New Income Ranges for IRA Eligibility in 2021
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. It is important to be familiar with these adjustments, so you…
SBA ROLLS OUT “LOAN NECESSITY QUESTIONNAIRE” FOR BORROWERS WITH PPP LOANS OVER $2M AND STARTS AUDIT REVIEW PROCESS
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers…
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…
Property Taxes – Are you exempt as an Exempt Entity?
Some leaders of Exempt Organizations assume that once the entity is granted an exemption for from taxes, such as a 501(c)(3) exemption for a charity, that the organization will pay…
Don’t Forget to E-File Payroll Tax Returns
The next quarterly payroll tax return due date is Oct. 31, and the IRS is urging business owners to use the speed and convenience of filing the returns electronically. IRS…
Right to Finality
Crosslin has received several questions regarding finality and the IRS, so we thought it would be good to discuss this issue in further detail. Taxpayers interacting with the IRS have…
Review Tax Withholding and Avoid Surprises
Now is the perfect time to review your tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home…
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…
Reconstruct Records Lost in a Natural Disaster
Between tornadoes, floods, and hurricanes for some of our southern and eastern neighbors, we have witnessed our fair share of national disasters over the last several years. Reconstructing records after…
The Effect of COVID-19 on 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…
