Chicago Accounting Articles

The BOI Reporting Requirement

Congress passed the Corporate Transparency Act (CTA) which went into effect at the beginning of this year. It requires the majority of small businesses to report who the beneficial owner of their enterprises to the Financial Crimes Enforcement Network or FinCen....

Our Team Ethos

I am a Sentinel. My job is to watch over the financial systems of the United States, keeping things fair, reasonable, and lawful. Without me, the system breaks down into lawlessness and anarchy. I am a common citizen with an uncommon desire to succeed at my God-given...

IRS Tardy Once Again

Back in the 1960’s, the IRS had a plan to create what is known as a Digital Silo. This is a database that contains all of the 154M income tax returns that are filed annually. The concept is that if all of them are housed in the same place, they’ll be...

US Households Fall Behind On Their Bills

Lenders are seeing an alarming rise in credit card balances and delinquencies on auto loans. This sign that Americans are struggling with their bills is setting off alarms all over the economy. Interest rates have been elevated for the past two years. In that period,...

2023 Tax Bills Stall

The $78B Income Tax Bill which would affect 2023 tax law has officially stalled in the Senate. The Tax Relief For Americans And Workers Act Of 2024 passed the House with a bi-partisan vote of 357-70. But the Senate is currently focused on debating foreign assistance...

Remote Work Causing Significant Tax Problems

The concept of a Tax Home is one as old as the IRS Code. It comes down to where your income must be reported and which state gets your tax dollars. This problem is further complicated by states that have passed laws contrary to Federal Tax Law in an effort to increase...