Cg Tax, Audit & Advisory

Last Thursday, we had a chance to celebrate the our amazing 2024 Summer Intern Team with some pizza and indoor mini golf! Thank you to Nick, Ryan, Aiyana, Liz, Salissa, and Anna for all of your hard work this summer and for choosing to intern at Cg Tax, Audit & Advisory. Another thank you to all the Cg Team members, and especially our Cg Intern Buddies, Jon, Jerry, Deanna & Aldin for all they do to for our Internship Program. #intern #internship #summerinternship #cgintern #cgteam #cgtaxauditandadvisory

We're learning new and timely information indicating that the Corporate Transparency Act ("CTA") initial reporting deadline of January 1, 2025 for entities that existed on January 1, 2024, as well as any additional filings previously required for new entities formed during 2024 or 2025 may be in effect based on an imminent potential stay motion affecting the current injunction. What this means is there still may be a requirement for all affected companies to comply with all CTA filing requirements. Read the latest updates: https://bit.ly/4giAdy8 #CTA #CorporateTransparencyAct #business #businesses #businessowners #cg #cgtaxauditadvisory

The IRS’s Direct File program, which was rolled out to taxpayers in 12 states during the 2024 tax season, enables eligible individuals to file returns with the IRS. In May 2024, the IRS announced it would expand Direct File. However, in a recent letter, 29 U.S. House Republicans asked President-Elect Trump to use an executive order to shut down Direct File once he’s in office. They claim the program is a waste of financial resources and poses a threat to taxpayers’ “freedom from government overreach.” They further assert that the agency enforcing tax compliance shouldn’t also provide tax preparation. “The private sector offers better tax preparation services,” they added. Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #directfile #taxreturn #taxpayer #irs #taxprep #cg #cgtaxauditadvisory

Businesses must act fast if they plan to take the valuable Sec. 179 expense deduction this year. In 2024, you can expense up to $1.22 million in qualified assets. The deduction begins to phase out when 2024 qualified asset additions exceed $3.05 million. (In 2025, these limits rise to $1.25 million and $3.13 million, respectively.) But it’s not enough to purchase assets in 2024. To qualify for the deduction, assets must be placed in service before year end. Also, a Sec. 179 deduction cannot create a loss. Therefore, it’s limited to your total taxable business income. The good news is that you may be able to carry forward disallowed amounts. Depreciation can be complex, but we can help: https://bit.ly/3jcyo8o #tax #taxes #federaltax #expensededuction #qualifiedassets #business #income #cg #cgtaxauditadvisory

Our litigation team members, Joe Gunteski, Stefanie Ann Jedra Sollecito, CPA/ABV, ASA, CFE and Gina Berkery enjoyed a wonderful evening with the New Jersey State Bar Association celebrating the holiday season. 🎄 Thank you to NJSBA for hosting such a great event and for allowing us to be apart of this wonderful evening! #cg #cgteam #cgtaxauditadvisory

Seriously delinquent tax debt (SDTD) could put your passport at risk (unless an exception applies). SDTD is a legally enforceable, unpaid federal tax assessment. In 2024, this debt must exceed $62,000, with a lien filed and other remedies exhausted. In 2025, the threshold will rise to $64,000. These debts include U.S. individual income taxes, trust fund recovery penalties, business taxes for which the taxpayer is personally liable and other civil penalties. If the IRS notifies the U.S. State Dept. that you have SDTD, your passport may be denied, revoked or limited. Here are the details, including the conditions required to reverse a certification: https://bit.ly/49xKB2u Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #federaltax #taxdebt #delinquenttaxdebt #passport #irs #cg #cgtaxauditadvisory

Welcome, Malena, to the Cg Team! #cg #cgteam #cgtaxauditadvisory

We are hiring! Join our amazing team of accounting professionals. We are looking to hire a Tax Manager with at least 5 plus years experience in accounting. Client management experience is required and a CPA license is preferred. Learn about our culture and apply on our website today: https://bit.ly/2PhstUL #hiring #careers #careeropportunities #tax #manager #cpa #worklifebalance #qualityoflife #hybridwork #remotework #cg #cgtaxauditadvisory

Despite IRS warnings, many taxpayers continue to be duped by bad online tax advice. The tax agency and its Security Summit partners are renewing alerts about false social media claims “that promise to magically enrich taxpayers.” In particular, taxpayers are warned about claiming credits, including a nonexistent “Self Employment Tax Credit” and the Fuel Tax Credit that’s real but only applies in rare situations. Some social media scammers try to fleece taxpayers by demanding fees for their dubious advice. But many post false information online simply for views and clicks. Taxpayers are encouraged to ignore unsolicited advice and work only with trusted tax professionals. Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #taxpayer #taxcredit #taxadvice #socialmedia #cg #cgtaxauditadvisory

Do you have an Identity Protection Personal Identification Number (IP PIN) from the IRS? More than 10.4 million taxpayers do. If you don’t have one, the IRS is encouraging you to add an extra layer of protection between your tax return and identity thieves by joining the IP PIN program at the start of the 2025 tax season. It’s a six-digit number you can apply for voluntarily. It’s valid for one year, and you’ll automatically be given a new one after expiration. Suppose you file your tax return with an incorrect IP PIN. The return will be rejected or the IRS will reach out to validate the information. For more details about the IP PIN program: https://bit.ly/4f1o3If. Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #taxreturn #identityprotection #pin #personalidentificationnumber #cg #cgtaxauditadvisory