New things taxpayers should consider as they get ready to file taxes in 2021
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These…
Identity Protection PIN Program will soon be available nationwide
In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. An identity pretention PIN is a six-digit number assigned…
Beware of COVID-Related Text Message Scam
The IRS has issued a warning about a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the…
Year-End Tax Planning for Businesses and Individuals
After a challenging 2020 for all, the year-end is coming quickly. Individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring, or…
The Tax Liability of PPP and Other Tax Planning Challenges for 2020
2020 has been a year of challenge and change. The year-end tax planning season will be no different. You will see quite a few things coming out from Crosslin in…
YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY
In the wake of November’s elections, there are numerous articles regarding possible tax changes. Crosslin does not endorse political candidates or parties. However, as clients are balancing the unknown of…
Get ready now to file 2020 federal income tax returns
Get everything ready this fall to help file your federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments. Steps taxpayers can take now…
Common errors to avoid when claiming employer tax credits
Employers who are filing Form 941, Employer’s Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing Let the…
Taxpayer Relief Initiative aims to help those financially affected by COVID-19
The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding…
How the CARES Act changes deducting charitable contributions
Whether you are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to you, your charitable donations may be tax deductible. These deductions basically reduce the…
