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 The amount that must be withdrawn each year is calculated by dividing the balance…
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…
Glenview, Illinois (June 11, 2021) – It’s a streak even the pandemic couldn’t stop. For the tenth consecutive year, Weiss & Company LLP has been recognized as one of the “Best Places to Work in Illinois” by the Daily Herald Business Ledger. It was the tenth straight year Weiss made the list, ranking 22nd among…
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…
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…
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…
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)…
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…
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…
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…
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…
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…
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….
In an effort to extend PPP benefits to self-employed individuals, gig workers and other non-employer businesses, the SBA last week announced a revised loan calculation formula that will mean larger forgivable loan amounts for many such applicants. Under the new rules, self-employed businesses who filed a Schedule C in 2019 or 2020 may now calculate…
It’s official: Weiss & Company LLP is one of the “Best Places to Work in Chicago,” according to Crain’s Chicago Business. It’s the second time the Glenview-based accounting firm has made Crain’s Top 100 list as determined by the competition performed in conjunction with Best Companies Group, an independent research firm that specializes in evaluating…
Identity theft has always been a pressing issue, and has become more prevalent with the rise of digital transactions over the past two decades. In the past year, the Coronavirus pandemic has produced an environment ripe for identity theft and fraudulent claims. For individuals, it’s important to note that you can be a target of…
In a further effort to streamline the PPP program for small businesses, the SBA has just released a revised 3508S form to be used to apply for forgiveness of PPP loans under $150,000. The revised form, which is linked below, removes the requirement to provide supporting documentation at the time of forgiveness of the qualified…
Weiss & Company LLP is extremely pleased to announce that two senior managers – Eve Fugiel and Lisa Hahm – have been promoted to partners. “We could not be happier to bring on Eve and Lisa as partners,” said managing partner Dan Fortman. “They both have had long, successful careers here at Weiss. They have…
Among the provisions of the Consolidated Appropriations Act, the COVID relief package signed into law last month, are key changes to the Employment Retention Credit. As the ERC offers significant benefits to so many of our small business clients, Weiss CPA and tax expert Jeremy Morgan put together the following “Top 10” list of points…
This week, eligible small businesses can begin applying for new PPP loans funded by the Consolidated Appropriations Act, the COVID relief package signed into law last month. Beginning Monday, January 11, companies eligible for “first draw” PPP loans – that is, those who qualified under the original CARES Act but did not receive a loan…
Yesterday, our friends at BDO (Weiss is a BDO Alliance Network Member) published a comprehensive summary of the latest coronavirus emergency relief package included in the Consolidated Appropriations Act passed by Congress on December 21st. The brief includes details on PPP, including deductibility, forgiveness and the next round of eligibility, as well as ERC, FFCRA,…
Last night, Congress passed the Consolidated Appropriations Act, a massive bill that includes $900 billion in new COVID relief and $1.4 trillion to fund the federal government through the end of September of 2021. The long-awaited measure, which President Trump is expected to sign into law in the coming days, includes targeted funding for individuals…
On December 8, the Daily Herald Business Ledger hosted a webinar (co-sponsored by Weiss and Company LLP) highlighting the challenges facing Illinois businesses – particularly small businesses – as 2021 approaches. The webinar panel included Weiss partner Steve Goluch, who focused on taxation issues. He stressed that as 2020’s PPP program was “put out on…
Mark Your Calendar. . . December 8, 2020 / 9:00-10:00am 2021 Business Outlook Webinar Don’t miss this informative production sponsored by the Daily Herald Business Ledger and featuring a panel of economic experts including Weiss & Company LLP partner Steve Goluch. Participation is free, so Register Now!…
