Insights
2022 Year-End Tax Planning for Businesses
U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all ...
IRS Provides Broad Penalty Relief For Some 2019, 2020 Returns
The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with ...
Inflation Reduction Act Becomes Law
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a ...
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 ...
IRS Penalties & Interest
How does the IRS go about applying penalties and interest to taxpayers?
In this article we’ll be discussing the 4 ...
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 ...
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 ...
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 ...
Illinois Announces Individual Income Tax Filing Extension
Illinois Announces Individual Income Tax Filing Extension
Gov. Pritzker announced that Illinois is extending the ...
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 ...
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 ...