Financial Resources & News
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)...
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...
PPP Application Dates Announced
PPP Application Dates Announced The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. The opening, which will take...
New COVID-19 Relief Bill
[vc_row][vc_column][vc_column_text] New COVID-19 Relief Bill Last night, the U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill that provides more than $300 billion in aid for small businesses, $600 stimulus payments to...
Critical Tax Points – Part 2
[vc_row][vc_column][vc_column_text] Tax Relief Strategies: Uncover Tax Relief Opportunities These additional tax strategies extend beyond the typical income tax planning steps: Uncovering missed opportunities for savings: Look for items that have the potential to...
Critical Tax Planning Points for 2020 – Part 1
[vc_row][vc_column][vc_column_text] Tax Relief Strategies for 2020 The tax function plays a critical role in navigating recovery and positioning businesses to emerge from this crisis. An effective tax strategy can preserve liquidity, lower costs, and work in tandem...