February 28, 2024

Gary Klaben on the Economic Advantages of Solar Energy for Businesses

Gary Klaben is a chartered financial consultant (ChFC) and has a Master of Science in Financial Services (MSFS). He is an author, gentleman farmer, and savvy businessperson. Recently he has been developing an expertise espousing the economic advantages of solar energy for businesses, an area that combines all his interests and skills. He spoke to…

February 16, 2024

Weiss Welcomes Three New Hires and Latest Intern Class

Weiss & Company LLP is pleased to welcome three new professionals to our ranks. Diana Humaylo is a staff accountant in the firm’s tax department. A recent graduate of DePaul with a degree in accounting, she is studying for the CPA exam. She provides tax and related accounting services to clients across various industries. Edyta…

February 8, 2024

New Hire Reporting for Illinois Businesses Expanded to Include Independent Contractors

Beginning January 1, 2024, Illinois employers must complete the same new hire reporting protocol for new “gig workers” and other independent contractors as they do for newly hired employees. This new law is based on amendments to the state’s Unemployment Insurance Act passed by the Illinois legislature in 2023. What does this means to you?…

January 26, 2024

Celebrating 50 Years at Weiss – A Conversation with Frank Lee

Frank Lee, partner in the Tax Services department of Weiss & Company LLP, recently celebrated his 50th anniversary with the firm in December 2023. That is not a typo. Not his 50th wedding anniversary – 50 years of engaging work in the tax area, where he is regarded as a genial colleague, a friend and…

January 16, 2024

Jerry Weiss Scholarship Recipients Filled with Gratitude

In December 2023, Montaser Takrouri graduated from the University of Illinois Chicago’s business school with a degree in accounting. He is currently studying for his CPA exam and has a job offer from Big Four firm starting this summer, the same firm he interned with last summer. While he was a student, he commuted about…

December 21, 2023

IRS Announces Standard Mileage Rates for 2024

The Internal Revenue Service issued the 2024 optional standard mileage rates. These rates are used to calculate the deductible costs of operating a car, van, pickup or panel truck for business, charitable, medical or moving purposes. The new rates are listed here: For business use, the new rate is 67 cents per mile driven. This…

December 20, 2023

Tax Season 2024: Key Dates and Events

The Internal Revenue Service recently announced that it will begin accepting tax returns on Monday, January 22, 2024, officially launching Tax Season 2024. As a service to our clients as well as the general public, the team at Weiss and Company LLP put together the following month-by-month guide to highlight 2024’s key tax dates and…

December 20, 2023

A Holiday Thank You

Once again this year, we asked a few of our team members to share their holiday wishes and gratitude with you. Enjoy!…

December 13, 2023

Small Business Alert: Complying with the Corporate Transparency Act

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them. That identifying information is known as beneficial ownership information (BOI) and is part of the Corporate Transparency Act (CTA). They will have to report the information to the Financial Crimes Enforcement Network…

December 12, 2023

Your Annual Tax Planning Guides

It’s that time of year again – time to get serious about tax planning for 2023 and beyond. For insightful analysis and tips to maximize savings, there’s no better best place to start than our annual Tax Planning Letters. They’re prepared by BDO USA and are available to you from Weiss, free of charge or…

November 22, 2023

Social Security Check-up: Download Your Most Recent SSA Statement

The end of the calendar year inevitably brings check lists of things we need to do. There are appointments to make, places to visit, records to gather and people to see. One important task to add to your list is to download a copy of your most recent statement from the Social Security Administration. These…

November 13, 2023

Katherine Chung Reflects on Tax Services at Weiss and 2023 Tax Law Changes

“More than anything, I find accounting to be rewarding because I am helping my clients and making a difference in their businesses.” – Katherine Chung Almost one year ago, Katherine Chung was selected to become a partner at Weiss CPA. She serves in the Tax Services department and has more than two decades of experience,…

