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.

Obamacare IRS Employer Reporting: File or Risk Penalties

Employers with 50 or more full-time employees (including full-time equivalent employees) that are required to offer health insurance coverage and report enrollment information for their employees under the Affordable Care Act (ACA), file Internal Revenue Service (IRS) Forms 1094 and…

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New IRS Tax Scam Alert

We like to notify our clients when we become aware of new IRS scams.  Unfortunately, this is happening with increasing frequency.  As a result, we are adding a new category to our Blog “Tax Scams.”  Check here for information to…

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Summer Brings Increased IRS Impersonation Phone Scams

Recently, we’ve received questions from some concerned clients about threatening phone calls from the IRS.   Sure enough, the Internal Revenue Service has issued a warning to taxpayers to stay vigilant against a rising amount of IRS impersonation scams this summer…

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Election Year Politics Drive 2016 Tax Legislation

Election-year politics continue to drive 2016 tax legislative action as both parties lay down policy agendas for 2017 and beyond. As expected, Congressional party leaders are offering competing plans on how to reform the tax system and to promote other…

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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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New Mandatory Retirement Program for Illinois Employers

Governor Quinn recently signed into law the Illinois Secure Choice Savings Program Act. The stated purpose of this Act is to promote greater retirement savings for private-sector employees in a convenient, low-cost, and portable manner. The Act requires employers, with…

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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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