IRS announces 401(k) limit increases to $20,500
The Internal Revenue Service announced recently that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The…
Bona Fide Residence or Physical Presence Test
A resident alien is generally taxed by the United States on worldwide income, just like a U.S. citizen. A U.S. citizen or resident alien who earns income in a foreign…
Determining Alien Tax Status
The distinction between a resident alien and a nonresident alien is crucial for your tax liability. Resident aliens are taxed like U.S. citizens, on their worldwide income, while a nonresident…
Find legitimate charities using the Tax Exempt Organization Search tool
When you decide to support a cause you care about, you want your donation to do as much good as possible. Doing some research can help ensure donations go to…
What employers need to know when classifying workers as employees or independent contractors
It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the…
Reporting Qualified Sick and Family Leave Wages Paid to Employees
The IRS issued guidance to employers on reporting the amount of qualified sick and family leave wages paid to employees on Form W-2 for leave taken in 2021. The notice…
Penalty Relief for Reporting Interest in Foreign Partnerships
New schedules have been released for pass-through international tax reporting for tax year 2021. The new standardized format assists pass-through entities in providing partners and shareholders with the information necessary…
Tax Planning: Itemized Deductions
There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable…
Taxes and Household Employees
If you hire people to work in your home, you may be legally obligated to pay their federal and state payroll taxes. You must also indicate on your own annual…
Crosslin Named to Top Accounting List
Hooray! Crosslin is excited to be named to this year’s Inside Public Accounting Top 400 Firms list. We are so grateful to our clients and team members who make our…
