Recently, we’ve received questions from some concerned clients about threatening phone calls from the IRS. Sure enough, the Internal Revenue Service has issued a warning to taxpayers to stay vigilant against a rising amount of IRS impersonation scams this summer…
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Election-year politics continue to drive 2016 tax legislative action as both parties lay down policy agendas for 2017 and beyond. As expected, Congressional party leaders are offering competing plans on how to reform the tax system and to promote other…
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Attorney General Lisa Madigan warns Illinois charities of elaborate donation scam. This sophisticated email scam is offering Illinois charitable organizations large and unsolicited donations from a man who claims to be carrying out the final wishes of his deceased mother.…
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As Illinois lawmakers face a growing state deficit and a budget deadline, talk of tax hikes loom in Springfield. An income tax increase and an expansion of the sales tax onto more purchases are under consideration. In the meantime, effective…
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Well it’s that time of year again…time to dust off those participant files and prepare for the employee benefit plan audit season. As a firm who takes pride in our efficiencies with employee benefit plan audits, here are some tips…
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A recent study by the Stanford Graduate School of Business in collaboration with BoardSource and GuideStar found that although many nonprofit organizations devote significant efforts to measuring performance, nonprofit directors say the efforts are falling short. Performance measurement needs to…
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Both Congress and the White House want to increase access, coverage and participation in retirement savings plans. A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and…
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Tax season is well underway. There are some very good reasons to get your taxes done now versus later. Here are a few to consider:…
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The Internal Revenue Service announced that the nation’s 2016 individual income tax filing season opens Jan. 19, with more than 150 million tax returns expected to be filed this year.…
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Retirees planning on using two popular Social Security benefit-boosting strategies could soon be out of luck. The budget bill the House passed eliminated the strategies, described as “unintended loopholes” from a 15-year old law.…
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The Security Summit, a group that includes IRS, state tax authorities, and tax industry firms, has issued an update on the progress it has made since being formed last March, including new identity theft protection procedures that will take effect…
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The IRS has reminded Applicable Large Employers (ALEs) (generally those with 50 or more full-time equivalent employees) that they are subject to new reporting requirements for 2015.…
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Chicago next year will once again have the highest sales tax rate of any major U.S. city, according to a new analysis from a tax policy research organization.…
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In the final week of June, the Supreme Court rolled out a series of highly-anticipated decisions. As these blockbuster rulings also have tax implications, we will address them in separate blog postings. King vs. Burwell – Obamacare Lives on After…
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With the increasing frequency of identity theft and tax refund fraud, we are pleased to see that the government is spear-heading an effort with industry leaders and others to protect national taxpayers. Here are the details: The Internal Revenue Service …
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Illinois Governor Bruce Rauner issued a press release to address actions being prepared in response to the Illinois budget deficitof nearly $4-billion. Effective immediately, there is a suspension of all future incentive offers to companies for business attraction and retention…
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If you think your tax bill is set in stone at the end of the year, think again. Though it’s true that money-saving options become much more limited after December 31, there are still actions you can take now. Consider…
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Governor Quinn recently signed into law the Illinois Secure Choice Savings Program Act. The stated purpose of this Act is to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The Act requires employers, with…
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2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments of 2014 requires judgment calls based on a number of factors including forward-looking impact on 2015 and beyond. Please feel free…
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Congress’s long-awaited passage of tax extenders legislation provides a short-term extension through only the end of this year of dozens of familiar tax breaks for businesses and individuals, along with a new savings program for the disabled. On Dec. 16,…
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