Jan 14, 2025 | Chicago CPA
The Republicans won a five seat majority in the House and a similar majority in the Senate. The battle lines are being drawn as both sides begin their legislative agenda. The SALT Limitation The limitation of only being able to deduct $10K in State and Local Taxes...
Jan 12, 2025 | Chicago CPA
Michael Abramson, an Attorney from Wilmette, Illinois, has been convicted of tax fraud, attempting to tamper with a witness, and violating a court order. Abramson filed false individual returns for himself and corporate returns for a company in which he held an...
Jan 9, 2025 | Chicago CPA
Erin Collins, the National Taxpayer Advocate, released her annual report to Congress last Wednesday. The highlights of the report include… 1 – Taxpayers and practitioners are supposedly receiving better service. Wait times to reach a customer service...
Jan 6, 2025 | Chicago CPA
The recent surge in Bitcoin prices has been a financial boon to its investors. Many have been cashing out with gains exceeding their wildest expectations. Bitcoins were trading in the $97K range yesterday. If you had invested in this asset four short years ago, your...
Jan 6, 2025 | Chicago CPA
The residents of nine states are getting an income tax cut beginning this year. Three of those states share a border with Illinois. These changes are part of the continuing push since the Covid Era when states found themselves flush with Federal Pandemic Funds....
Dec 30, 2024 | Chicago CPA
BOI Reporting Requirements Reinstated…Sort Of The saga of the Beneficial Ownership Reporting Requirements to FinCen continued last week when a Federal Appeals Court reversed the former ruling stating that it was no longer a requirement. The problem is that the...
Dec 30, 2024 | Chicago CPA
Approximately 1M Taxpayers will begin receiving up to a $1,400 payment from the IRS over the next month. The money will go to individuals who haven’t yet received their the Covid 19 Stimulus Payments. This is the last of the Recovery Rebate Credits that went out...
Dec 19, 2024 | Chicago CPA
There’s plenty to discuss today, so let’s get into it… Estimated taxes for the 4th Quarter are due January 15, 2025 If your Adjusted Gross Income is less than $150,000 then your deposits for Income Tax must be the lessor of either 100% of the prior...
Dec 13, 2024 | Chicago CPA
Let’s get into it… E-Filing As a taxation professional, I truly dislike e-filing. It simply makes it easier for them to choose returns to audit. When returns are mailed, they have to pay someone to type them in so that they can check them. When e-filed,...
Dec 8, 2024 | Chicago CPA
On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that stops the federal government from enforcing the Corporate Transparency Act (CTA).This act went into effect on January 1st of this year and...