October 19, 2023

Everything (Almost) You Need to Know About Choosing an Auditor

Maybe your company has a business loan in which the terms of the bank loan’s covenants require a periodic audit. Or you’ve borrowed money through a private investor and the loan agreement mandates an annual audit. Or you’re thinking of selling your business or merging it with another firm. In each of these scenarios, you…

October 17, 2023

What Makes a Good Auditor? Our Experts Weigh In

“I like to be the resource for clients.” – Valerie Medick Each person in the assurance group at Weiss excels at client relationships. Recent conversations with Jeremy Morgan, Dan Bailey, Valerie Medick and Allen Plenner – just four out of a team of 20 – demonstrated the breadth and depth of experience they provide their…

October 12, 2023

10 Reasons Why Your Company’s LinkedIn Page Needs to Stay Sharp

Just like electricity and indoor plumbing are “must haves” for living in a house, a website and a LinkedIn page are the bare minimums any business needs if they want to be taken seriously. What can a LinkedIn page do for your business? Let us show you the ways. It serves as a professional showcase…

October 11, 2023

Q&A with Dan Bailey: “Weiss has a small firm feel with big firm resources.”

We caught up with Dan Bailey, a senior manager in Weiss’ audit and assurance services department, almost 12 years to the day since he first started at Weiss. Bailey graduated from Augustana College, highly selective liberal arts college in Rock Island, Illinois, as an accounting major. He didn’t enter college with accounting in mind…he sort…

September 28, 2023

Employee Benefit Plan Guidance: Form 5500 Changes

To encourage more small business employers to offer workplace retirement accounts for their employees and to reduce expenses for small plan filers, the Department of Labor (DOL) has streamlined and eliminated certain requirements for Form 5500. The changes and impacts are outlined below: The counting methodology for defined contribution retirement plans is now based on…

September 13, 2023

6 Ways Small Businesses Can Use ChatGPT Right Now

The recent emergence of easily accessible AI-backed tools and technology has acted as a disruptive force across a variety of settings – and small and large business settings are no exception. One of the most talked-about recent AI tools is ChatGPT, a generative AI chatbot that can create unique, human-like replies in response to prompts…

September 6, 2023

5 Reasons Controllership Services Could Work for Your Business

Every company needs a controller, but not every company has a controller. It could be a function of timing, such as a gap between hiring FTEs, or a factor of company size. One of the best things about controllership services at Weiss & Company LLP is the flexibility it offers. Companies who need the expertise…

August 31, 2023

Weiss Announces Four New Hires and Five Promotions

Weiss & Company LLP, the Glenview-based accounting firm now in the midst of its 55th season, announced four new hires to the firm and several other internal promotions. Maximus G. Gomez is a staff accountant in the firm’s tax department. Max is a former Division 1 student athlete and was a part of the Oregon…

August 30, 2023

IRS Pushes Roth-Only Catch-Up Contribution Deadline to 2026

As you may know, the SECURE 2.0 Act’s measure allowing older taxpayers to make additional “catch-up” contributions to 401k and similar retirement plans included a provision limiting certain high-wage earners ($145,000 or more) to after-tax Roth contributions only. This was originally going to be effective in 2024 and would make the catch-up portion of the…

August 17, 2023

More Changes to RMD Rules for IRA Beneficiaries

Last month, the IRS announced a new round of changes regarding required IRA minimum distributions (RMDs) for certain beneficiaries and situations. Detailed in IRS Notice 2023-54, the changes are aimed at remedying confusion triggered by terms of last year’s Secure Act 2.0 as well as the original Secure Act of 2019. Specifically, the guidance once…

August 3, 2023

Cook County Property Tax Mailing Delayed Again

In what is hopefully not becoming an annual tradition, Cook County is once again pushing back the mailing date for the second installment of 2022 property tax bills by 120 days, to November 1, 2023. The delay is identical to last year, as is the reported cause, a still-unfinished computer system upgrade. Importantly, the original…

May 26, 2023

Shared Values: Finding the Right Fit

When I was a freshman in high school, I took a career assessment test suggesting that I was a good fit for accounting. It made sense – I’ve always been a math and numbers person. I took a few accounting courses in high school and decided to major in it in college. So from a…

