Feb 9, 2024 | Chicago CPA
Beginning in 2024, any organization that files more than 10 information returns at the Federal Level is now required to file those forms electronically. Prior to this new measure, the threshold for electronic filing was 250. If this mandate is broken, the penalty can...
Feb 7, 2024 | Chicago CPA
As of last December, demand for offices in the Chicagoland area stood at 45% of its pre-pandemic norms. This was down a full 10% from the previous year. Many individuals are still working from home which means that companies aren’t in a hurry to sign leases....
Feb 5, 2024 | Chicago CPA
Every year hundreds of tax preparation shops sprout up out of nowhere throughout the Chicagoland Area. By April 16th, many have gone the way of the Dodo Bird, never to be heard from again. The IRS is warning taxpayers about Unprofessional and Illegal Preparers. In...
Feb 2, 2024 | Chicago CPA
In a vote of 357 to 70, The House of Representatives passed a retroactive 2023 tax package dubbed the Tax Relief for American Families and Workers Act. The bill enjoyed strong bi-partisan support and is now being considered by The Senate. The package Includes the...
Jan 31, 2024 | Chicago CPA
There’s a refreshing change in the air for several states that are reducing their income tax rates for 2024. This move to help their economies is what’s known in taxation circles as “Tax Cut Fever”. 14 states have enacted laws that reduce...
Jan 29, 2024 | Chicago CPA
The Internal Revenue Service began accepting income tax returns this morning. With the official opening of Tax Season, it’s Important for you to know when the deadlines are to avoid paying penalties. January 31, 2024 W-2’s and W-3’s are due by this...
Jan 26, 2024 | Chicago CPA, Uncategorized
The concept of a Tax Home is one as old as the IRS Code. It comes down to where your income must be reported and which state gets your tax dollars. This problem is further complicated by states that have passed laws contrary to Federal Tax Law in an effort to increase...
Jan 25, 2024 | Uncategorized
Numbers recently published by The Internal Revenue Service show that less individual taxpayers are getting refunds. As this phenomenon increases, so are the number of collection cases as well as the interest and penalties associated with them. In 2019 there were 16.8M...
Jan 19, 2024 | Chicago CPA
This crime occurs when a criminal uses your personal information to file a fraudulent income tax return and steal your refund. Given the process of electronic filing, this has become an easy way for criminals to make millions. All they need is your full name and...
Jan 17, 2024 | Chicago CPA
The recession that most economists were predicting by the third or fourth quarter of last year failed to materialize. As a matter of fact, instead of Gross Domestic Product (GDP) falling for two consecutive quarters, we actually had positive growth last year to the...
