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…
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…