April 26, 2023

2023 Tax Season In Review

If last year’s tax season was all about getting back to “business as usual,” this year’s theme can be summed up in the old adage, “the more things change, the more they stay the same.” 2023 has seen plenty of change here at Weiss. First and foremost was our conversion to CCH Axcess, a cloud-based…

April 20, 2023

Recruiting Best Practices: An Expert Weighs In

Employees are a business’s most valuable asset. They are the engine that powers your organization, the people who perform the work and make the company go. Hiring the right individuals for the right roles is absolutely critical. With that in mind, we asked Kari Thompson, Weiss & Company’s Talent Acquisition Manager, to share her thoughts…

April 19, 2023

Camaraderie & Mentorship: The Weiss Way

Shortly before my last year of high school, I was trying to figure out which elective courses I would take for senior year. I’d always enjoyed my math classes, so after talking it over with my parents I decided to take an accounting course. I thoroughly enjoyed the class, so much so that I finished…

April 6, 2023

Tax Scam Update: Meet the “Dirty Dozen” for 2023

Each year, the Internal Revenue Service releases its “Dirty Dozen” list of the most rampant tax scams. These schemes affect both individuals and corporations, and are relevant not only during tax preparation, but throughout the rest of the year. For 2023, the twelve topics vary widely, but most fall into two categories: Fraudulent attempts at…

April 6, 2023

Understanding New Accounting Rules for Common Control Leases

Last month, the Financial Accounting Standards Board (FASB) issued amendments for common control leasing arrangements. These accounting rules help clarify issues for rental agreements between businesses that have the same owner. Determining leases The update – Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements – clarifies how business entities controlled by…

March 31, 2023

IRS Update: New Guidance and Request for Feedback on NFTs

The rise in popularity of non-fungible tokens (NFTs) in recent years has called into question how these tokens must be declared and taxed. Earlier this year, the IRS announced related changes for declarations of digital assets on Form 1040. Now the agency has issued preliminary guidance – as well as invited feedback – on more…

March 9, 2023

Finding the Fun: Connecting with Coworkers

I grew up in northwest suburban Hanover Park, and when I was in high school there I took a placement test to see what careers would suit me best. One of the results was actuary, which was interesting since math wasn’t my strong suit, or so I thought. Then I took a few accounting classes…

March 8, 2023

International Woman’s Day: In Their Own Words

Yes, International Women’s Day is particularly meaningful for Weiss. Over half of our team members are women, including nearly one-third of our principals and partners. But the numbers alone don’t tell the whole story. For that, we asked the women of Weiss to reflect on what the occasion means to them. We’re proud to share…

February 28, 2023

IRS Announces FY 2022 Federal Taxability Rules for State-Issued Rebates in 2022

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…

February 27, 2023

All in the Family: A Career Path with the Right Support

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…

February 25, 2023

It’s March. Have You Scheduled Your 401(K) Audit Yet?

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…

February 14, 2023

IRS Announces Direct Deposit for Amended Return Refunds

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…

February 1, 2023

Weiss Welcomes 2023 Tax Intern Class

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…

January 27, 2023

IRS Announces Form 1040 Changes for Digital Assets Question

For FY 2022, the IRS has announced changes to a question on Forms 1040, 1040-SR and 1040-NR relating to digital assets. These changes not only clarify the meaning of the term, but also better define when it applies. Previously, the question required a “Yes” or “No” answer to the following: “At any time in 2021,…

January 24, 2023

Weiss Opens 2023 with Major Staffing Moves

As Weiss & Company LLP kicked off the new year and their 55th tax season, the longtime Glenview-based CPA firm announced a number of significant staffing moves. “We take talent and culture very seriously at Weiss,” managing partner Dan Fortman said in making the announcement, “and I think these moves reflect the strength of our…

January 17, 2023

Tax Season 2023: Key Dates and Events

The Internal Revenue Service recently announced that it will begin accepting tax returns on Monday, January 23rd, 2023, officially launching Tax Season 2023. As a service to our clients as well as the general public, the team at Weiss and Company LLP put together the following month-by-month guide to 2023’s key tax dates and events….

