By: Mark Mirsky, CPA & Paul Wilkin, CPA
Category: Tax – Business
Reach Out to Advisors Now to Ensure Smooth Tax Season
By: Pete Solov, CPA
Focus on Fundamentals to Maintain Even Keel in Volatile Economy
By: Arlene Meyers
Do You Have a Bank Account in a Country Outside of the United States?
If you have a bank account in a foreign country, you may need to disclose it to a branch of the government that fights financial crimes. This is what tax professionals call FBAR reporting. FBAR stands for Foreign Bank and Financial Accounts Report.
Hurricane Ian Tax Relief: What You Need to Know
The IRS has provided relief for victims of Hurricane Ian in Florida. Update: Tax relief was extended to the Carolinas on October 5, 2022.
Illinois Sales Tax Holiday
The sales tax holiday (August 5 – August 13) is designed to give back-to-school shoppers relief on items purchased for student use.
Grocery Tax Suspension in Illinois
To help ease the impact of inflation, the State of Illinois will suspend the 1.00% tax on grocery items starting July 1, 2022 through June 30, 2023. This applies to all Illinois residents and there is no income requirement.
Insights from KRD: Post-tax Season Update
After a rigorous tax season, the tax and financial planning experts at KRD share post-tax season highlights from the IRS and state of Illinois. We’ve also included suggestions for creating your online account with the IRS, in addition to some helpful links.
Do You Need to File Schedules K-2 & K-3? A Look at Requirements, Exceptions/Relief, Filing Issues
Understanding Your IRS Notice
Dealing with the IRS can be stressful. There are taxpayers who receive an IRS notice and because they are so fearful, they will pay the notice without verifying the accuracy.