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

Join the Cg Team as a Tax Supervisor! We are looking for an experienced professional to grow our team of tax professionals. Learn more about Cg and apply to this position today: https://bit.ly/3jcyo8o #hiring # careers #careeropportunities #tax #supervisor #cpa #worklifebalance #qualityoflife #hybridwork #remotework #cg #cgtaxauditadvisory

What a year for the Cg Business Advisor Podcast! In 2024, we’ve seen transformative conversations on business leadership, automation, and community impact. Listen to our "Year in Review" episode to hear all of our most popular episodes of 2024. Thank you for being part of our journey in 2024. Stay tuned for more insights in the year ahead! #podcast #podcasting #scottsonair #cg #cgbusinessadvisor #cgtaxauditadvisory

Can you claim the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC) for tuition expenses? If eligible, you may secure a last-minute tax break for 2024 if you pay these expenses by December 31. This is true even if the academic period begins in 2025, but no later than the end of March 2025. There are income limits and other requirements to qualify for a credit. Both credits are for tuition and required fees and don’t include costs such as room and board, insurance, and optional student fees. To learn more about the AOTC and LLC: https://bit.ly/3yIl73N. Contact us with questions: https://bit.ly/3jcyo8o #tax #taxes #taxcredit #learningcredit #opportunitytaxcredit #tuition #aotc #llc #irs #cg #cgtaxauditadvisory

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