Financial Resources & News
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.
Preparing for the post-TCJA era: corporate tax changes for 2026 and beyond
Discover what the post-TCJA era has in store for corporate tax changes in 2026 and beyond. This article clarifies the complex tax landscape and offers valuable foresight for businesses. Don’t miss out on this opportunity to stay ahead of the curve and prepare your company for the future.
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,...
Optimizing multiple incentives and financing strategies for growth: PPP, the Employee Retention Credit & the SBA
Optimizing multiple incentives and financing strategies for growth: PPP, the Employee Retention Credit & the SBA Standing still is not an option in a dynamic and changing economy. Join us for an interactive session that will help maximize Covid-19 tax relief and...
Illinois Announces Individual Income Tax Filing Extension
Illinois Announces Individual Income Tax Filing Extension Gov. Pritzker announced that Illinois is extending the 2020 individual income tax filing and payment deadline from April 15 to May 17 to match the new federal due date. The Illinois Department of Revenue (IDOR)...