Mar 1, 2024 | Chicago CPA
In a press release issued yesterday, the Service announced that it was beginning a, “new effort today focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017.” This is something that...
Feb 28, 2024 | Chicago CPA
January’s unemployment numbers held steady at 3.7%. Employers added a seasonally adjusted 353K jobs last month. Meanwhile, back in reality, large companies are continuing to announce massive layoffs. This includes but isn’t limited to… Cisco –...
Feb 27, 2024 | Chicago CPA
Please read that headline again and realize how what’s happening is completely illogical. It goes contrary to everything we were ever taught in Keynesian Economics. The number of homes sold in January of 2024 increased 3.1% from the prior month. These numbers...
Feb 21, 2024 | Chicago CPA
The average refund this year as of February 2nd was only $1,395. Federal refunds over the same period last year were $1,963. This is a drop of 28.9%, but the average refund is likely to change as more are processed. Refunds that include refundable credits like the...
Feb 20, 2024 | Chicago CPA
The much touted 2023 Bi-Partisan Tax Bill which passed the House with flying colors is now languishing in the Senate. Given the fact that our hard-working Senators are now on vacation until March 26th, it’s dead. Even if they brought it up for a vote when...
Feb 16, 2024 | Chicago CPA
In a blockbuster report that came out this week, The IRS admitted to having an unprocessed backlog of around 1B documents. That’s billion with a B. Those documents include but aren’t limited to… 1 – Income Tax Returns 2 – Payroll Tax...
