Re-Opening of the Paycheck Protection Program
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently announced the re-opening of the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers….
New Stimulus Package Information
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid…
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…
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…
Questions about PPP Expense Deductions?
One of the most disappointing developments in the Paycheck Protection Program loan guidance was related to the non-deductibility of the expenses paid for by the forgiven loans. Many organizations, including…
Additional State Funding Available for Businesses Affected by COVID-19
Gov. Bill Lee recently announced an initial $50 million in federal Coronavirus Relief Funds for the new Supplemental Employer Recovery Grant (SERG) program to provide additional relief to small businesses…
Businesses can file cash transaction reports electronically and in batches
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is…
Treatment of Applicable Partnership Interests
The IRS has issued proposed regulations on the treatment for a partner that holds interest in a partnership that is transferred to or held by a taxpayer in connection with…
IRS Addresses Employee Payroll Tax Deferral
The IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred…
Proposed Regulations Address Small Business Simplified Accounting Rules
The IRS has issued proposed regulations on the simplified tax accounting method rules for small-business taxpayers enacted by the Tax Cuts and Jobs Act (TCJA). For tax years beginning in…