Tax Changes for R&E Expenditures as of 2022

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...
The Child Tax Credit – Updated Guidance

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,...
NEW Illinois PTE Tax Election

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,...
Illinois Announces Individual Income Tax Filing Extension

Tax Day for Individuals Extended to May 17

IRS to Delay 2021 Income Tax Filing Deadline to May 17 Officials with the Internal Revenue Service and the U.S. Department of the Treasury have told several media outlets and Congressional committees that the 2021 income tax filing and payment deadline will be pushed...
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