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…
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…
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…
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…
