Sep 9, 2026 | Chicago CPA
This involves purchasing collapsible housing units offered by a Utah-based company where supposedly, you can claim a tax deduction of five times your cash outlay with a rapid depreciation deduction. According to the pitch, purchasers can then rent the unit to...
Sep 3, 2026 | Chicago CPA
A recent Tax Court case, Clinco, T.C. Memo. 2026-16, shows exactly what not to do when using Artificial Intelligence (AI). The decision provides a cautionary example for all entrepreneurs navigating the growing use of AI in accounting, tax, and legal research The case...
Sep 2, 2026 | Chicago CPA
Congress returned to work this morning. The first thing on their agenda is a spending bill that would keep the government open through December. However, several tax bills are in the works that may affect year-end planning. Those bills include… 1 – An...
Aug 31, 2026 | Chicago CPA
During a shoot in suburban Chicago last month, Ellen White, the chief executive of sustainability consultancy EcoFixr stood beside a neat row of receptacles marked “landfill,” “compost” and “mixed recycle” while the crew working on a Walgreens commercial finished its...
Aug 26, 2026 | Chicago CPA
Cook and DuPage County Homeowners are again facing a sharper increase in property taxes this year than businesses. Once again, these increases are higher than the local rate of inflation. In Cook County… 1 – Local governments countywide are seeking $743.8M...
Aug 26, 2026 | Chicago CPA
The IRS Voluntary Disclosure Program (VDP) has long offered taxpayers with unreported income a path to compliance before the agency discovers the problem independently. In 2026, proposed changes to the program’s penalty structure are reshaping the math in our...
Aug 21, 2026 | Chicago CPA
The Internal Revenue Service posted a set of proposed regulations prohibiting undocumented immigrants from receiving much of the money from refundable tax credits such as the Earned Income Tax Credit, the Child Tax Credit, the Adoption Tax Credit and the American...
Aug 19, 2026 | Chicago CPA
Our friends at the Internal Revenue Service just updated its guidance for the No Tax On Overtime Rule that went into effect last year. The changes aren’t going to be easy and will cause substantial difficulties for employers. But before I get into all of that,...
Aug 18, 2026 | Chicago CPA
For many employers, payroll challenges are no longer limited to tax withholding and wage calculations. Today’s payroll environment requires organizations to apply federal, state, local, collective bargaining, and in some cases country-specific rules to a workforce...
Aug 15, 2026 | Chicago CPA
The Internal Revenue Service’s overall improper payment rate on tax breaks like the Earned Income Tax Credit increased from 21.9% in fiscal year 2024 to 26.5% in 2025. The total estimated improper payments amounted to approximately $28.1B, according to a new...
