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…
Further Clarification on Monthly Child Tax Credit Payments
Last Friday, millions of American families started receiving monthly Child Tax Credit payments. Under the American Rescue Plan, each payment is up to $300 per month for each child under…
The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll
The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The…
What Higher Education Institutions Need to Know About Tuition Discounting
By David Clark, CIA, CFE, CRMA, BDO USA Universities and colleges in the U.S. are facing a challenging paradox. Over the past 20 years, tuition rates have increased a staggering…
