FAQs on Economic Impact Payments
Here are some of the top questions regarding the Economic Impact Payments. Contact the Crosslin tax team at (615) 320-5500 if you need further clarification or have additional questions. We…
Guidance on Loans Received from the Paycheck Protection Program
The IRS has provided guidance on the deductibility of certain expenses incurred in a trade or business and paid for with funds from a loan under the Paycheck Protection Program…
Employee Retention Credit under the CARES Act
Crosslin has received many questions regarding the Employee Retention Credit under the CARES Act. The Employee Retention Credit encourages businesses to keep employees on their payroll. The refundable tax credit…
ALL EMPLOYERS CAN DEFER EMPLOYMENT TAX DEPOSITS UNTIL PAYCHECK PROTECTION PROGRAM LOAN IS FORGIVEN
The IRS has issued FAQs on the payroll tax deferral opportunity provided by the CARES Act. Under that provision, employers of all sizes (including tax exempt/non-profit employers) can defer the…
BBA Partnerships Can Amend Returns Under the CARES Act
The IRS has issued procedures for eligible partnerships to file amended income tax returns and partners’ Schedule K-1s in order to receive benefits under the Coronavirus Aid, Relief, and Economic…
Scams Regarding Economic Impact Payments
As taxpayers begin to receive Economic Impact Payments, scammers are on the prowl. Be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or…
Unsure if you will receive an economic impact payment?
Unsure if you will receive an economic impact payment? Here are some guidelines from the IRS. Most U.S. residents – under certain income levels – will receive the Economic Impact…
Modifications for Net Operating Losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief to individuals and businesses to support the economy. Included in the numerous provisions is a modification to the…
Special Rules for Use of Retirement Funds
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief designed to increase liquidity in the economy including modifications to the rules on the use and distribution of retirement…
Loans Available for Businesses
Crosslin has received numerous follow-up questions regarding loans available for businesses. The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their…
