We are pleased to announce that John Whitson CPA will be joining our firm this month. John brings with him more than 13 years of experience in public accounting. He has extensive experience in financial accounting, auditing and tax work. John has in depth knowledge of manufacturing, distribution and construction industries. He has
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Author: David Ellison Just before year-end, Congress passed, and President Trump signed into law, the SECURE act (Setting Every Community Up for Retirement Enhancement).  This act is generally effective January 1, 2020 and has a number of items that impact retirement planning, both positively and negatively. Among other items, the SECURE
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Author: David Ellison Required Minimum Distributions (RMD’s), as the name implies, are minimum annual distributions that you are required to take from retirement accounts beginning in the year you turn 70 ½.  There is a 50% tax on the RMD’s that you do not take, so it is very important that you understand the requirements and take these
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Health Savings Accounts (HSA’s) have been around since 2003, however, their use is still not well understood.  If you are enrolled in a high-deductible health plan (more than 40% of workers are), then you are eligible to contribute to an HSA.   HSA’s offer three tax advantages: Pretax contributionsNontaxable gains from investmentTax
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Author: David Ellison The Tax Cut and Jobs Act (TCJA) changed the deductibility of Meals and Entertainment.  Prior to TCJA, business meals and entertainment were typically 50% deductible.  The TCJA changed that by eliminating the tax deduction for entertainment. So where does this leave business meals? Nothing has changed for the
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*Attention: Employers not offering retirement plans Author: Mike Feuerstein Illinois launched the Illinois Secure Choice- State sponsored Retirement Plan in 2018. For employers conducting business in Illinois, the program mandates employers with 25 or more employees, must offer their employees an employer-sponsored retirement plan or enroll
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On 5/29, let’s discuss the many benefits of 529 Savings Plans.  529 plans can be used to fund the future costs of postsecondary education.  This includes two-year and four-year institutions, vocational schools, trade schools, community colleges and technical schools.  529 funds can be used to cover tuition, room and board, books,
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Recent Illinois budget legislation will have an effect on virtually every working Illinois resident, as well as many corporations in Illinois. The change that will affect most of us is the increase in the Illinois income tax rate for individuals, trusts and estates from 3.75% to 4.95%. This increase is effective as of July 1, 2017. Many payroll
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Effective July 1, 2017, Chicago requires employers to provide paid sick leave for eligible employees under the Chicago Minimum Wage and Paid Sick Leave Ordinance (MWPSO). Also effective July 1, 2017, the Cook County Earned Sick Leave Ordinance (ESLO) will govern employers located in areas of Cook County outside the city of Chicago. Many (but not
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Now that the tax filing season is over for most of us, a common question we get concerns the length of time to retain tax related documents. You generally start with the three year rule and build from there. The IRS typically has three years from the due date of the return or the date the return was filed, whichever is later, to audit a return.
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