, eligible taxpayers in need may receive assistance in the form of favorable tax treatment for withdrawals from retirement plans and IRAs. The law also allows certain retirement plans to offer...

31 Jul

Federal Tax

Business Interest Expense Deduction

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July 30, 2020

The IRS has released final regulations that provide guidance on the business interest expense deduction limitation instituted by the Tax Cuts and Jobs Act (TCJA) and the CARES Act. The TCJA limited the deduction...

30 Jul

Federal Tax

IRS Security Tool

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July 30, 2020

By using a special tool, taxpayers can work together with the IRS to guard their tax returns from would-be scammers. An Identity Protection Personal Identification Number (IP PIN) is a six-digit number assigned by...

28 Jul

Families First Coronavirus Response Act, Federal Tax

IRS Regulations on Employment Tax Credit Refunds

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July 27, 2020

The IRS has issued temporary regulations on assessing the erroneous refunds of employment tax credits. They provide rules for reconciling advance payments, and recapturing the benefit of the credits when necessary, of the refundable...

27 Jul

Federal Tax

IRS After-Tax-Day Troubleshooting Tips

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July 27, 2020

The IRS offers after-tax-day troubleshooting tips for taxpayers still facing issues. They include: checking the status of your refund using the link provided below and doing a “paycheck checkup” to ensure the right amount...

23 Jul

Federal Tax

Don’t Fall for Misleading Tax Ads

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July 23, 2020

Don’t fall for misleading ads that claim you can easily resolve your tax debt for “pennies on the dollar,” warns the IRS. These ads made the IRS 2020 list of “Dirty Dozen” top scams...

22 Jul

Federal Tax

Did You Miss the July 15 Deadline?

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July 22, 2020

Some people missed the July 15 federal tax filing deadline. If a person is entitled to a refund, there’s no penalty for filing late. But if there’s a balance due, penalties and interest began...

21 Jul

Federal Tax, Helpful COVID-19 Links

Beware of Fake Charities

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July 21, 2020

Warning: Criminals often exploit crises, such as the current COVID-19 pandemic, by setting up fake charities to steal from people. According to the IRS, fraudulent schemes normally start with unsolicited contact by telephone, text,...

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