(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.
Happy Tax Day! The tax filing deadline for 2019 tax returns was extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some…
Read More »
Posted in Tax | Leave a comment
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other…
Read More »
Posted in Tax | Leave a comment
Fraudsters are on attack, using malicious email, text message and telephone scams designed to steal tax refunds and government stimulus checks being distributed to eligible individuals. Don’t fall for common scams: Internal Revenue Service (IRS) ChecksNo business/service can get…
Read More »
Posted in Tax Scams | Leave a comment
The delay in receiving your stimulus check could be the result of anything from the IRS scheduling the payment for later in 2020 to the agency needing additional information before it can send the money. Here are some of the…
Read More »
Posted in Tax | Leave a comment
The rules and guidance regarding the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans authorized in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) continue to evolve. The CARES Act provides that, “an eligible [PPP loan] recipient…
Read More »
Posted in Tax | Leave a comment
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than…
Read More »
Posted in Tax | Leave a comment
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due…
Read More »
Posted in Tax | Leave a comment
Illinois Delays Tax Deadline to July 15th; Important Federal Reminders While Congress and the White House put final touches on a $2 trillion coronavirus spending bill, Governor Pritzker announced at his March 25th press conference that the State of Illinois…
Read More »
Posted in Tax | Leave a comment
3-20-2020 IMPORTANT UPDATE:Federal Payment AND Filing Deadline Now July 15, 2020. Late on Friday, the IRS officially announced that, because of the ongoing coronavirus pandemic, tax returns due April 15 will not have to be filed until July 15…
Read More »
Posted in Tax | Leave a comment
To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and call 847-267-9600 if you have any questions about…
Read More »
Posted in Tax | Leave a comment
In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should…
Read More »
Posted in Tax | Leave a comment
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for…
Read More »
Posted in Tax | Leave a comment
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has…
Read More »
Posted in Tax Legislation, Tax | Leave a comment
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as…
Read More »
Posted in Tax | Leave a comment
If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer…
Read More »
Posted in Tax | Leave a comment
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019…
Read More »
Posted in Tax | Leave a comment
Partnership tax basis and a taxpayer’s ability to use passed-through deductions has always been a hot issue for the Internal Revenue Service (IRS). However, enforcement has been difficult, due to the multiple basis methods that are reported on partners’ Schedule…
Read More »
Posted in Tax | Leave a comment
The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season…
Read More »
Posted in Tax | Leave a comment
Winter is around the corner and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax Cuts and Jobs Act (TCJA), 2019…
Read More »
Posted in Tax | Leave a comment
Illinois sales tax law has changed and now expands the manufacturing machinery and equipment exemption to include production-related, tangible personal property purchased on or after July 1, 2019. Consequently, this sales tax law change will have a large impact on…
Read More »
Posted in Tax | Leave a comment
