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U.S. Supreme Court Calls Quill Rule “Unsound and Incorrect”

On  June 21, 2018, The United States Supreme Court today overturned two and a half decades of sales and use tax jurisprudence in South Dakota v. Wayfair 1, ruling the physical presence standard established in Quill v. North Dakota 2 “unsound and incorrect” and remanding the case to the South Dakota Supreme Court for further … Read More »

Partnerships: Get ready for new audit rules

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. Read More »

Illinois’ Budget Brings Tax & Withholding Changes

Following the override of the governor’s veto, on July 6th Illinois enacted Public Act 100-0022 (Act) which makes several changes to Illinois’ corporate and personal income tax. Key Tax Highlights Include: Read More »

Trump’s FY 2018 budget outlines tax reform proposals

The President’s fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming weeks. These details are expected to describe rate cuts for individuals and businesses, new incentives for child and elder care, elimination of certain deductions and credits, and more.  Read More »

House Passes ACA ‘Repeal and Replace’ Bill; Senate to Begin Deliberations Soon

In a first step toward repealing and replacing the Affordable Care Act (ACA), the U.S. House of Representatives has passed the American Health Care Act. The bill will now be sent to the U.S. Senate. Until this legislation is passed by the U.S. Senate and signed into law by President Trump, all existing ACA requirements remain in effect, including penalties for noncompliance. Read More »

White House calls for significant tax cuts and other tax reforms

At the end of April, just before his “100 days” in office, President Trump unveiled his highly-anticipated tax reform outline – the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification. Read More »

Congressional Leaders Highlight Tax Reform Proposals

As the new administration and Congress get to work, tax reform is high on the agenda. Although legislative language has not been yet released, statements from tax writers in Congress shed some light on various proposals. Tax reform House Ways and Means Chair Kevin Brady, R-Texas, has predicted that tax reform will lower the tax … Read More »

21st Century Cures Act Expands use of HRAs by Small Employers

The 21st Century Cures Act ("Act"), passed in late December, 2016, contains provisions for "Qualified Small Business Health Reimbursement Arrangements" ("HRA"). This new HRA would allow eligible small employers to offer a health reimbursement arrangement funded solely by the employer that would reimburse employees for qualified medical expenses including health insurance premiums. Read More »

FLSA Overtime Rules Temporarily Blocked

On November 22 a federal judge issued a nationwide injunction blocking the U.S. Department of Labor (“DOL”) from implementing its new overtime rule scheduled to take effect December 1, 2016. The court’s action stops the overtime rule changes from going into effect nationwide, while the court decides the case. What should employers do now? Read More »

Treasury Seeks to Limit Certain Valuation Discounts for Family-Controlled Entities: Proposed 2704 Regulations

Proposed regulations under section 2704 of the Internal Revenue Code were released earlier this month in regard to valuation of interests in many family-controlled entities for estate, gift, and generation-skipping transfer tax purposes. The proposed regulations are looking to limit the amount of certain valuation discounts and this could mean increased estate taxes on the death of owners of family businesses and/or entities. Read More »

Election Year Politics Drive 2016 Tax Legislation

Election-year politics continue to drive 2016 tax legislative action as both parties lay down policy agendas for 2017 and beyond. Although there is a lot of talk about tax reform, according to recent surveys of Washington tax experts, it is unlikely anything significant will happen prior to the November election. Regardless, prior to leaving Capitol Hill in mid-July for the Democratic and Republican nominating conventions, lawmakers moved forward on tax legislation for individuals and businesses. Here are the highlights. Read More »

New Illinois Sales Tax Rate Increases Effective 7-1-2016

Effective July 1, 2016, certain taxing jurisdictions have imposed a local sales tax or changed their local sales tax rate on general merchandise sales. Increases range from none to 1%+. Read More »

Warady & Davis Named a 2016 “Best Accounting Firm to Work for” by Accounting Today

For the third year in a row, Warady & Davis LLP is proud to be named a "Best Accounting Firm to Work for" by Accounting Today and Best Companies. Together we create an exceptional, cohesive team of people who are passionate about what we do and are committed to our clients’ success and to each other. Read More »

Overtime updates will extend protections to 4.2 million workers

The Obama administration has announced that it is making millions more employees eligible for overtime pay. The Department of Labor (DOL) estimates that this new ruling will affect 194,000 workers in Illinois alone. If you are a not-for-profit organization, the new rules are complex. Read More »

Seven Things Every Business Owner Should Do In 2016

If you own or manage your own business, you’re probably busy monitoring operations and dealing with everyday problems. But there are a few things that you should make time to do every year. These are important for your long term business and personal success. Read More »

PATH Act Boosts Tax Benefits for Businesses, Adds Certainty

On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). We have experienced numerous, last-minute extender packages in the past, but this one is significant. In 2014 Congress passed a tax bill in December that really only gave two weeks of tax certainty. Extensions … Read More »

Why companies succeed – 3 keys to building a healthy business

Businesses fail for complicated reasons — from dysfunctional management to insufficient capital; too rapid growth to an inability to respond to changing markets. Why businesses succeed, on the other hand, is often easily explained. Regardless of size and sector, most healthy companies share three characteristics: 1) strong revenues, 2) low production costs and 3) low … Read More »

The Protecting Americans from Tax Hikes Act of 2015, or “PATH”

President Obama on December 18th signed The Protecting Americans from Tax Hikes Act of 2015, or “PATH” - a package of tax extenders costing $622 billion over the next decade. This tax bill contains some nice presents: permanent extensions of tax benefits for businesses and individuals that have long been temporary. Read More »