If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s…
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Now is a good time for businesses and their owners to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax…
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At this time of year you may think you can relax about the threat of tax related identity theft. Unfortunately, though, criminals who commit tax-related identity theft don’t work seasonally — they’re constantly devising and unleashing new schemes. And even…
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To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared…
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The IRS will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17).…
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For partnerships, including limited liability companies taxed as partnerships, new audit rules are a game changer. The rules apply to returns for partnership tax years that begin after December 31, 2017, including amended returns. The changes aren’t merely procedural; they…
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Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed…
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It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so…
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Employers with 50 or more full-time employees (including full-time equivalent employees) that are required to offer health insurance coverage and report enrollment information for their employees under the Affordable Care Act (ACA), file Internal Revenue Service (IRS) Forms 1094 and…
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It’s tax time: prepare early to avoid procrastination, reduce identity theft, and get your refund sooner.…
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As tax season 2017 approaches, the Internal Revenue Service, the states and the tax industry are reminding taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season,…
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We like to notify our clients when we become aware of new IRS scams. Unfortunately, this is happening with increasing frequency. As a result, we are adding a new category to our Blog “Tax Scams.” Check here for information to…
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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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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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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 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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