Mar 24, 2025 | Chicago CPA
I find it hard to believe that I actually have people asking me that question this year. Given the well advertised IRS labor force reductions, and the ridiculousness of people saying that the agency will be closed, many are wondering if they need to file. So...
Mar 20, 2025 | Chicago CPA
If you had your student loans canceled or reduced under the Biden Administration in 2024, you may need to start planning. Please understand that this forgiveness of debt may or may not create additional income tax. The concept in tax law has always been that...
Mar 19, 2025 | Chicago CPA
The continuing resolution that the Senate approved last week that was signed into law on Saturday included the extension of a $20.2 billion rescission to the IRS budget. This, once again, removed part of the $80 billion that the IRS was supposed to receive over 10...
Mar 15, 2025 | Chicago CPA
Economic Fear seems to be the only thing that people can talk about. Three months ago, everyone was certain that we’d sail through the next four years with an economy unlike any other. Now, the word recession fills our lexicon. Government layoffs, funding cuts,...
Mar 13, 2025 | Chicago CPA
The Small Business Administration announced that it will be moving its Downtown Chicago based Regional Office out of Chicago because of the city’s non-compliance with Federal Immigration and Customs Enforcement Actions. In addition to Chicago, offices in...
Mar 10, 2025 | Chicago CPA
Here’s what we know so far… The following tariffs went into place last Tuesday. 1 – A 25% tariff on goods and a 10% tariff on energy from Mexico and Canada 2 – A 10% tariff on goods from China 3 – Potential tariffs on cars were suspended...
Mar 7, 2025 | Chicago CPA
Numbers provided by the US Census Bureau show that Illinois lost 56,235 residents in the period from June 2023 – June 2024. This amounted to one resident leaving every 9 minutes and 23 seconds. And it wasn’t because of the weather. Our only neighboring...
Mar 5, 2025 | Chicago CPA
Traci DiMartini, the Human Capital Officer at the Internal Revenue Service has been placed on administrative leave. The decision was made March 3rd by acting IRS Commissioner Melanie Krause, according to the sources who’ve spoken to DiMartini about the matter....
Mar 4, 2025 | Chicago CPA
We had a twist yesterday in the continuing saga over the Beneficial Ownership Information (BOI) reporting requirements from the Financial Crimes Enforcement Network (FinCen). Last week, Fincen said that it would announce new reporting deadlines not to exceed March...
Feb 28, 2025 | Chicago CPA
Since 2002, the IRS has published what it terms the Dirty Dozen. This is a list of current scams being used to steal money from taxpayers. Please take heed of this list. As Entrepreneurs, we’re always targeted. The following are just a few of the Dozen, that...
