Keep Economic Impact Payment Notice with Other Tax Records
People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their…
Home Office Deduction
Taxpayers who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This…
Rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
The IRS recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now can roll those funds back into a retirement account…
2020 Tax Planning: Retirement Savings for Individuals
Now is a good time to review and evaluate your retirement savings. The tax code provides significant incentives for individuals to make contributions to retirement savings and plans, including traditional…
Deadlines Postponed Due to COVID-19
The IRS is postponing deadlines for certain time-sensitive actions due to the Coronavirus Disease 2019 (COVID-19) emergency. This relief affects: employment taxes; certified professional employer organizations (CPEOs); employee benefit plans;…
Paycheck Protection Program Forgiveness Services
Who Qualifies for Which New Employer Tax Credit?
Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment…
Tax Issues for Individuals and Businesses Facing Bankruptcy Following the Covid-19 Shutdown Orders
A very informative article in the Nashville Business Journal from Crosslin’s Tax Director Dan Warren on issues for individuals and businesses facing bankruptcy following the Covid-19 shutdown orders. Read and…
Applying UBTI Silo Rules for Tax-Exempt Organizations
The IRS has released proposed regulations providing guidance on how a tax-exempt organization with more than one unrelated trade or business should identify its separate trades and businesses, and on…
COVID-19 Guidance for Cafeteria and High Deductible Health Plans
Due to COVID-19, the IRS has provided increased flexibility with respect to 2020 mid-year elections under cafeteria plans related to employer-sponsored health coverage, health Flexible Spending Arrangements (health FSAs), and…
