The Idea Exchange - Chicago CPA Firm

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New Revenue Recognition Standard

The Financial Accounting Standards Board (FASB) wanted to improve comparability and consistencies across entities and industries, and improve the usefulness of financial statements through enhanced disclosures. So a new standard was issued. There are two key principles under the new…

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2019 Tax Deadlines (and Extension Deadlines)

Below is a list of tax filing dates and important deadlines for 2019.  The filing dates listed are relevant to your personal and business’s federal tax return. If you plan to file for an extension of state taxes, you’ll need…

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It’s time for a mid-year business checkup!

Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing mid-year financial reports, however, recognize their potential shortcomings. These…

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Posted in Business Management  |  Leave a comment

Do you need to adjust your withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s…

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2018 tax calendar

To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared…

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