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…
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…
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…