Financial Resources & News
Key conversations to have with your CPA
Whether managing personal finances or running a business, this article provides essential questions to ask your CPA for informed decision-making. Discuss everything from tax planning to retirement and succession planning. Stay on top of your financial game by making your CPA meetings count.
Understanding and claiming bad debt deductions for your business
Struggling with uncollectible debts? This article explains how to manage bad debts, including how to report them, track allowances, and handle unexpected repayments—all while staying compliant with tax rules.
Understanding the timeframe for IRS audits
Ever wondered how long you could be subject to an IRS audit? Our latest article breaks down the complexities of IRS audit timeframes.
Don’t fall for tax clickbait: how to spot dubious financial advice online
Think you can spot misleading tax advice online? You might be surprised. Discover how even savvy individuals can fall prey to dubious claims and learn the red flags to watch out for.
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...
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...
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,...
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.
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,...