Illinois Tax Delinquency Amnesty Act – Amended
Posted August 14, 2019 / No comments
The Illinois Tax Delinquency Amnesty Act has been amended and will provide an opportunity for taxpayers to have penalties and interest waived on outstanding tax liabilities. Eligible tax liabilities include any tax liability that wasn’t reported or paid for tax periods ending after June 30, 2011, and prior to July 1, 2018. The Tax Amnesty
Read MoreIllinois enacts and amends income tax credits
Posted August 14, 2019 / No comments
Illinois enacts and amends income tax credits. For taxable years beginning on Jan. 1, 2020, an apprenticeship education expense credit is available. The credit is an income tax credit for qualified education expenses incurred by an employer, on behalf of a qualifying apprentice. The credit will be equal to 100% of the qualified education expenses,
Read More“Innocent spouses” may get relief from tax liability
Posted August 13, 2019 / No comments
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes
Read MoreWhat to do if your business receives a “no-match” letter
Posted August 12, 2019 / No comments
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically,
Read MoreA few basics of safe harbor 401(k) plans
Posted August 10, 2019 / No comments
A few basics of safe harbor 401(k) plans Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set up a
Read MoreReporting discontinued operations
Posted August 9, 2019 / No comments
Reporting discontinued operations Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting in 2015, the rules changed, limiting the
Read MoreNon-Home Rule Municipal Retailers’ Occupation Tax
Posted August 8, 2019 / No comments
The nonhome rule municipal retailers’ occupation tax sunset date has been extended. The sunset date went into effect on July 12, 2019. The nonhome rule municipal retailers’ occupation tax for expenditures on municipal operations, public infrastructure or property tax relief is extended from Dec. 31, 2020 to July 1, 2030.
Read MoreThe tax implications of being a winner
Posted August 6, 2019 / No comments
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported
Read MoreSummer: A good time to review your investments
Posted August 5, 2019 / No comments
You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the
Read MoreIRS wheels out additional guidance on company cars
Posted June 3, 2019 / No comments
The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role
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