Chicago Accounting Articles

Another Way The IRS Chooses Audit Targets

As long as I can remember, The Internal Revenue Service (IRS) has put individual income tax returns through a matching process. This is a part of the grading process that determines whether or not your return will be referred to the audit division. The Service already...

Our Higher For Longer Economy

Governors of the Federal Reserve Bank will meet again today, deciding whether or not to change their Fed Funds interest rates. Their decision is due this afternoon. It’s widely expected that they’ll hold rates steady in a game of wait and see. The question...

$20B In Delinquent EIDL Loans Referred To Collections

The Small Business Administration (SBA) began referring $20B in delinquent Covid Loans, to the Treasury Department for immediate collection. Most of these were Economic Injury Disaster Loans (EIDLs) with a balance below $100K. Prior to this, the SBA had already...

Things The Middle Class May Not Be Able To Afford Shortly

I came across an article recently that threw me for a loop. I read it several times, wondering if it was possible. The more I read it, the more I realized that it was not only possible, but even probable in most instances. It talked about the things that the Middle...

Corporate Transparency Act Becomes Opaque

A federal judge in Alabama has ruled that the bi-partisan, anti-money laundering law passed in 2021, aka The Corporate Transparency Act (CTA), is unconstitutional. This legal injunction puts the future of the bill in jeopardy. As of now, we are no longer required to...