Federal Tax | Cg

31 Jul

Business Interest Expense Deduction

Posted by cgadmin
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

Posted by cgadmin
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

Posted by cgadmin
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

Posted by cgadmin
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

Posted by cgadmin
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?

Posted by cgadmin
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

Posted by cgadmin
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,...

21 Jul

Coronavirus Tax Filing & Payment, Federal Tax

Your Status of Form 7200

Posted by cgadmin
July 20, 2020

Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the...

20 Jul

Federal Tax

Cannot Keep Extra Economic Impact Payment

Posted by cgadmin
July 20, 2020

No, you can’t keep an extra payment from the government. If you think you’ve received more than one Economic Impact Payment (EIP), the IRS would like it back. On its website, the IRS instructs...

16 Jul

Federal Tax

Use IRS’s “Where’s My Refund?” Tool to Check Status of Your Refund

Posted by cgadmin
July 15, 2020

So you’ve filed your income tax return, you’re getting a refund, and you’re eager to receive it. The IRS says it normally issues most refunds in less than 21 days. Taxpayers who mailed their...

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