Jan 26, 2022 | Chicago CPA
The Economic Injury Disaster Loan (EIDL) initially came with a one year payment deferral which was later changed to two years. The Small Business Administration began approving these loans back in March of 2020. For many, that deferral period is coming to an end and...
Jan 24, 2022 | Chicago CPA
The IRS began accepting 1040’s this morning. Now that tax filing season is actually open, here’s a few items for all to understand and expect this season. Deadlines For the first time in the last couple of years, the service is back to it’s...
Jan 21, 2022 | Chicago CPA
Reps. Dean Phillips (D. MN), Earl Blumenauer (D. OR), and Brian Fitzpatrick (R. PA) began a push for small business relief last month. In a letter to Congress, they said that money should be provided to industries that have been most impacted by Omicron through the...
Jan 19, 2022 | Chicago CPA
Under IRS Notice 2021 – 49, a Recovery Startup Businesses (RSB) is allowed to claim the ERC in the 4th Quarter of last year while older existing businesses are not. In order to qualify as a RSB, an entity must 1 – Have begun carrying on their trade or...
Jan 17, 2022 | Chicago CPA
The Consumer Price Index which measures inflation rose to 7% in December, as compared to a year earlier. The last time inflation was this high was forty years ago in 1982. Looking at the number is frightening enough. 7% inflation is ridiculous. But when we compare the...
Jan 14, 2022 | Chicago CPA
We all know the problem with Independent Contractors. Under current tax law, if you are paying an individual rather than a corporation, 99% of the time, they want that individual treated as an employee. This is the sort of problem that can shut down a business. If...
Jan 12, 2022 | Chicago CPA
The Treasury Department has begun a program to hand out $10B to lending sources earmarked for small and minority owned businesses. Their goal is to create a broader economic recovery. The money comes from the $1.9T C-19 Aid Package that was passed last March. The...
Jan 10, 2022 | Chicago CPA
One of the major issues with the Tax Cuts And Jobs Act of 2017 was the limitation on State and Local Taxes(SALT). For the first time in the history of US Income Tax Law, SALT was limited to a $10,000 deduction on Form 1040. The concept in tax law has always been that...
Jan 7, 2022 | Chicago CPA
One of the things we do with newer clients is to help them deal with their financial fears. Sometimes those fears are so great that they turn away from dealing with their finances altogether. These fears come in many categories. 1 – Sometimes the client knows...
Jan 5, 2022 | Chicago CPA
The EIDL Loan is still available in 2022. In order to be eligible, a business must qualify as follows. 1 – It must have already received an EIDL Loan and want to do either a loan modification or an increase. These loans are now funded up to $2M. 2 – Or a...
