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...
Feb 15, 2024 | Chicago CPA
Inflation eased again in January coming in at 3.1% as compared to the prior year. This was down from December’s CPI increase of 3.4%. The problem is that most economists had expected the number to ease under 3% to 2.9%. This threw the markets into a panic, with...
Feb 9, 2024 | Chicago CPA
Beginning in 2024, any organization that files more than 10 information returns at the Federal Level is now required to file those forms electronically. Prior to this new measure, the threshold for electronic filing was 250. If this mandate is broken, the penalty can...
