Federal Tax | Cg Tax, Audit & Advisory

23 Jun

Tax Myths

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June 22, 2020

Will myths about taxes never end? Each year, the IRS combats misinformation, mostly related to tax refunds. Here are some myths currently in play: Getting a refund on your 2019 return means you don’t...

22 Jun

Federal Tax

Use IRS Get My Payment Tool For Status of EIP

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June 22, 2020

What can you do if you learn that the IRS mailed your Economic Impact Payment (EIP) weeks ago but you never got it? If you haven’t received your EIP within 14 days of the...

17 Jun

Federal Tax

Employer Leave Sharing Programs

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June 17, 2020

A leave-sharing program is one an employer sets up where employees can donate their vacation, sick or personal leave in exchange for the employer making cash payments to a tax-exempt organization. The IRS just...

16 Jun

Federal Tax, Helpful COVID-19 Links

Employer Retention Credit

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June 16, 2020

Valuable tax credits are available to employers to help mitigate the effects of the COVID-19 pandemic. But amid the chaos of the last few months, it may be hard to navigate the details of...

15 Jun

Federal Tax

Estimated Tax Payments Due

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June 15, 2020

Reminder: The extended deadline for paying estimated taxes is about a month away. If you pay estimated taxes, be aware that the first and second quarter payments for tax year 2020, which were originally...

10 Jun

Federal Tax

EIPs Prepaid Debit Cards

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June 9, 2020

Some Economic Impact Payments (EIPs) were sent on prepaid debit cards. These EIP cards were sent in plain envelopes from “Money Network Cardholder Services.” Some recipients thought the envelopes were junk mail and they...

09 Jun

Federal Tax

Qualified Opportunity Funds

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June 9, 2020

The IRS is providing COVID-19-related tax relief for Qualified Opportunity Funds (QOFs) and their investors. In Notice 2020-39, the IRS specifies that if an investor’s 180th day to invest in a QOF would have...

04 Jun

Federal Tax

NOLs Carryback

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June 4, 2020

The IRS has issued FAQs for C corporations that are interested in carrying back net operating losses (NOLs) to years in which the alternative minimum tax (AMT) applies. The Coronavirus Aid, Relief and Economic...

02 Jun

Coronavirus Tax Filing & Payment, Federal Tax, SBA

Additional Postponed Deadlines

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June 2, 2020

The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19...

01 Jun

Federal Tax, SBA

Paycheck Protection Program Flexibility Act of 2020

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June 1, 2020

The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those...

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