T.I.E. BlogT.I.E. Blog

(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.

COVID-19 Illinois & Federal Tax Filing Updates

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…

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2020 tax calendar

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…

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The SECURE Act changes the rules for employers

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…

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New Partnership Basis Reporting

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…

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Business year-end tax planning

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…

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Steps to trim your 2019 personal taxes

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…

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IL Manufacturing Sales Tax Exemption

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…

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IRS warns about 2019 tax scams

As tax season hits full swing, the IRS is warning filers and professionals about familiar phishing scams and some new ones, particularly in the wake of major data breaches in the past year. The warning comes this week as part…

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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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