Tax | Cg Tax, Audit & Advisory

01 Dec

Consider Reevaluating Your Tax Plans Based on the Outcome of the Presidential Election

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November 24, 2020

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda,...

10 Nov

Tax

IRS Clarifies State and Local Tax Deductibility for Partnerships and S-Corps

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November 10, 2020

IRS Notice 2020-751 provides regulations to be included in forthcoming guidance. Specifically, the proposed regulations will clarify that State and local income taxes imposed on and paid by a partnership or S corporation on...

02 Nov

Tax

What Do the 2021 Cost-of-Living Adjustment Numbers Mean for You?

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November 2, 2020

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning...

22 Oct

Helpful COVID-19 Links, Tax

Unusual Year Steers Year-End Tax Strategies

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October 22, 2020

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the...

11 Apr

Coronavirus Tax Filing & Payment, Federal Tax, Tax

Report Employee Retention Tax Credit

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April 10, 2020

Employers should report the employee retention tax credit on their returns for the 2nd quarter of 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act supports certain employers that operate a business during...

17 Mar

Federal Tax, Tax

Emergency Coronavirus Bill

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March 20, 2020

On Saturday, the U.S. House of Representatives passed a multi-billion dollar bill to provide Coronavirus (COVID-19) relief. The Senate will take up the bill this week. Treasury Dept. Secretary Steven Mnuchin stated the bill...

12 Mar

Individual Tax, Tax

The 2019 Gift Tax Return Deadline is Coming Up

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March 10, 2020

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if...

10 Mar

Federal Tax, Tax

Can You Benefit From the HCTC?

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March 6, 2020

Under the tax code, “eligible individuals” can claim a refundable Health Coverage Tax Credit (HCTC). The credit is for a part of the premiums they paid for qualified health insurance coverage for themselves and...

05 Mar

Individual Tax, Tax

Home is Where the Tax Breaks Might Be

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March 4, 2020

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity...

03 Mar

Federal Tax, Tax

GAO Report on TCJA Progress

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February 28, 2020

The Tax Cuts and Jobs Act was signed into law in Dec. 2017. Since then, the IRS has issued a great deal of guidance to taxpayers to navigate the new tax laws. How is...

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