Changes to Medical and Dental Expenses
The Consolidated Appropriations Act, 2021, includes changes to tax benefits for medical expenses. The Act provides for a permanent reduction in the medical expense deduction threshold from 10% to 7.5%…
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to…
Modifications and Relief for Retirement Plans
The Consolidated Appropriations Act, 2021 provides emergency assistance and health care response for individuals, families and businesses as a result of the Coronavirus (COVID-19) pandemic. The Act also provides relief…
Mortgage Insurance Premium Deduction Extended
The recently signed Consolidated Appropriations Act 2021 includes a one-year extension of the mortgage insurance premium deduction as qualified residence interest paid or accrued through December 31, 2021. Premiums paid…
Re-Opening of the Paycheck Protection Program
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently announced the re-opening of the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers….
Consolidated Appropriations Act, 2021: Coronavirus Paid Family and Medical Leave
The Consolidated Appropriations Act, 2021 extends the credit for coronavirus related paid sick and family leave, originally part of the Families First Coronavirus Response Act, through March 31, 2021. The…
Information on Second Round of Economic Impact Payments
The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. The direct deposit payments may take several…
Financial Recovery Services for Those Affected by the Second Avenue Explosion
The team at Nashville-based accounting and consulting firm Crosslin PLLC has been heartbroken to witness the effects of the Christmas Day explosion for our beloved Historic Second Avenue and all…
New Stimulus Package Information
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid…
Legislation Regarding Expenses and PPP Funds
The team at Crosslin wanted to share a glimmer of good hope that expenses paid with the Paycheck Protection Program (PPP) funds may become deductible based on the latest bill…
