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…
Federal Beneficiaries Have More Time to Register for an Economic Impact Payment
Federal beneficiaries who got their Economic Impact Payment but didn’t register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers:…
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…
