American Rescue Plan Act of 2021 – Part 1
Crosslin is pleased to present a six-part series on the American Rescue Plan Act of 2021, covering topics such as stimulus payments, child tax credit, employee retention credit, enhanced earned…
Change to Tax Deadline
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15,…
Tips to help taxpayers spot and avoid tax scams
Tax season is also busy season for savvy criminals. Scammers impersonating the IRS either over-the-phone, by email or in-person can steal money from people. All taxpayers should stay vigilant against…
Flexibility for Health FSAs and Dependent Care
The IRS has released guidance on temporary special rules under the Taxpayer Certainty and Disaster Relief Act of 2020 for health flexible spending arrangements (FSAs) and dependent care assistance programs…
COVID-19 Relief for Users of the Automobile Lease Valuation Rule
The IRS has provided relief from the consistency rules to certain employers and employees that use the automobile lease valuation rule to determine the value of an employee’s personal use…
Education Credits
With school back in session, parents and students should look into tax credits that can help with the cost of higher education. Credits reduce the amount of tax someone owes…
Sales Tax Ruling Related to Professional Organization Memberships
The Tennessee Department of Revenue has ruled that a professional organization’s sales of memberships were not taxable. The organization provided its members with certifications, resources, tools, academic research, publications, professional…
Safe Harbor for Teacher’s Expense Deduction
The Consolidated Appropriations Act, 2021 clarifies that the above-the-line deduction for teacher classroom expenses includes personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of…
Qualified Opportunity Zones
The Tax Cuts and Jobs Act includes changes for businesses and individuals. One of these is the creation of the opportunity zones tax incentive, an economic development tool that allows…
Underpayment Penalty Relief on Certain Excess Business Losses
The IRS has granted relief by providing a waiver on estimated tax underpayment penalties incurred solely as a result of certain excess business loss related payments for tax years beginning…
