Federal Tax | Cg

23 May

Safeguard Your EIP

Posted by cgadmin
May 26, 2020

“Stay alert and safeguard” your Economic Impact Payment (EIP), urges the Treasury Inspector General for Tax Administration (TIGTA). EIPs are made to eligible taxpayers to help mitigate the financial effects of the novel coronavirus...

22 May

Federal Tax

2021 Inflation-Adjusted Amounts For HSA

Posted by cgadmin
May 22, 2020

The IRS has announced 2021 inflation-adjusted amounts for contributions to Health Savings Accounts (HSAs). An HSA is a tax-exempt account funded with pretax dollars that can be used only for qualified medical expenses. However,...

20 May

Federal Tax, Helpful COVID-19 Links

EIP & Prepaid Debit Cards

Posted by cgadmin
May 19, 2020

Questions keep popping up about the Economic Impact Payments (EIPs) being sent to millions of Americans, and so do new answers from the IRS. For example, can you have your EIP sent to a...

19 May

Federal Tax

People First Initiative

Posted by cgadmin
May 18, 2020

The IRS’s “People First Initiative” was set up to give taxpayers relief during the novel Coronavirus (COVID-19) crisis. The relief (much of it previously announced) covers a variety of issues from easing payment guidelines...

15 May

Coronavirus Healthcare, Federal Tax

Increased Flexibility in Cafeteria Plans

Posted by cgadmin
May 15, 2020

To address unanticipated health care expenses due to the COVID-19 pandemic, the IRS has issued guidance to increase flexibility in employees’ cafeteria plans. The IRS has added to the situations in which a cafeteria...

13 May

Federal Tax

EIP Amounts

Posted by cgadmin
May 12, 2020

Did you receive an Economic Impact Payment (EIP) for less than you expected? EIPs are part of the tax relief intended to help mitigate the effects of the novel Coronavirus (COVID-19) crisis. Generally, the...

12 May

Federal Tax

EIP Direct Deposit Deadline

Posted by cgadmin
May 12, 2020

May 13 is the deadline to provide the IRS with information to get an Economic Impact Payment (EIP) via direct deposit. The IRS has stated that taxpayers who qualify for, but haven’t received their...

05 May

Federal Tax, Helpful COVID-19 Links

Employee Retention Tax Credit FAQs

Posted by cgadmin
May 5, 2020

Employers have many questions about the new Employee Retention tax credit. To answer them, the IRS has issued a series of FAQs about the credit, which is part of the Coronavirus Aid, Relief, and...

05 May

Federal Tax, Helpful COVID-19 Links

Qualifying Child in EIPs

Posted by cgadmin
May 5, 2020

How does the IRS define “qualifying child” in relation to Economic Impact Payments (EIPs)? Under the Coronavirus Aid, Relief and Economic Act, eligible taxpayers can receive an additional $500 per qualifying child. According to...

04 May

Federal Tax, Helpful COVID-19 Links

Where’s My EIP?

Posted by cgadmin
May 4, 2020

If you’re eligible for an Economic Impact Payment (EIP) but you haven’t yet received it, you may be wondering why. It could be because you haven’t filed your 2019 income tax return. Under the...

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