Jun 8, 2023 | Chicago CPA
Many of the small businesses we serve are having extreme difficulties in their borrowing needs. Banks, facing a bad economy, are doing what’s necessary to hold onto their cash. One of our clients had a line of credit that was set for renewal a couple of months...
Jun 7, 2023 | Chicago CPA
Interest only loans, with balloon payments that are due normally in five years, increased in popularity in recent years. These types of loans accounted for 81% of new commercial loan activity in 2021. This was up from 51% back in 2013. These loans became popular...
Jun 2, 2023 | Chicago CPA
James Avery, an attorney with a law practice specializing in personal injury, got into the sport of car racing back in 2008 when he purchased a thirty-year-old Ferrari. He then placed a sticker with the name and telephone number of his law practice on the car and...
May 31, 2023 | Chicago CPA
The proposed Debt Ceiling Deal to be voted on by Congress this afternoon includes a couple of substantial cuts to the IRS $80B funding increase pushed by the new administration last year which was to be funded over ten years. The funding increase for 2023 was ratified...
May 27, 2023 | Chicago CPA
The Federal Reserve’s favored measure of inflation rose .4% on a month over month basis in April. Economists had expected it to only go up .1%. Consumer Spending also increased as the personal consumption price index increased to 4.4% on a year over year basis,...
May 25, 2023 | Chicago CPA
Amber Hall of Colorado bought her first home earlier this year. A couple of weeks after moving in, one of her dogs alerted her to a snake near the home. She thought nothing of it, given the area. Later she discovered that her new home was filled with snakes. Many of...
May 22, 2023 | Chicago CPA
The Internal Revenue Service (IRS) has announced that the HSA Limit for calendar 2024 on a self-employed, single-only plan will be $4,150. It’s currently only $3,850 this year. Family coverage will have a limit in 2024 of $8,300, up from $7,750 this year. The...
May 19, 2023 | Chicago CPA
This tax season, the Internal Revenue Service (IRS) flagged nearly 1.1M returns as potentially being fraudulent examples of identity theft. The associated refunds were in excess of $6.3B. The number of fraudulently filed returns has done nothing but increase since the...
May 17, 2023 | Chicago CPA
The most recent statistics from the labor markets show many things happening simultaneously. This first is that small businesses, the main driver of employment in our country, have for the most part stopped hiring. Current surveys show that the portion of small...
May 15, 2023 | Chicago CPA
Amir Bruno Elmaani of West Virginia, founder of cryptocurrency Oyster Pearl, pled guilty to various tax offenses. The details of the case are astounding because effectively he actually printed his own money. In 2017, he began promoting a new cryptocurrency named Pearl...
