Chicago Accounting Blog

Accounting news and information

Simple Math, Powerful Messages

Why Ratios Are Key To Understanding How Your Business Operates   To the casual, uneducated observer, answering the question ‘how’s business?’ should be a relatively easy task. Just observe the bottom line, determine if profits are going up, and prepare … Continue reading

Why The IRS Keeps Calling Those Who Use Tax Software: A Cautionary Tale

Technology within the accounting world has come a long way. Now, for the most part, we use digital applications and hard drives that are capable of storing what once would be an office’s worth of information. Accounting Solutions Ltd. has … Continue reading

Chicago Restaurant Tax (7525) Audits

So you have received a dreaded audit letter from The City of Chicago Department of Revenue. What do you do now?   The first thing is not to panic. Surviving an audit is one of the basic necessities of entrepreneurship. … Continue reading

City of Chicago Department of Revenue Audits

So you have received a dreaded audit letter from The City of Chicago Department of Revenue. What do you do now?

Cook County Sweetened Beverage Tax Basics for Restaurants, Bars, Retail Stores and other Retail Purveyors

Now that the Cook County Sweetened Beverage Tax has gone through the court system and been approved, we are receiving many questions from our clients. Whether you agree with the tax, or not, it is the law. Protecting your business’ … Continue reading

Resolution Time: Tips For How To Plan Your Business’ Future

New Years resolutions are typically saved for that one magical moment, on New Year’s Eve, when the clock strikes midnight. Statistically, 80 percent of these resolutions fail by February of that year. Generally, the reason for this is poor planning. … Continue reading

Buying A Business? Better Ask the Right Questions Before Closing!

As one grows older, it is likely that they will eventually make some large purchases including, buying a house, purchasing an automobile, or taking out a loan for personal or professional reasons. Of all the purchases that one makes in … Continue reading

Five Ways That Your Business Can Save Money and Accumulate Profit

Out of the millions of people who inhabit the Greater Chicagoland Area, it would be reasonable to state that only a handful possess the knowledge, resources, and experience required to properly operate a successful business. The purpose of business is … Continue reading

The Domestic Production Activities Deduction; An Often Overlooked Deduction for Manufacturers, Construction, Architects, Engineers, and other Domestic Producers

This deduction began in 2005, and is available for all businesses large or small. It provides tax relief for domestic producers to keep jobs in the US rather than shipping them overseas. The deduction applies to almost any business that … Continue reading

Beware of Factoring your Accounts Receivables and other Credit Card Type Lending Products

In these difficult economic times, it is quite difficult to obtain financing. Most traditional sources of lending have just about stopped lending altogether. The few traditional loans I have seen in the commercial markets recently have been real estate loans … Continue reading