January 17, 2023

Retirement Savings Update: Your Guide to Secure 2.0

Among the measures included in the omnibus spending bill passed by Congress and enacted in the last week of 2022 is a package of provisions that will fundamentally change the way Americans save for retirement. Dubbed “Secure 2.0,” the legislation is designed to build upon the retirement system improvements implemented under the SECURE Act of…

January 10, 2023

IEPA Now Accepting EV Rebate Applications Through January 31

Round 1 of Illinois’ electric vehicle rebate program is now underway, with applications being accepted through January 31, 2023 for rebates of up to $4,000 on qualified purchases of new and used all-electric vehicles. The popular program, which was launched by the Illinois EPA on July 1st of last year, is open to Illinois residents…

January 3, 2023

IRS Announces 2023 Mileage Rates

The IRS has issued its 2023 optional standard mileage rates* used to calculate the tax-deductible costs of operating a vehicle for business, charitable, medical, or moving purposes. Starting January 1, 2023, the standard mileage rates for the use of an automobile, including vans, pickup trucks, or panel trucks, is as follows: 65.5 cents per mile…

January 2, 2023

Weiss & Company LLP Names Two New Partners

Weiss & Company LLP is extremely pleased to announce that senior managers — Katherine Chung and Jeremy Morgan — have been promoted to partners. “We pride ourselves on our expertise and client service, and Jeremy and Katherine both personify these attributes in practice,” said managing partner Dan Fortman. “As we begin 2023, we are excited…

December 20, 2022

A Very Special Holiday Greeting

Please take a moment to hear personally from the Weiss team as they offer their holiday greetings from our family to yours!…

December 5, 2022

Reminder: 2022 Cook County Property Tax Payments Due December 30, 2022

Due to complications associated with the upgrading of computer systems, the mailing of second-installment property tax bills for Cook County, IL has been delayed. If you own property in Cook County, please be aware that second-installment payments are still due by December 30th, 2022, regardless of whether you have received an actual bill via physical…

November 16, 2022

IRS Releases Guidance for Hurricane Ian Tax Relief

As we all know, Hurricane Ian was one of most devastating and deadliest storms in U.S. history. It also ranks as one of the most expensive, with countless victims experiencing losses now estimated at over $80 billion. For the many Weiss clients among those affected, recently released guidance from the IRS concerning losses and relief…

November 12, 2022

IRS Raises Retirement Plan Contribution Limits to Counter Inflation

On October 21, the IRS announced increases to the contribution limits for both 401(k) plans and IRAs. These increases are intended as adjustments to help working Americans cope with current inflation. In addition, the IRA catch-up contribution for taxpayers 50 and older as well as the phase-out for the IRA contribution deduction for taxpayers who…

November 10, 2022

Daniel M. Weitzman, CPA, LLC Merges Practice with Weiss & Company LLP

(November 10, 2022, Glenview, IL) Weiss & Company LLP is pleased to announce that Glenview-based CPA Dan Weitzman has joined the firm as a principal and merged his practice into Weiss’s. “Dan is a gifted professional whose skill set is uniquely suited to our firm,” said Weiss managing partner Daniel A. Fortman. “When he expressed…

November 8, 2022

Your Annual Tax Planning Guides

As 2022 draws to a close, it’s time to turn your attention to the year ahead and tax planning measures you can take to maximize savings now and in the months to come. As always, our annual Tax Planning Letters are a great place to start. They’re prepared by BDO Alliance, one of the world’s…

November 6, 2022

IRS Watch: Inflation Adjustments for Tax Year 2023 Announced

On October 18, the IRS announced its annual inflation adjustments to some 60 tax provisions for tax year 2023. In addition to the normal new tax schedules, the list includes increases to specific exemptions and other adjustments intended to address current inflation issues. Generally speaking, the adjustments apply to returns filed in 2024. Changes of…

