IRS Issues 2025 Tip and Overtime Guidance

Learn how IRS Notice 2025-69 guides workers in calculating qualified tip and overtime deductions for 2025 when employers don’t provide separate reporting.

6 Last-minute Tax Tips Your Business Can Use Right Now

Lower your business’s 2025 taxes with six last-minute year-end tax tips, including income deferral, expense prepayment, equipment purchases, and more.

Cut Your Business’s 2025 Taxes with Year-End Strategies

Reduce your business’s 2025 federal tax liability with year-end planning steps, new OBBBA opportunities, and strategies to maximize deductions.

IRS clarifies theft and fraud loss deductions

Through a Chief Counsel Advice memo, the IRS indicates that more fraud victims can claim a theft loss deduction than previously known.

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PPP Updates and Loan Forgiveness Calculator

New PPP rules, applications and guidance are almost a daily occurrence and last week was no exception. The June 22 Interim Final Rule officially updates the language of the Final Rules to...

Adjust your expectations of business interruption coverage

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary....

New PPP Loan Forgiveness Guidance and Possible Congressional Changes

Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night, May 22nd, that provides some clarity on several loan...

SBA Releases PPP Loan Forgiveness Application & Instructions

The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The SBA explained that the...

Partnerships and Seasonal Employers may Be Eligible for More PPP Money

There is a new PPP interim final rule (the tenth) on increasing PPP loan amounts for partnerships and seasonal employers. Before this rule, small businesses that are structured as...

PPP Loan Forgiveness Q&A

IMPORTANT NOTE: The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The...

The Fed’s Main Street Lending Program Updates

The Federal Reserve Board recently announced changes to its new ‘Main Street Lending Program’ (MSLP), created to help small to medium-sized businesses that need access to cash because of...

Illinois Small Business COVID-19 Relief Program Receives More Funding

The Business Invest - Illinois Small Business COVID-19 Relief Program (“Program”) is an impact investment loan program under which the State Treasurer Michael Frerichs has now made...

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This...

Accountants | Auditors | Consultants | CPAs - Warady & Davis LLP is a Top 25 Chicago CPA Firm that provides audit, accounting, tax and consulting services to privately-held businesses, high net-worth individuals across the United States, including Chicago (IL), Milwaukee (WI) and surrounding areas. The firm provides a variety of accounting, tax, audit, technology, forensic, consulting and advisory services to guide businesses toward their goals. W&D's industries served include construction, healthcare, medical and dental practices, nonprofits, manufacturing, real estate, wholesale & distribution and closely-held businesses.