CARES ACT SUMMARY
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The…
SBA DISASTER ASSISTANCE IN RESPONSE TO THE CORONAVIRUS – LOW-INTEREST LOANS
In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working…
IRS OUTLINES PROCEDURES FOR PAYROLL TAX CREDITS AND RAPID REFUNDS FOR EMPLOYERS MAKING FEDERALLY-MANDATED COVID-19 LEAVE PAYMENTS
The federal government is trying to get much-needed cash into the hands of employers and employees affected by COVID-19 as quickly as possible. To do so, it is utilizing employers’ existing…
Retirement Savings for the Self-Employed
Many tax-favored options are available to self-employed individuals to provide for their retirement. Tax planning for retirement can include deductible contributions to a traditional or Roth IRA, SEP plan, SIMPLE…
Tax Deadline Extended / Tips on Submitting Tax Information
This has certainly been a challenging tax season for many reasons. The Crosslin tax team is currently working remotely to make sure that all of our client deadline needs are…
The Families First Coronavirus Response Act – What It Means for Employers
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands…
Summary of Tax Deadline Changes
With the influx of news and uncertainty over the last few weeks due to both the Middle Tennessee tornado and coronavirus, we wanted to summarize the changes that the IRS…
Benefits of Lowering Adjusted Gross Income
Taking steps to reduce your income can reduce your overall tax burden. Individual taxpayers may be able to reduce their taxable income through deductions if they meet the qualifications and…
Tax Planning: Household Employees
If you hire people to work in your home, you may be legally obligated to pay their federal and state payroll taxes. You must also indicate on your own annual…
Filing Time Extensions for Tornado Victims
As many of you may start to hear soon, the IRS has granted filing relief to victims of the recent tornadoes by extending the filing and payment dates for many…