November 4, 2022

Weiss & Company LLP Announces New Senior Tax Manager

Weiss & Company LLP is pleased to announce the hiring of Michael Izatt, a senior manager in the firm’s tax department. Izatt, CPA, CVA, brings more than 25 years of experience from a wide-ranging career in public accounting, consulting, finance, and scientific research. “We are incredibly excited to bring Mike on board at Weiss,” said…

October 31, 2022

Tax Update: The Clock is Ticking on 100% Bonus Depreciation Allowance

Along with Section 179 depreciation claims, the bonus depreciation allowance is a key tool in allowing businesses and individuals to claim immediate federal tax benefits from the depreciation of certain qualifying purchases. Among the key components of the 2017 TCJA (Tax Cuts and Jobs Act) was a series of changes that made the bonus depreciation…

August 26, 2022

IRS Announces Failure-to-File Penalty Relief for 2019-20

Last week, the Internal Revenue Service issued Notice 2022-36, which provides automatic relief for certain failure-to-file penalties for tax years 2019 and 2020. The measure, which was advocated by the AICPA and other groups, aims to provide taxpayer relief from lingering pandemic-related financial struggles while allowing the IRS to focus its resources on supporting taxpayers…

August 23, 2022

Illinois Tax Rebates for 2022

A provision in this year’s Illinois Family Relief Plan allows for one-time rebates for Illinois residents, for both individual income taxes and property taxes. Here’s what you need to know. Rebate Amounts For individual income tax rebates, the amount of the rebate is: $50 if filing as a single person $100 if filing jointly $100…

August 22, 2022

Inflation Reduction Act of 2022: An Overview

On August 16, President Biden signed the Inflation Reduction Act (IRA 2022) into law, finalizing a scaled down version of legislation that has been months in the making. Here is an overview of the items in the Act that could have an effect on taxpayers and their businesses: The IRA provides some short-term benefits to…

August 22, 2022

Summer 2022 Staff Update

As summer draws to a close, Weiss & Company LLP is pleased to welcome three new associates to our professional team. Sergiu Vecerdea has been hired as a senior accountant in the firm’s accounting & assurance department. He provides assurance services to clients in a variety of industries, with a specific focus on Manufacturing. He…

July 29, 2022

A Milestone to Remember: Britta Knott Marks 40 Years with Weiss

At a time when few American workers reach even one decade with a single company, Britta Knott’s 40 years with Weiss is, to say the least, exceptional. But then Britta has always been an exceptional employee, one whose contributions have been key to the firm from the day she walked in to her ongoing tenure…

July 22, 2022

Illinois Introduces Electric Vehicle Rebate Program

The state of Illinois has introduced an electric vehicle rebate program, effective July 1, 2022. At this time, the program is limited to new and used all-electric vehicles (including motorcycles) purchased by residential consumers. It specifically excludes any purchases for commercial use, as well as rented or leased vehicles. While there is no limit on…

July 5, 2022

Illinois Sales Tax Holidays: What You Need to Know

The state of Illinois has announced a state sales tax holiday on a range of back-to-school items from August 5-14, 2022, directly affecting Illinois retailers. The move comes on top of a previously announced yearlong suspension of the state’s 1% tax on retail sales of groceries, from July 1, 2022, through June 30, 2023. The…

June 8, 2022

Plan Now, Save Later: Early Bird’s Guide to 2022 Business Tax Savings

By the end of May, small and mid-sized businesses generally fall into one of two categories. Either you just finished scrambling to finish your 2021 tax returns – or you filed for an extension and are working to meet the fall filing deadline. The last thing on most business owners mind is next year. Which,…

June 7, 2022

Emergency Audits 101: Weiss Goes Above and Beyond for a Startup in Need

Like all good accounting firms, Weiss & Company LLP relishes the opportunity to demonstrate our ability to go “above and beyond” for our clients. With that in mind, we’re pleased to share the following story from Weiss senior manager Jeremy Morgan. Early this year, a local tech startup focused on smart building solutions was in…

