Jul 7, 2025 | Chicago CPA
I have a new client who’s also a long-term reader that recently brought their business to us. We looked at the 2024 returns and found some red flags. The client has multiple LLC’s; one for each of their locations in the city and one for a manufacturing...
Jul 3, 2025 | Chicago CPA
The Senate Version of the Tax Bill has been presented to the House to be voted one. Soon thereafter, five House Republicans objected, stating that they wouldn’t vote for the bill given the deficit it would create and other difficulties. The GOP can only lose...
Jun 30, 2025 | Chicago CPA
The US Senate is currently voting on the new tax bill. After a month of backroom discussions, the following are some of the highlights to the current version. This is by no means an exhaustive list. I just picked out the provisions that seemed to be most applicable to...
Jun 27, 2025 | Chicago CPA
Eighteen years ago a Restauranteur walked into my office needing a decent accountant. At the time he had two Italian Restaurants in the suburbs and hadn’t filed any of his returns in two years. It was a sordid and all too familiar tale of a family accountant...
Jun 26, 2025 | Chicago CPA
Yesterday, the Treasury Inspector General for Tax Administration (TIGTA) released a report showing that from fiscal years 2019 to 2023, The Criminal Investigation Division (CID) of the IRS had a budget increase of $201 million (35%). Staffing levels at the agency also...
Jun 23, 2025 | Chicago CPA
The One, Big Beautiful Tax Bill includes a provision that would give each of your children born between 2025 and 2028 $1,000. That’s right. You heard it here first. President Trump wants to give your kids a G-Note. In order to qualify, each parent must have a...
Jun 16, 2025 | Chicago CPA
The late singer’s estate of $275M is turning into one big lawsuit. Jimmy Buffett’s widow, Jane Buffett, filed a suit last week in a Los Angeles court to remove her co-trustee, Richard Mozenter, from the marital trust created to support her after Buffet’s...
Jun 12, 2025 | Chicago CPA
There’s a concerted effort going on behind the scenes to reinstate the Pass Through Entity Tax Credit to the Senate Version of the One, Big Beautiful Tax Bill which was eliminated in the House Version. For those who don’t know, this is a bypass where...
Jun 10, 2025 | Chicago CPA
Some math came out over the weekend that’s rather interesting. It’s been widely reported by the Nonpartisan Congressional Budget Office that the New, Big Beautiful Bill would increase our nation’s deficit by $2.4T over the next 10 years if passed in...
Jun 4, 2025 | Chicago CPA
I’ve received several telephone calls in reference to Tax Planning for this year so I thought that I’d address a few issues. May and June are traditionally the time when we begin the process for the upcoming season, so it’s not any sort of a surprise...
