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...
Dec 12, 2023 | Chicago CPA
One Percenters across the nation have been moving to Florida to take advantage of the lower taxes on the Sunshine State. For those who are unfamiliar, Florida doesn’t have a state income tax on business or personal earnings. SmartAsset, a financial technology...
Dec 8, 2023 | Chicago CPA
As we begin the tax planning season, here are a few more ideas on how to reduce your tax burden for 2023. Tax Loss Harvesting If you have any stocks or Exchange Traded Funds (ETFs) that are losers where you don’t think they’ll meet your investing goals in...
Dec 5, 2023 | Chicago CPA
As a result of the overall rise in interest rates across the board, the IRS will now charge 8% this tax season on estimated tax underpayments. This rate was only 3% two years ago. This may become a nasty surprise for many entrepreneurs. Our current estimated tax rules...
Dec 1, 2023 | Chicago CPA
It’s the 1st of December, the unofficial beginning of tax season. This is when I do the final tax planning sessions with all of my clients. We need to think about the moves we’ll need to make to legally end up in a reasonable taxation position. It should...
Nov 29, 2023 | Chicago CPA
The following are a few planning notes for the 2023 Tax Season. Qualified Business Income Deduction QBID, where owners of pass-through entities can receive a deduction of up to 20% of their business income, is still in place for this year. The thresholds for phase out...
Nov 28, 2023 | Chicago CPA
Taxpayers who make additional clean energy improvements to their homes may be able to receive the Residential Clean Energy Credit (RCEC). This credit is 30% of the cost of new, qualified clean energy property placed in service between January 1, 2023 and December 31,...