June 2, 2022

Catching Up with “Business as Usual”

Well, another tax season has come and gone. The early mornings and late nights, energy drinks and adrenaline rushes, countless phone calls and Zoom meetings – in other words, business as usual for Weiss in the spring. Of course, after the pandemic-driven pandemonium of the past two years, “business as usual” is the most welcome…

May 13, 2022

Weiss Announces New Talent Acquisition Manager: Kari Thompson

Weiss and Company LLP is pleased to announce the hiring of a new Talent Acquisition Manager for the firm: Kari Thompson. Thompson will be responsible for employee recruitment at all levels, including campus recruiting for both internships and full-time positions, and talent acquisition for senior roles. In the short term, Thompson hopes to expand recruiting…

April 7, 2022

Weiss Adds Four More Associates to Growing Accounting Staff

With the 2022 tax season in full swing, Weiss & Company LLP is pleased to announce the recent addition of four associate accountants to its professional staff. The new team members include: Masarrah Alsagher, who previously interned with the firm, has been hired as a staff accountant in the firm’s tax department. She provides tax,…

March 8, 2022

Reflections on International Women’s Day

For Weiss & Company LLP, International Women’s Day is a particularly noteworthy occasion, for obvious reasons. Over half of our total workforce and management staff members are women, as are one-third of the firm’s partners and principals. So who better to reflect on International Women’s Day and the importance of promoting equality and diversity in…

January 24, 2022

Tax Filing 2022: What to Expect

The IRS recently announced that the 2022 tax filing season will begin on Monday, January 24th, 17 days earlier than 2021. Many tax professionals, including every member of Weiss’s tax team, have described last year’s filing season as one of the most challenging ever – and 2022 is looking is looking very much like a…

January 21, 2022

How to Help Protect Your Business from Cyberattacks

Think your small business is safe from cybercriminals? Think again. Through phishing emails and ransomware, cybercriminals can infiltrate small businesses, often as way to gain access to their larger partner businesses. During the pandemic, when many employees worked from home, thieves took the opportunity to prey on small businesses through unsecured home networks. It’s important…

January 17, 2022

New Office Now Open in Buffalo Grove

Weiss & Company is pleased to announce the opening of our new satellite office location in Buffalo Grove. The address of the new facility is: Buffalo Grove Office 1130 W. Lake Cook Road Suite 210 Buffalo Grove, IL 60089 847.441.8800 The office replaces our previous satellite location in Arlington Heights. We think you’ll agree, it…

January 6, 2022

Willow CPA Group, Ltd. Merges With Weiss & Company LLP

(January 6, 2022, Glenview, IL) Inverness, IL- based Willow CPA Group, Ltd. has merged with Weiss & Company LLP, effective December 1, 2021, according to a joint statement released by the two privately held CPA firms. With a focus on tax and assurance services, Willow CPA Group, Ltd. has forged strong ties with the local…

December 22, 2021

New IRS Guidance on ERC Repayment for Q4 2021

In response to changes to the Employee Retention Credit contained in the recently-enacted Infrastructure Investment and Jobs Act, the IRS has released new guidance for employers who need to repay ERC credits taken in Q4 2021. The guidance applies to companies who do not qualify as “startup recovery businesses” and provides direction for repayment in…

December 21, 2021

2021 Holiday Greeting

From all of us to all of you, Weiss and Company LLP wishes you a happy and healthy holiday season. Please click below for a very special holiday greeting!…

December 15, 2021

UPDATE: Illinois SALT Workaround Instructions, PTE Payment Due 12/31/2021

Last August, we published a blog post entitled “What The New SALT Workaround Legislation Means for Taxpayers” detailing how the new Illinois law could provide owners of partnerships or S corporations with a workaround to the federal $10,000 state and local tax (SALT) deduction cap for individual taxpayers. The following update is intended for those…

