Financial Resources & News
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...
Unemployment Fraud Continues to Thrive
Unemployment Fraud Continues to Thrive The Illinois Department of Employment Security (IDES) has reportedly stopped around 1,000,000 fraudulent unemployment claims since March of 2020. That number continues to grow at an alarming pace. There are many consequences when...
Employee Retention Credits (ERC)
Employee Retention Credits (ERC) Implemented as a refundable credit under the CARES Act, the employee retention credit is extended through June 30, 2021. The following also applies for calendar quarters beginning after December 31, 2020: The credit rate is increased...
New Year. New Promotions.
Chicago, IL, January 19, 2021 Bronswick Benjamin is pleased to announce three promotions of our professionals. Dylan Creger will be promoted from Senior Accountant to Supervisor. Daniel Fredrickson and David Thompson will transition from their current roles as...
Increasing Cash Flow
Increasing Cash Flow Cash flow is vital to any business. The primary reason any company has a loan or a line of credit is because they did not have the cash. Some capital to buy large equipment, a facility, etc. is needed rather than tying up working capital. The...
2019 Illinois Tax Amnesty Program
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...
Transition Planning – Option 2 Family Succession
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...
Transition Planning – Option 1 Selling Your Business
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,...
Supplies and Consumables Used in Manufacturing are Exempt from Illinois Sales and Use Tax Beginning July 1, 2019
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...