Chicago Accounting Articles

Banks Tighten Small Business Lending

Many of the small businesses we serve are having extreme difficulties in their borrowing needs. Banks, facing a bad economy, are doing what’s necessary to hold onto their cash. One of our clients had a line of credit that was set for renewal a couple of months...

Commercial Loan Defaults To Increase Significantly

Interest only loans, with balloon payments that are due normally in five years, increased in popularity in recent years. These types of loans accounted for 81% of new commercial loan activity in 2021. This was up from 51% back in 2013. These loans became popular...

Car Racing Deductions Don’t Cross The Finish Line

James Avery, an attorney with a law practice specializing in personal injury, got into the sport of car racing back in 2008 when he purchased a thirty-year-old Ferrari. He then placed a sticker with the name and telephone number of his law practice on the car and...

IRS Budget To Be Cut $21.4B

The proposed Debt Ceiling Deal to be voted on by Congress this afternoon includes a couple of substantial cuts to the IRS $80B funding increase pushed by the new administration last year which was to be funded over ten years. The funding increase for 2023 was ratified...

Consumer Spending And Inflation Grow In April

The Federal Reserve’s favored measure of inflation rose .4% on a month over month basis in April. Economists had expected it to only go up .1%. Consumer Spending also increased as the personal consumption price index increased to 4.4% on a year over year basis,...

Snakes Not A Deductible Expense

Amber Hall of Colorado bought her first home earlier this year. A couple of weeks after moving in, one of her dogs alerted her to a snake near the home. She thought nothing of it, given the area. Later she discovered that her new home was filled with snakes. Many of...