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…
Read More »
Posted in Tax | Leave a comment
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 …
Read More »
Posted in Tax | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
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…
Read More »
Posted in Tax | Leave a comment
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,…
Read More »
Posted in Tax | Leave a comment
Source: Horwood Marcus & Berk Chartered Author: Breen Schiller [Governor Pat] Quinn signed into law the Illinois “Amazon tax” that requires the online retailer with affiliates in Illinois to collect a “use tax” for all sales to Illinois customers. Illinois’…
Read More »
Posted in Tax | Leave a comment
With another school year now in full swing, the Internal Revenue Service today reminding parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several…
Read More »
Posted in Tax | Leave a comment
The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that…
Read More »
Posted in Tax | Leave a comment
Do Recent Rulings Make Your Student’s Athletic Scholarship Taxable? The IRS, in a just-released “information letter,” described the tax treatment of college athletic scholarships. The IRS reiterated that because an individual is treated as an employee for labor law purposes, …
Read More »
Posted in Tax | Leave a comment
The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of their rights. To clarify these protections,…
Read More »
Posted in Tax | Leave a comment
Clients frequently ask us questions such as, “Can a 125 Cafeteria plan allow for reimbursement of insurance premiums for an individual who does not choose to participate in his employer’s health plan? Instead he or she chooses to get their…
Read More »
Posted in Tax | Leave a comment
The following post is courtesy of Levenfeld Pearlstein LLC – Authored by David C. Blum Governor Quinn recently signed Public Act 98-0628 into law which subjects motor vehicle leases of more than one year to Illinois Retailers’ Occupation (Sales) Tax…
Read More »
Posted in Tax | Leave a comment
The Illinois Small Business Jobs Creation Tax Credit program provides incentive for small businesses to grow. Through the program, small businesses can receive a $2,500 tax credit for each new full-time position they create that meets the eligibility requirements. The…
Read More »
Posted in Tax | Leave a comment
Did you know that bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond? And that the Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over…
Read More »
Posted in Tax | Leave a comment
The IRS is on heightened alert for identity theft as the filing season unfolds. Typically, identity thieves file fraudulent returns early in the filing season to claim bogus refunds. When taxpayers file their genuine returns, they learn that their identities…
Read More »
Posted in Tax | Leave a comment
By: David Faje, CPA, MST, Tax Manager, Warady & Davis LLP – February 13, 2014 Many of you are now in the process of gathering your 2013 tax information including acknowledgement letters from your favorite charities for any contributions made…
Read More »
Posted in Tax | Leave a comment
Many higher-income taxpayers will be in for a big surprise when they finally tally up their 2013 tax bill before April 15th. The higher amount of taxes that may be owed will be the result of the combination of several…
Read More »
Posted in Tax | Leave a comment
Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving…
Read More »
Posted in Tax | Leave a comment
