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…
Taxpayer Relief Initiative aims to help those financially affected by COVID-19
The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding…
How the CARES Act changes deducting charitable contributions
Whether you are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to you, your charitable donations may be tax deductible. These deductions basically reduce the…
Here’s who qualifies for the employee business expense deduction
Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators, according to the IRS. Taxpayers can no longer claim unreimbursed employee…
The Effect of COVID-19 on Business Valuations
It is no surprise that the COVID-19 pandemic has created tremendous uncertainty regarding the current value of businesses. Earlier this year, our country witnessed major stock indexes lose more than…
Beware of Gift Card Scam
Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them…