December 8, 2021

Your Annual Tax Planning Guides

It’s that time of year again – time to get serious about tax planning for 2021 and beyond. For insightful analysis and tips to maximize savings, there’s no better best place to start than our annual Tax Planning Letters. They’re prepared by one of the world’s largest and most influential public accounting networks, and as…

September 10, 2021

Weiss Announces Five Staff Promotions

Weiss and Company LLP is pleased to announce that five team members have received promotions. “Nothing makes us happier than promoting excellent staff members within our organization,” said managing partner Dan Fortman. “These well-deserved promotions give our team members a change to learn and grow, and they strengthen the core of our firm and the…

August 31, 2021

What The New SALT Workaround Legislation Means for Taxpayers

On August 27, Illinois Governor J.B. Pritzker signed into law a bill that will provide owners of partnerships or S corporations with a workaround to the federal $10,000 state and local tax (SALT) deduction cap applicable to individual taxpayers. This new law will provide a major break to Illinois taxpayers who were otherwise unable to…

August 10, 2021

Room to Grow: Coming to Weiss from a Small Firm

I joined Weiss when the firm where I worked, KRB, arrived in a merger in 2018. KRB was relatively small, and I was nervous about moving to a medium-sized firm like Weiss. The first six months were an adjustment – we were already in the busy tax season, and there was a learning curve. But…

August 9, 2021

Administration to Enrolled Agent: A Way to Grow

I spent a lot of my career in administrative roles within Finance and Accounting at a large multi-national company, but I wanted a new challenge, so I started looking for a bookkeeping and accounting position. I was soon hired at a small accounting firm, and a few months later the firm merged with Weiss and…

August 3, 2021

Coming to America: An Associate’s Journey to Weiss

My family immigrated here 10 years ago from India. Originally, I did not plan to become an accountant; I was thinking of medicine or engineering. But when my father retired, I needed to be the sole bread winner for my family. So I went to Northeastern Illinois University and majored in management, and worked full-time…

August 2, 2021

PPP Update: SBA Launching Direct Loan Forgiveness Portal

Last week, the SBA announced plans to open a “PPP direct forgiveness” portal which will allow borrowers to apply for PPP loan forgiveness directly, eliminating the need to go through their lenders. The new portal, which opens this Wednesday, August 4, is limited to loans up to $150,000, only from participating lenders. The SBA will…

July 30, 2021

Key Consideration: The Tax Benefits of the Qualified Small Business Stock Gain Exclusion

Under Section 1202, the qualified small business stock (QSBS) gain exclusion provides significant tax benefits by allowing the exclusion of up to 100 percent of taxable gain from the sale of QSBS. If the Biden administration’s plan to increase long-term capital gains rates becomes a reality, qualifying for the QSBS gain exclusion is likely to…

July 28, 2021

American Families Plan: What Does it Mean for Your Taxes?

The Biden Administration has announced its American Families Plan, with a focus on tax breaks for lower- and middle- income individual taxpayers and tax increases for higher income individuals. Proposals also involve the reversal of some of the provisions of the Tax Cuts and Jobs Act. A number of commentators are looking at fall of…

June 28, 2021

Q&A: Laura Mleko on the Value of Controllership Services

Laura Mleko is a manager in our accounting and controllership department with over 20 years of experience in public accounting and private industry. As part of the firm’s controllership team, she provides outsourced accounting, payroll, and tax services for small to medium size closely held businesses. She sat down recently to talk about Weiss’s accounting…

June 22, 2021

What Business Entity Type Makes the Most Sense for My Business?

