Check Withholding Now to Prepare for Next Year
Proper tax withholding now is key to avoiding surprises when you file next year. Making any needed adjustments early means you won’t have to make a big change later in…
Year-End Tax Planning for Individuals
As we approach year-end, now is the time to review 2024 and 2025 tax situations and identify opportunities for reducing, deferring or accelerating tax obligations. Crosslin has put together a planning guide to help…
2023 Year-End Tax Planning for Businesses
2023 Year-End Tax Planning for Individuals
Foreign Earned Income and Housing Exclusion
If a taxpayer is a U.S. citizen or resident alien, the rules for filing income tax returns and paying estimated taxes are generally the same whether he or she is…
Bona Fide Residence or Physical Presence Test
A resident alien is generally taxed by the United States on worldwide income, just like a U.S. citizen. A U.S. citizen or resident alien who earns income in a foreign…
Determining Alien Tax Status
The distinction between a resident alien and a nonresident alien is crucial for your tax liability. Resident aliens are taxed like U.S. citizens, on their worldwide income, while a nonresident…
BBA Partnerships Are Eligible for Amended Return Procedures
The IRS has issued procedures for eligible partnerships to file amended income tax returns and partners’ Schedule K-1s in order to receive tax benefits. Partnerships subject to the centralized partnership…
Changes in Computing Certain Residential Rental Property Depreciation
The IRS has issued a revenue procedure which provides guidance under the Consolidated Appropriations Act, 2021, that retroactively provides a recovery period of 30 years under the alternative depreciation system…
Reminder: 2021 Second Quarter Estimated Tax Payments Extended in Designated Disaster Areas
As announced by the IRS back in May, second quarter (Q2) estimated tax payments for individuals, businesses, and trusts with addresses in the previously designated affected disaster areas (from the March…
