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The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Individual

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Employee retention credit

The new law provides a refundable

Below are some high-level bullet points about the legislation that was signed on Friday. Much of the bill is geared towards helping employers keep their employees working. As such, a few of the credits are related to payroll taxes, and we’d advise you to work with your payroll

SBA Disaster Area – Illinois

On Tuesday, March 17, 2020, Illinois Governor JB Pritzker requested that the US Small Business Administration (SBA) declare the entire state of Illinois a disaster zone to qualify for SBA assistance. This request was accepted, and SBA Administrator Jovita Carranza declared on Thursday,

Federal Deadline Extended

The Secretary of the Treasury has determined that any person with a Federal income tax payment or a Federal income tax return due April 15, 2020, is affected by the COVID-19 emergency. The due date for filing Federal income tax returns and making Federal income

To Our Clients and Friends:

At CJG Partners LLP, the health, safety, and well-being of our team, our clients, our friends, and our community is always our top priority. Like you, we have been continually monitoring the developments concerning the COVID-19 virus and its potential impact.

We are

If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals

Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also

Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers

f you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.

Winning

If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified