Tax Issues for Individuals and Businesses Facing Bankruptcy Following the Covid-19 Shutdown Orders
A very informative article in the Nashville Business Journal from Crosslin’s Tax Director Dan Warren on issues for individuals and businesses facing bankruptcy following the Covid-19 shutdown orders. Read and…
Easing of Paycheck Protection Program Requirements
The President has signed into law a bill that gives employers more flexibility when using Paycheck Protection Program (PPP) funds and applying for loan forgiveness. Lawmakers supported making changes to the PPP to…
Applying UBTI Silo Rules for Tax-Exempt Organizations
The IRS has released proposed regulations providing guidance on how a tax-exempt organization with more than one unrelated trade or business should identify its separate trades and businesses, and on…
COVID-19 Guidance for Cafeteria and High Deductible Health Plans
Due to COVID-19, the IRS has provided increased flexibility with respect to 2020 mid-year elections under cafeteria plans related to employer-sponsored health coverage, health Flexible Spending Arrangements (health FSAs), and…
More Economic Impact Payment Hot Topics
There are still numerous questions regarding Economic Impact Payments – here are some of the current hot topics: What about a child’s parents who are not married to each other,…
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application….
“Necessity” Certification for PPP Loan/SBA Issues $2 Million Safe Harbor
The Small Business Association (SBA) has issued an additional guidance on providing a safe harbor for smaller borrowers so far as the “necessity” certification. Borrowers with loans less than $2.0…
FAQs on Economic Impact Payments
Here are some of the top questions regarding the Economic Impact Payments. Contact the Crosslin tax team at (615) 320-5500 if you need further clarification or have additional questions. We…
Guidance on Loans Received from the Paycheck Protection Program
The IRS has provided guidance on the deductibility of certain expenses incurred in a trade or business and paid for with funds from a loan under the Paycheck Protection Program…
Employee Retention Credit under the CARES Act
Crosslin has received many questions regarding the Employee Retention Credit under the CARES Act. The Employee Retention Credit encourages businesses to keep employees on their payroll. The refundable tax credit…