2019 Illinois Tax Amnesty Program For a limited time, the Illinois Department of Revenue is offering amnesty to taxpayers who have outstanding tax liabilities relating to tax periods ending after June 30, 2011 and before July 1, 2018. Penalties and interest will be waived on such tax liabilities if payment is made in full between…
Transition Planning – Option 2 Family Succession Owners need to understand that conducting a family succession requires a very different path than an owner who is looking to sell to an outside party. Most family successions involve some form of gifting in order to begin transferring family wealth. It’s a different mindset than trying to…
Transition Planning – Option 1 Selling Your Business When it comes to selling your business, there are more issues to address than most people think. Here are a few key items that impact an exit strategy: Understanding the value. Value is unique to each company, dependent on your performance, economic conditions, competition, etc. You need…
Supplies and Consumables Used in Manufacturing are Exempt from Illinois Sales and Use Tax Beginning July 1, 2019 Recent tax legislation has expanded the manufacturing exemption to once again include production related tangible personal property. Illinois gives manufacturers a sales tax exemption for purchases of machinery and equipment used in manufacturing or assembling. The new…
Fake Direct Deposit and Wire Transfers The IRS issued a fraud alert about a scam involving company expenses. An email requesting changes to payment instruction is sent from a company or name you will recognize. These changes often contain new bank account information for direct deposit, wire and ACH transfers, invoice payments, expense reports, etc.…
Align Your Strategy Was Your Organization Successful This Past Year? The answer depends on how you define success. Publicly traded companies and nonprofits can answer it easily: higher equity value and achievement of their mission. Every owner of a private company will have a different answer based on their core objective. It could be profits,…
Align Your Strategy Was Your Organization Successful This Past Year? The answer depends on how you define success. Publicly traded companies and nonprofits can answer it easily: higher equity value and achievement of their mission. Every owner of a private company will have a different answer based on their core objective. It could be profits,…
Bronswick Benjamin Has Exciting News to Share. It is with great pleasure to announce we are moving to a new location on February 5th. Our new space, located at 8750 W Bryn Mawr, Suite 650, Chicago, IL 60631, is just minutes from O’Hare International Airport and will allow us to better serve the needs of…
Family-Owned Manufacturers Confront a Succession ‘Crisis’ By John Allegretti, CPA ‘The boss is retiring. The kids don’t want to take over. Family-owned manufacturers confront a succession ‘crisis’ – Chicago Tribune “Most Illinois citizens are aware of the financial crisis currently at hand with the state. However, there is another crisis growing that hasn’t been as…
Bronswick Benjamin is pleased to announce the promotion of Philip Katzberg, CPA, CVA to the position of Principal and Carol Schubert, EA to the position of Supervisor and SALT (State and Local Tax) Specialist. Both Carol and Phil have many years of experience with Bronswick Benjamin and have unique skill sets that set them apart.…