New Sales Tax Rate 2020
Posted December 4, 2019 / No comments
New sales tax rate changes are going into effect for 2020. The Illinois Dept. of Revenue has issued a bulletin (No. FY 2020-9) informing retailers and servicepersons that, effective Jan. 1, 2020, certain taxing jurisdictions have either imposed or changed their local sales tax rates on general merchandise sales. Cash registers and computer programs must
Read MoreForm 1099-K Guidance
Posted December 4, 2019 / No comments
The Illinois Dept. of Revenue has released a bulletin (No. FY 2020-14) detailing new filing requirements for Forms 1099-K issued to a payee with an Illinois address. Beginning with tax year 2019, Forms 1099-K due March 31, 2020, must be filed with Illinois if the payer is required by the IRS to electronically file Forms
Read MorePractice “situational awareness” when it comes to employees’ wages
Posted December 3, 2019 / No comments
“Situational awareness” is a term used in the military and elsewhere to describe an individual’s ability to stay fully alert of all potential threats and resources in his or her surroundings. It’s a good skill for employers to use when determining and tracking employee wage rates. After all, the term “wages” includes more than just
Read More3 last-minute tips that may help trim your tax bill
Posted December 3, 2019 / No comments
If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage
Read MoreHoliday parties and gifts can help show your appreciation and provide tax breaks
Posted December 2, 2019 / No comments
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your
Read MoreThe art and science of goodwill impairment testing
Posted December 2, 2019 / No comments
Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether
Read MoreUsing your 401(k) plan to save this year and next
Posted November 29, 2019 / No comments
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end.
Read MoreGAAP vs. tax-basis: Which is right for your business?
Posted November 28, 2019 / No comments
Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your situation. The basics GAAP is the most common financial reporting standard in the United States.
Read MoreDon’t be afraid of probate
Posted November 27, 2019 / No comments
The word “probate” may conjure images of lengthy delays waiting for wealth to be transferred and bitter disputes among family members. Plus, probate records are open to the public, so all your “dirty linen” may be aired. The reality is that probate doesn’t have to be so terrible, and often isn’t, but both asset owners
Read MoreParental priorities: How to choose a guardian for your child
Posted November 26, 2019 / No comments
If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible. When it comes to choosing the best candidate, you probably already have a short list
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