Financial Resources & News

Tax Changes for R&E Expenditures as of 2022

Tax Changes for R&E Expenditures as of 2022

Businesses that invest in research and development, particularly those in the technology industry, should be aware of a major change to the tax treatment of research and experimental (R&E) expenses. Under the 2017 Tax Cuts and Jobs Act (TCJA), R&E expenditures...

read more
IRS Penalties & Interest

IRS Penalties & Interest

How does the IRS go about applying penalties and interest to taxpayers? In this article we’ll be discussing the 4 types of penalty charges, and how the IRS goes about applying them.   For clarity: Original Due Date = Generally April 15th for Individual Taxpayers...

read more
The Child Tax Credit – Updated Guidance

The Child Tax Credit – Updated Guidance

The IRS updated its factsheet regarding the Child Tax Credit again on March 8, 2022. As part of the American Rescue Plan Act, the Child Tax Credit (“CTC”) was expanded for the 2021 tax year by offering families advance monthly payments of $250 to $300 per child. Also,...

read more
Updated Lease Accounting Guidance to Go into Effect Soon!

Updated Lease Accounting Guidance to Go into Effect Soon!

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, which created Accounting Standards Codification (ASC) Section 842, Leases (“ASC 842”). This new standard provides significant updated guidance for how non-public business entities account for operating and capital leases.

read more
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,...

read more
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...

read more
Call Now