IRS Focusing On Upper-Income Non-Filers

In a press release issued yesterday, the Service announced that it was beginning a, “new effort today focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017.” This is something that...

Strong Labor Market Defies Mass Layoffs

January’s unemployment numbers held steady at 3.7%. Employers added a seasonally adjusted 353K jobs last month. Meanwhile, back in reality, large companies are continuing to announce massive layoffs. This includes but isn’t limited to… Cisco –...

Real Estate Market Rebounds As Prices Increase

Please read that headline again and realize how what’s happening is completely illogical. It goes contrary to everything we were ever taught in Keynesian Economics. The number of homes sold in January of 2024 increased 3.1% from the prior month. These numbers...

2023 Tax Refunds Down 29%

The average refund this year as of February 2nd was only $1,395. Federal refunds over the same period last year were $1,963. This is a drop of 28.9%, but the average refund is likely to change as more are processed. Refunds that include refundable credits like the...

Bi-Partisan Tax Package Stalls and SALT Relief Dies

The much touted 2023 Bi-Partisan Tax Bill which passed the House with flying colors is now languishing in the Senate. Given the fact that our hard-working Senators are now on vacation until March 26th, it’s dead. Even if they brought it up for a vote when...

IRS Admits To Not Processing 1B Documents

In a blockbuster report that came out this week, The IRS admitted to having an unprocessed backlog of around 1B documents. That’s billion with a B. Those documents include but aren’t limited to… 1 – Income Tax Returns 2 – Payroll Tax...

Inflation Rates Higher Than Expected

Inflation eased again in January coming in at 3.1% as compared to the prior year. This was down from December’s CPI increase of 3.4%. The problem is that most economists had expected the number to ease under 3% to 2.9%. This threw the markets into a panic, with...

2023 Tax Bills Stall

The $78B Income Tax Bill which would affect 2023 tax law has officially stalled in the Senate. The Tax Relief For Americans And Workers Act Of 2024 passed the House with a bi-partisan vote of 357-70. But the Senate is currently focused on debating foreign assistance...

IRS Dramatically Expands Their Electronic Filing Mandate

Beginning in 2024, any organization that files more than 10 information returns at the Federal Level is now required to file those forms electronically. Prior to this new measure, the threshold for electronic filing was 250. If this mandate is broken, the penalty can...

Chicagoland Office Space Vacancies Increase

As of last December, demand for offices in the Chicagoland area stood at 45% of its pre-pandemic norms. This was down a full 10% from the previous year. Many individuals are still working from home which means that companies aren’t in a hurry to sign leases....