Jan 15, 2024 | Chicago CPA
The tax cuts put into place by the Tax Cuts and Jobs Act of 2017 (TCJA) are set to expire next year. The current proposals put forth by the warring political parties couldn’t be more different. There’s only $6T in differences between them. GOP lawmakers...
Jan 12, 2024 | Chicago CPA
Beginning in February, many borrowers will have their student loans cancelled as part of a new program dubbed the SAVE Repayment Plan. Where do they get these names? Borrowers will be eligible for cancellation if they enrolled in the program and borrowed less than...
Jan 10, 2024 | Chicago CPA
The New Administration imposed new rules in the continuing debate over whether or not a worker can be classified as an independent contractor or an employee. This continuing nightmare will have significant consequences across several sectors of business including food...
Jan 8, 2024 | Chicago CPA
A recently released report from the Treasury Inspector General for Tax Administration (TIGTA) showed that the IRS collected $4.9T in revenues during fiscal year 2022 which ended last September. This was a $790B increase from 2021. Individual taxpayers filed 161M...
Jan 4, 2024 | Chicago CPA
This Obama Era Tax that for the first time in US history placed a payroll tax on passive income is now hitting taxpayers who were never its intended targets. The problem is that the thresholds for the tax aren’t indexed for inflation. As such, middle class...
Jan 2, 2024 | Chicago CPA
The case against Rudy Giuliani, former Trump lawyer and advisor, is revealing a portion of our current income tax code which most will find patently unfair. It amounts to the federal government legally receiving taxes twice on the same income. Mr. Giuliana was hit...
Dec 22, 2023 | Chicago CPA
Political Scientists tell us that the political divide in our great nation has officially reached a fever point. Statistically speaking, the last time our nation was this divided was right before the Civil War. Depending on which side of the aisle your political...
Dec 21, 2023 | Chicago CPA
In an almost unprecedented step, the Internal Revenue Service is forgiving nearly $1B in penalties to the 4.7M individuals, businesses, and charitable organizations who were not sent automated collection reminders during the pandemic. The Service is doing this hoping...
Dec 18, 2023 | Chicago CPA
Lamar “Cory” Thompson, formerly of Chicago, received a 30 month prison sentence for mail fraud. The scheme centered around fraudulently filing for and receiving federal income tax refunds. Between June 2010 and January 2014, Mr. Thompson obtained the...
Dec 13, 2023 | Chicago CPA
Germany’s DAX Index has soared 11% since the beginning of November. Yields on French 10-year government bonds have eased from 3.5% in October to 2.8%. Even Italian Bonds dipped below 4% from a 5% yield earlier this year. If this economic picture is so rosy, why...