Last Wednesday, the U.S. Treasury and IRS issued new guidance to clarify the tax deductibility of business expenses that are paid for with PPP loans. These expenses include payroll costs, certain employee health benefits, mortgage interest, rent, utilities and interest on other debt. Revenue Ruling 2020-27 indicates that PPP loan recipients may not deduct these…
With a professional career spanning nearly three decades, including five years in the private sector, Weiss partner Jim Hamilton brings an exceptionally deep perspective on matters affecting tax planning, both short and long-term. He sat down recently to discuss how the firm has handled working in the pandemic and what individuals and businesses should be…
With the holidays approaching and the end of the year in sight, individual taxpayers should take time to ensure they are reducing their tax obligations and preparing for next year. We anticipate that deadlines will return to their initial timetables, with April 15 as the deadline for individual tax returns, so taxpayers should have their…
If there was ever a year where literally everyone – workers, business owners, investors, retirees, you name it – needs expert tax guidance, 2020 is it. As always, a good place to start is by reading our annual Tax Planning Letters. Prepared by one of the world’s largest and most influential public accounting networks, they…
In a move of particular importance to employers who work with freelancers, contract workers and other non-employees, the IRS recently released the new Form 1099-NEC for tax year 2020. Beginning with tax year 2020, employers must use the new form to report non-employee compensation that meets the following four conditions: You made the payment to…
In this difficult year, many businesses have faced a variety of challenges and tough choices. That’s why it’s important to understand what your options are for minimizing your tax obligation or potentially earning your business a small refund. The CARES Act also gives businesses a few new options for deductions, so now is the time…
Summer 2020 was certainly a challenge for everyone, but there was a silver lining for Weiss & Company LLP as the firm added three top-notch CPAs to its formidable accounting team. The trio includes new associates Nick Hamilton, Danusia Lazea, and Ian Livingston. “We’re always looking to add top talent whenever we have the opportunity…
In what has become a company tradition, Weiss and Co. recently welcomed three new full-time associates who participated in the 2020 tax season internship program. Vasilios Kanakaris, Aijan Talantbek-Kyzy and Shaz Shah all began their internships in January, and all were offered full-time positions this summer. “We pride ourselves on identifying the most promising, up-and-coming…
Seven months into the COVID-19 pandemic, Weiss remains committed to providing the best service possible to its clients during this uncertain time. Managing partner Dan Fortman recently sat down to talk about Weiss’s operations, how they are helping their clients navigate this new reality, and what the future holds. How did the initial COVID-19 shutdown…
The U.S. Treasury has just released its newest version of the PPP loan forgiveness application which greatly simplifies the process for borrowers with loans of $50,000 or less. The new application (Form 3508S) is a two-sided single page form with no calculations required. Borrowers are still required to certify that the PPP funds were spent…
On Friday, August 28, the IRS issued Notice 2020-65 for employers to provide guidance regarding the August 8 employee payroll tax deferral Executive Memorandum from President Trump, but questions remain. Below are the key points from the three page guidance: The employee tax deferral period begins September 1, 2020 and ends December 31, 2020. The…
Last week, the IRS issued new guidance regarding loan forgiveness under the Paycheck Protection Program (PPP) that significantly impacts certain businesses in calculating their loan forgiveness costs. Some examples include: Owner-employees with less than a 5 percent ownership stake in a C- or S- Corporation are not subject to the owner-employee compensation rule, which caps…
I’ve always been a runner – I ran cross country at state in high school – and when I went to college, I wanted to find a place where I could not only run, but make a difference. I ended up choosing Augustana College, where I got a degree in accounting and business administration. I…
On Wednesday evening, the Senate unanimously passed the much-anticipated Payroll Protection Plan Flexibility Act and sent it to the White House for President Trump’s signature. The primary purpose of the bill is to give business owners more time and flexibility to use loan money obtained through the original PPP and still qualify for loan forgiveness….
Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…
March 23 – If your business has been impacted by the COVID-19 crisis, you may well be eligible for a disaster loan from the U.S. Small Administration. Applying for one is a relatively simple process; for a step by step guide to the process or specific instructions on how to complete an application, click on…
I was born in Mexico and moved to Palatine when I was 12. I got an accounting degree from University of Illinois at Chicago – I was the first in my family to graduate from college. I wasn’t sure what type of accounting I wanted to do. I thought audit, but when I got an…
Last week the IRS issued a reminder to businesses affected by the COVID-19 pandemic about three new credits available to them through the CARES Act. These include tax credits for employee retention, paid sick leave, and family leave, and are available to employers of any size, including tax-exempt organizations, provided they meet eligibility requirements. We…
In college, I knew I wanted to get a degree in business, but early on I really did not know exactly what specific degree was for me. Eventually, through a little soul searching and a few accounting classes, I decided accounting was for me. I played baseball, and because of my schedule I couldn’t participate…
A key section of the CARES Act is devoted to special provisions for retirement plans and IRAs, particularly regarding distribution options, rollover rules, and early withdrawal penalties. New IRS guidance about these provisions is expected shortly and will be covered here in our Coronavirus News & Information Center. In the meantime, we’ve included a link…
Yesterday, the House overwhelmingly approved a $484 billion coronavirus relief bill and sent it to the White House, where President Trump signed it into law this morning. As expected, the legislation primarily targets small businesses and hospitals that have been devastated by the ongoing pandemic. Included: $310 billion in new funds for the Paycheck Protection…
I’ve always been a runner – I ran cross country at state in high school – and when I went to college, I wanted to find a place where I could not only run, but make a difference. I ended up choosing Augustana College, where I got a degree in accounting and business administration. I…
Guidance concerning the Paycheck Protection Program (PPP) is continually changing as the program itself continues to evolve. As of this morning, Congress and the White House were close to a deal to pump an additional $310 billion into the CARES Act’s massive relief measure for small businesses. In the meantime, for the many companies that…
I started as a private accountant in the hotel industry, then went to work at a small firm, which was in turn acquired by a much larger BDO company. At both firms, I gained great experience at being both a specialist and a generalist, tackling international tax and pass-through tax, as well as transaction advisory…
Today marks the debut of the IRS’s much-anticipated “Get My Payment” portal, designed to expedite delivery of CARES Act rebate checks to all eligible taxpayers. The IRS is encouraging everyone to visit the site and verify contact and taxpayer information from their 2018 or 2019 federal tax returns. It’s especially important for taxpayers who do…
Late Thursday, the IRS issued Notice 2020-23 detailing the extension of numerous tax deadlines covering individuals, estates, corporations and others. The new extension covers a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 (now due July 15th)…
As you’re no doubt aware, the IRS has committed to begin issuing the CARES Act economic impact payments – also referred to as stimulus payments or rebate checks – within the next few weeks. While payment is automatic for most taxpayers, the agency recently updated its website with special tools designed to help speed up…
Last week, the Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments detailed in The CARES Act would begin in the next three weeks, and that payment would be automatic, with no action required for most people. The following Q&A, which is reprinted from the IRS website, provides important details…
First things first. As the coronavirus crisis deepens, we hope that you are safely sheltering in place and doing all you can to keep yourself, your loved ones, and your community healthy and safe. If you’re like most Americans, taxes are probably the furthest thing from your mind right now. Yet recent tax changes designed…
For many of our clients, one of the most important portions of the CARES Act is the $350 billion Paycheck Protection Program, which provides small business loans which may ultimately be forgiven if payrolls are maintained through the crisis or restored afterward. The U.S. Chamber of Commerce has just issued a “CORONAVIRUS EMERGENCY LOANS: Small…
Yesterday, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES) into law after unanimous approval by the Senate and voice vote passage in the House. At 883 pages and $2.2 trillion, it is the largest relief bill in U.S. history and goes to extraordinary lengths to provide relief for taxpayers and businesses…
Illinois announced today that the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Illinois income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations, and because it is automatic, taxpayers do not need to file…
UPDATE: On Friday, March 20, Treasury Secretary Steven Mnuchin announced that the IRS will move the federal income tax filing deadline to July 15, 2020. The Treasury Department and the Internal Revenue Service are providing special payment relief for individuals and businesses in response to the COVID-19 outbreak. Key points are summarized below, along with…
March 20 – Illinois has been added to the list of states now eligible for new low-interest disaster loans offered by the U.S. Small Business Administration in response to the COVID-19 pandemic. The low-interest loans offer up to $2 million in working capital to any qualifying small business or non-profit organization that applies. The loans…
March 19 – The IDES has issued new guidance covering emergency benefits for workers whose unemployment is attributable to COVID-19. The guidance includes important information for employers and employees alike. For example, under emergency rules recently adopted by the IDES, individuals temporarily laid off because their workplaces closed may be entitled to benefits. To access…
I didn’t start college thinking I would become an accountant, but a career assessment test highlighted it for me. I graduated from the University of Illinois at Urbana-Champaign in 2016, and when a job with another accounting firm fell through, I was connected with Weiss. It was a great fit. I started as a tax…
As you might expect, all of us at Weiss & Company have been working to come to grips with the coronavirus pandemic and its inevitable impact on our business. While our offices remain open at this time, we are prepared to take whatever measures necessary to continue delivering Weiss-level service and support to our clients….
