Chicago Accounting Articles

The EIDL Loan Payment Deferral Period Is Ending For Some

The Economic Injury Disaster Loan (EIDL) initially came with a one year payment deferral which was later changed to two years. The Small Business Administration began approving these loans back in March of 2020. For many, that deferral period is coming to an end and...

2022 Tax Season Deadlines And Other Complications

The IRS began accepting 1040’s this morning. Now that tax filing season is actually open, here’s a few items for all to understand and expect this season. Deadlines For the first time in the last couple of years, the service is back to it’s...

Additional Business Covid Relief Is Possible

Reps. Dean Phillips (D. MN), Earl Blumenauer (D. OR), and Brian Fitzpatrick (R. PA) began a push for small business relief last month. In a letter to Congress, they said that money should be provided to industries that have been most impacted by Omicron through the...

4th Quarter 2021 ERC Is Still Available To Many

Under IRS Notice 2021 – 49, a Recovery Startup Businesses (RSB) is allowed to claim the ERC in the 4th Quarter of last year while older existing businesses are not. In order to qualify as a RSB, an entity must 1 – Have begun carrying on their trade or...

How Today’s Inflation Numbers Are Different From 1982

The Consumer Price Index which measures inflation rose to 7% in December, as compared to a year earlier. The last time inflation was this high was forty years ago in 1982. Looking at the number is frightening enough. 7% inflation is ridiculous. But when we compare the...

Independent Contractor Problem Solved With ERC

We all know the problem with Independent Contractors. Under current tax law, if you are paying an individual rather than a corporation, 99% of the time, they want that individual treated as an employee. This is the sort of problem that can shut down a business. If...