Helpful COVID-19 Links | Cg Tax, Audit & Advisory

11 Aug

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?

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August 11, 2020

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are...

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...

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...

30 Jul

Coronavirus & Nonprofits, Helpful COVID-19 Links

Monmouth County Announces CARES Economic Assistance Grant Program

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July 30, 2020

The Monmouth County CARES Economic Assistance Grant Program provides financial support up to $10,000 for those qualifying businesses, business owners, and nonprofits that do not exceed $5 million in annual gross revenue and have...

29 Jul

Business, Helpful COVID-19 Links

Reopening Concepts: What Business Owners Should Consider

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July 28, 2020

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown...

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,...

20 Jul

Employer, Helpful COVID-19 Links

Communicate Carefully About Compensation During the Pandemic

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July 17, 2020

The COVID-19 pandemic and resulting economic fallout have spurred layoffs and furloughs for many employers. As the months pass, organizations that have retained employees face another dilemma: How should we handle compensation changes? Pay raises...

15 Jul

Employer, Helpful COVID-19 Links

IRS Guidance on “Coronavirus-Related” Retirement Plan Distributions

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July 14, 2020

In Notice 2020-50, the IRS recently provided guidance on “coronavirus-related distributions” from retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some pertinent details for employers. Pension...

14 Jul

Federal Tax, Helpful COVID-19 Links

IRS Temporarily Extends Deadline for Certain E-mail & Digital Procedures

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July 14, 2020

The IRS temporarily extends the deadline for certain email and digital procedures. Due to COVID-19, the IRS announced in March that it would deviate from certain established procedures through July 15, 2020. That is,...

10 Jul

Business, Helpful COVID-19 Links

6 Key IT Questions to Ask in the New Normal

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July 10, 2020

The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. Many businesses that had been taking...

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