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 a fraudulent unemployment claim is filed including: 1099-G forms sent to the victims of the fraud, creating…

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 from 50 to 70 percent of qualified wages. The limit on per-employee creditable wages is…

PPP Application Dates Announced

——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any…

New COVID-19 Relief Bill

——————- Disclaimer: The information contained in this Blog (the “Blog”) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BB or its partners, employees or agents, be liable to you or anyone else for any…

Employee Payroll Tax Deferral Update

Employee Payroll Tax Deferral Update On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers in regards to the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an “executive order.”). Though many questions are still unanswered, it addresses some key items. Insight: Although the IRS…

Paycheck Proctection Program Flexability Act

Paycheck Proctection Program Flexability Act On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act provides some relief and flexibility in the use of the Paycheck Protection Program (“PPP”) funds. Changes Included: Borrowers can now choose to extend the original 8-week covered period…

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 manufacturers a sales tax exemption for purchases of machinery and equipment used in manufacturing or assembling. The new…