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Social Security Changes

Retirees planning on using two popular Social Security benefit-boosting strategies could soon be out of luck. The budget bill the House passed eliminated the strategies, described as “unintended loopholes” from a 15-year old law.…

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Illinois suspends EDGE tax credits and other incentives

Illinois Governor Bruce Rauner issued a press release to address actions being prepared in response to the Illinois budget deficitof nearly $4-billion. Effective immediately, there is a suspension of all future incentive offers to companies for business attraction and retention…

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2015 Tax Tips for You and Your Business

If you think your tax bill is set in stone at the end of the year, think again.  Though it’s true that money-saving options become much more limited after December 31,  there are still actions you can take now. Consider…

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Top Ten Tax Developments of 2014 Impacting 2015

2014 was a notable year for tax developments on a number of fronts. Selecting the “top ten” tax developments of 2014 requires judgment calls based on a number of factors including forward-looking impact on 2015 and beyond.  Please feel free…

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Quinn Signs the Illinois Amazon Tax into Law

Source: Horwood Marcus & Berk Chartered Author: Breen Schiller [Governor Pat] Quinn signed into law the Illinois “Amazon tax” that requires the online retailer with affiliates in Illinois to collect a “use tax” for all sales to Illinois customers. Illinois’…

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IRS Repeats Warning about Phone Scams

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that…

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Is Your Student’s Athletic Scholarship Taxable?

Do Recent Rulings Make Your Student’s Athletic Scholarship Taxable? The IRS, in a just-released “information letter,” described the tax treatment of college athletic scholarships. The IRS reiterated that because an individual is treated as an employee for labor law purposes, …

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New Taxpayer Bill of Rights

The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of their rights. To clarify these protections,…

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Illinois Small Business Jobs Creation Tax Program

The Illinois Small Business Jobs Creation Tax Credit program provides incentive for small businesses to grow. Through the program, small businesses can receive a $2,500 tax credit for each new full-time position they create that meets the eligibility requirements. The…

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