Payments and refunds issued by states are generally considered taxable income, for both federal and state purposes. However, owing to the COVID-19 pandemic, the IRS has announced changes to the taxability of certain types of state payments for FY 2022. As you prepare your 2022 return, if you have received certain types of payments or…
My parents are both CPAs, and my brother majored in accounting, so it wasn’t a surprise when I followed suit and took an accounting class in high school. At first, my parents thought I was crazy. “You see how much we work and what we go through?” they said. But I really liked accounting, and…
Article updated to include new information on 2/26/24: Never mind that we’re in the middle of tax season and you have a million other things to think about. If you own a business that offers a 401(k) or another retirement plan, you need to be thinking about your annual audit – scheduling it, preparing for…
As part of its efforts to streamline services for taxpayers, the IRS has announced that, as of 2023, amended returns will be eligible for direct deposits of any resulting refund. In 2020, the IRS began accepting electronically-filed Form 1040-X amended return forms. However, until 2023, any resulting refund could only be sent to taxpayers by…
With tax season officially underway, we would like to introduce and welcome our 2023 tax intern class. This year’s group includes six interns from several area Universities and are listed as follows: Hanibal Joma – DePaul University George Gantumur – University of Illinois at Chicago Nina Kiwarkis – DePaul University Abigail Dahlstrom – Western Governors…