Adapted from a BDO Article When you’re starting a new venture, one of the most important decisions you make is which type of tax entity is best for your business. Oftentimes, founders must choose between C corporation, S corporation, or partnership. Each has its own advantages and disadvantages that must be evaluated in terms of…

June 15, 2021

Retirement Alert: RMDs are Back in 2021

Required minimum distributions (RMDs) – the amount you must withdraw from certain retirement accounts when you reach a certain age – are back in 2021, after being waived in 2020. RMDs apply to 401(k)s and individual retirement accounts (except Roth IRAs). The amount that must be withdrawn each year is calculated by dividing the balance…

June 15, 2021

Weiss Adds Three New Accountants to Team

Weiss and Company LLP is pleased to announce the following new additions to our accounting team. Robert Webber joins Weiss as a senior accountant in the accounting & controllership services department. He previously worked at a mid-size accounting firm and has over six years of experience in public accounting. He provides accounting, consulting, and tax…

April 29, 2021

RRF Alert: Urgent Advice for Restaurants Seeking Relief Grants

Starting this Monday, May 3, at 11:00am CDT, restaurants and other businesses that serve food and beverages can apply for the Restaurant Revitalization Fund grants. The SBA is STRONGLY recommending applications be made as soon as possible after the program is live. They suggest completing the sample draft application in advance so the response may…

April 27, 2021

COVID Relief News: Regarding Restaurants, Entertainment Venues, Vaccine-Related Sick Leave

As we head into May, a number of new COVID-19 relief efforts are slated to take effect shortly, including a pair of eagerly anticipated measures targeting two of the hardest hit sectors of the American economy: restaurants and live entertainment venues. Here’s the latest: Restaurant Revitalization Fund (RRF) The SBA has posted sample application forms…

April 26, 2021

Federal and State Tax Filing Deadline Reminder: May 17 is Coming Up Fast!

With Tax Day – Monday, May 17th approaching, the deadline for filing your 2020 federal and state tax returns – is now less than three weeks away, it’s time for a final reminder from your friends at Weiss. Gather and submit your tax information to us ASAP. You can do so electronically via the Client…

April 21, 2021

Q&A: Dennis W. Anderson on Business Challenges and 401(k) audits

With more than 22 years of experience at Weiss, partner Dennis W. Anderson has built an enviable track record providing assurance, consulting, and tax services to an impressive roster of business clients. He sat down recently to discuss a wide range of topics, including the challenges of working through the pandemic and the upcoming 401(k)…

April 16, 2021

Update: Weiss Ranked #88 on Crain’s “Best Places to Work in Chicago” for 2021

It’s official: Weiss & Company LLP is one of the “Best Places to Work in Chicago,” according to Crain’s Chicago Business. The company placed 88th among 100 finalists in the competition’s final rankings, which were announced during a virtual event on April 9th. The list was also published in the April 12 print edition of…

April 14, 2021

IRS Provides Guidance on 100 Percent Deduction for Business Meals

Businesses now have some additional guidance on the recent temporary deduction increase of their restaurant food and beverage expenses. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 temporarily increased deductions for business meals at restaurants from 50 percent to 100 percent for 2021 and 2022. Businesses can claim 100 percent of their food…

April 12, 2021

Weiss FAQ: Employee Benefit Audits

Welcome to Weiss FAQ, a series of occasional blog posts that tackle topics of interest to our clients and others in the small business community. In this edition we cover the annual audits required for certain employee benefits plans by the IRS and Department of Labor. What is an employee benefit audit? Companies that offer…

March 26, 2021

COVID Relief Update: PPP Deadline Extended, EIDL Loan Ceiling Raised

There’s a feeling of cautious optimism on the COVID-19 front and for good reason. While vaccination rates rise and infections decline across the country, Congress continues to do its part to help the small business community put the pandemic in the rear view mirror. Their latest move is a big one. Yesterday, the Senate voted…

March 19, 2021

Federal and State Tax Filing Deadlines Extended to May 17

On Wednesday, the IRS and Treasury Department announced that the 2020 federal income tax filing due date for individual taxpayers has been extended from April 15, 2021 to May 17, 2021. Governor Pritzker followed suit yesterday, announcing that Illinois would extend its state income tax filing deadline to May 17 as well, and many other…

March 12, 2021

ARPA 2021: An Overview

On Thursday afternoon, President Biden signed into law the American Rescue Plan Act 2021 (ARPA), the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. The massive 628-page bill includes $1.9 trillion in funding for individuals, businesses, and state and local governments….