Chicago Accounting Articles

New Administration’s Bill To Tax Roth IRA Distributions

Roth IRA’s were created in 1997 to invest after tax dollars with the proceeds at retirement remaining untaxed. We pay the tax now so that we don’t have to pay it later. If the new administration gets its way, those proceeds would be taxed. In yet another...

Profit Planning In A Post-Pandemic World

It’s time for many of us to begin thinking about what our businesses will look like from a profit perspective once this mess is over. In making a determination, there are many things to consider. No More PPP Loans That’s right. Many might find it hard to...

American Inflation Rates

Given the budget impasse that will head into yet another week of arm-twisting, one of the news items that isn’t getting much press is the problem of inflation. Normally, the monthly inflation numbers range between 1.2% and 1.4%. To explain this better,...

First PPP Loan Forgiveness Deadline Has Come And Gone

I’m hearing from many that they are now receiving bills for PPP Loan Repayments on their first draw loans. Some are even asking what they should do. The answer is simple. Put in your loan forgiveness paperwork. Many are acting as if this is something that...

Preparing For The New Administration’s Tax Proposals

It’s obvious that something is going to pass. Exactly what that will be in size or impact is impossible to know, at this point. Whenever there’s a significant tax increase, those who are affected need to rethink their tax planning strategies. An Increase...