Please note: This article will be updated daily with information regarding the coronavirus in the U.S. and the state of Illinois. Last updated on April 20, 2020.
Month: March 2020
CARES Act: Required Minimum Distributions Suspended
Stay informed on the latest tax and employment legislation updates during the Coronavirus outbreak.
How to Protect Yourself from Tax Scams
There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose as the IRS to trick you out of… Continue reading How to Protect Yourself from Tax Scams
How Many States Does Your Company Do Business In?
Every state with income or franchise taxes is looking for additional revenue. If your business has property, employees or sales in any given state you most likely have physical nexus.
2019 Taxpayer Planning: Hiring Family Members
One of the advantages of someone running their own business is hiring family members, which can provide a deduction for compensation paid. When including family members in business operations, certain tax treatment and employment tax rules apply.
Six Tips to Grow Your Business in 2020
Looking for fresh, effective ways to grow your business in 2020? You’ve come to the right place. In today’s market, it can be difficult to stand out from the crowd, gain new customers or clients, and increase your company’s revenue. Note: We said difficult, not impossible! Below, you’ll find six fun, easy tips to help… Continue reading Six Tips to Grow Your Business in 2020
Exempt Organization Status and Excess Benefit Transactions
The IRS has issued final regulations concerning the exempt status of organizations that are tax-exempt under Code Sec. 501(c)(3) but engage in excess benefit transactions. As an exempt organization, this development may affect you.
Roth IRA Conversions – Are You Aware of These Advantages?
What are the benefits of Roth IRAs compared to Traditional IRAs?
2019 Tax Planning: Retirement Savings for Individuals & the Self-Employed
When was the last time you evaluated your retirement savings? If you can’t answer this question, then the best time to review your retirement savings is now.