Filing season ends with no red flags

The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most…

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Treasury to review/re-evaluate tax regulations

The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action in later April,…

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White House, Capitol Hill focus on tax reform in 2017

Following President Trump’s promise to move quickly on tax code changes, the three major indexes booked fresh records. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to encourage economic growth. However, the…

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Juggling Wealth Management is No Trick

Preserving and managing wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained wealth management…

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Recent Tax Changes Reflected in New IRS Study

The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The…

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Election Year Politics Dominate Tax Legislative Action

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

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Tax Related Identity Theft Remains Serious Problem

In recent years, identity theft has mushroomed and during the filing season, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the…

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New ACA Forms Debut for 2016 Tax Filing Season

As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will…

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Avoid a Trip to the DMV

The state of Illinois is no longer sending out the vehicle sticker reminder letters (see the link below for state website). However, you can sign up to receive electronic reminders via e-mail, which may allow you to avoid having to…

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