Chicago Accounting Articles

Tax Deadline Updates

We are receiving a lot of questions about the updated dates for tax deadlines. So, in this ever changing world of pandemics, looting, and racial unrest, I thought that I would spend some time reminding all of you of the dates upon which everything is due.  ...

20 Tax & Fee Increases Coming Soon to Illinois

Over thirty years ago, I was sitting in one of those easy A courses down at DePaul while finishing my undergrad. I say that because it wasn’t one of the more difficult ones in auditing, taxation, or GAAP Theory that would turn your brain into mush. It actually...

Federal Lawsuit against SBA to change The PPP Loan

A lawsuit has been filed at The Federal Level in California by a group of businesses challenging the eligibility requirements of The Original CARES Act.   If you remember, way back when in March and early April when all of this began, that the intention of The...

PPP Loan Flexibility Planning Opportunities

The new loan flexibility act raises even more questions that we had before. We are expecting additional guidance in the form of answers to frequently asked questions from the SBA. But until those come out, let me field a few questions that I have been asked and talk...

New PPP Flexibility Act Signed Into Law

Last Friday the President signed the PPP Flexibility Act into law. In many ways this change to The CARES Act adds clarity and yet even more confusion to the PPP Loan. It’s main changes are as follows…   Repayment and Payment Deferral Terms  ...

Over $100B of PPP Loan Money Still Available

Wednesday night, the Senate passed the Paycheck Protection Program Flexibility Act. This bill had already passed the House in an almost unanimous vote. It now sits on the President’s Desk to be signed into law.   Because it has not become law, I have not...