May 19, 2022 | Chicago CPA
A report released yesterday from the Government Accountability Office (GAO) found that the number of audits completed by the Internal Revenue Service has been declining since 2010. The largest decreases came in taxpayers showing $200K to $500K in income. The report...
May 19, 2022 | Chicago CPA
In yet another twist in the unending legacy of pandemic stimulus money, Employee Retention Credits (ERC’s) now have a new use. We’re currently doing the Mergers and Acquisition Due Diligence on two smaller transactions where the seller had payrolls and...
May 11, 2022 | Chicago CPA
In a report released last Monday by the Treasury Inspector General for Tax Administration, it was disclosed that 30M paper filed information returns were destroyed in March of 2021. The reason given was their inability to process the backlog. “This audit (inquiry) was...
May 9, 2022 | Chicago CPA
Consumers are changing how they spend their money as a result of coming out of the pandemic, inflation, and their overall worries in the economy. Wages have continued to grow, and consumer spending increased 1.1% in March, but it looks like many shifts are beginning....
May 7, 2022 | Chicago CPA
Our economy, as measured by Gross Domestic Product, fell by 1.4% in the first quarter of this year. Though we’re technically not in a recession until there’s negative growth for two consecutive quarters, this is obviously not a good sign. The decline was a...
May 7, 2022 | Chicago CPA
Upwards of fifteen or twenty years ago, larger accounting and tax firms sold portions of limited partnerships to their wealthier clients for the express purpose of claiming exaggerated losses to reduce tax burdens. These “tax shelters” came under scrutiny...
May 4, 2022 | Chicago CPA
Governor Pritzker and The Illinois General Assembly have passed a budget this year providing $1.8B in tax relief from many things including property and gas taxes. The problem is that these gimmicks, designed to sway voters in an election year, are only temporary. In...
May 2, 2022 | Chicago CPA
Social Security taxes are currently levied on all payrolls up to $147K annually. Under a new Congressional Proposal, that could change radically. The House has proposed taxing all payrolls that are $400K and above. Think about how ridiculous that would be. A worker is...
Apr 27, 2022 | Chicago CPA
Millions of employees left their jobs during the pandemic. A new study shows that many of them are returning to their old positions. The monthly “quit rate”, a government statistic on how many employees resigned their position, reached 2.9% in February....
Apr 25, 2022 | Chicago CPA
The pandemic taught us many hard lessons, but now isn’t the time to forget any of them. If anything, it’s time for more reinvention. During the last couple of years, I’ve seen entrepreneurs rise to the challenge of the times. It was difficult, and...
