NEW Illinois PTE Tax Election

NEW Illinois PTE Tax Election

Earlier this year, Illinois enacted a pass-through entity tax (PTE) that allows S Corporation and partnerships to elect to be taxed at entity level for income tax that otherwise would have been payable and deductible by its partners / shareholders. With this election,...
Illinois Announces Individual Income Tax Filing Extension

Tax Day for Individuals Extended to May 17

IRS to Delay 2021 Income Tax Filing Deadline to May 17 Officials with the Internal Revenue Service and the U.S. Department of the Treasury have told several media outlets and Congressional committees that the 2021 income tax filing and payment deadline will be pushed...
American Rescue Plan Act of 2021

American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains additional funding and expansion of tax credits to qualifying small businesses, assistance...
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