Tighe, Kress & Orr, PC Promotes Mohamed Nurmohamed, CPA to Tax Manager
Posted May 23, 2019 / No comments
ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Mohamed Nurmohamed from Tax Senior to Tax Manager within the firm. Mo provides advisory and planning services for a wide variety of business and individual clients. Additionally, he works extensively with
Read MoreTighe, Kress & Orr, PC Promotes Wade Arthur, CPA to Audit Manager
Posted May 23, 2019 / No comments
ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Wade Arthur from Audit Senior to Audit Manager within the firm. Wade provides attest, advisory and planning services for a wide variety of businesses, governmental agencies and non-for-profits. He also assists
Read MoreIRS updates rules for personal use of employer-provided vehicles
Posted May 23, 2019 / No comments
The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs
Read MoreMake health care decisions while you’re healthy
Posted May 9, 2019 / No comments
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is
Read MoreCheck on your refund — and find out why the IRS might not send it
Posted May 7, 2019 / No comments
It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may take longer — and in rare cases, refunds might
Read MoreWhat type of expenses can’t be written off by your business?
Posted May 6, 2019 / No comments
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in
Read MoreDoes your estate plan include a formula funding clause?
Posted May 2, 2019 / No comments
The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples). If you’re married and
Read MorePlug in tax savings for electric vehicles
Posted April 30, 2019 / No comments
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up to $7,500. (Depending on where
Read MoreCasualty loss deductions: You can claim one only for a federally declared disaster
Posted April 23, 2019 / No comments
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for
Read MoreHow entrepreneurs must treat expenses on their tax returns
Posted April 22, 2019 / No comments
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.
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