I grew up on a hobby farm in Wisconsin, but I decided to double major in economics and accounting at University of Wisconsin-Oshkosh. When I graduated in 2014, I started working at a bigger accounting firm. I found I didn’t like to be pigeonholed into one area – focusing specifically on taxes for manufacturing properties…
With so much happening in Washington D.C. as 2019 draws to a close, we want to draw your attention to a news item of significance to all of us. Among the provisions contained in Congress’s year-end appropriations bill is the SECURE Act – short for “Setting Every Community Up for Retirement Enhancement” – which will…
2019 marks the second year since the passage of the Tax Cuts and Jobs Act, and the first in which nearly all of its terms have taken effect. Once again that means big changes to income tax preparations and planning for both individuals and businesses, and it’s more important than ever to understand how those…
As a convenience to our small business clients, we’ve assembled the following index of contribution limits for a broad range of employee benefit plans. Plan sponsors and administrators should update payroll and plan administration systems to include 2020 cost-of-living adjustments, and incorporate the new limits in relevant employee and participant communications. RETIREMENT PLAN LIMITS 2020…
With the calendar closing in on 2020 and April 15 right around the corner, here’s a quick list of things for individual taxpayers to address before 2019 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use…
It’s been nearly two years since the Tax Cuts and Jobs Act was signed into law, and it continues to alter the landscape for taxpayers at all income levels. We can expect further changes in the years to come, with many TCJA provisions changing from year to year and a Presidential election on tap for…
As we count down toward the end of yet another year, it’s a good time for our business clients to consider the year-end tax breaks available on certain purchases and expenses. This year’s opportunities are among the most generous in recent memory, thanks in part to changes included in the Tax Cuts and Jobs Act…
While the lingering effects of the Tax Cuts and Jobs Act of 2017 continue to dominate tax planning discussions for small businesses, there has been plenty of action at the state level that demands attention, as well. We asked Larry Sexauer, who heads Weiss’s Audits & Assurance Service, to weigh in on the Illinois state…
November 8th marks the deadline for the third and final implementation phase of the Illinois Secure Choice Savings Program, the state’s new retirement savings program for individual workers who lack access to a qualified private plan through their employers. Under the terms of the program, Illinois employers with 25 or more employees who don’t offer…
Illinois enacted two tax amnesty laws – one covering taxes administered by the Illinois Department of Revenue, and the other covering franchise taxes and license fees administered by the Illinois Secretary of State. These acts provide taxpayers the opportunity to pay outstanding tax liabilities and receive penalty AND interest forgiveness on taxes paid in full during the…
The IRS is urging taxpayers to be on the lookout for evolving phishing emails and telephone scams. This year, the agency has seen signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues, and another threatens people with a tax bill from a fictional government agency. Here are…
Many Weiss & Company LLP clients have questions about how or whether to report gains and losses from cryptocurrencies, like Bitcoin. These virtual currencies, which operate without a central bank or administrator, have become popular both as payment methods and as investments because they are decentralized, anonymous, and not tied to any government or institution….
Millions of phishing e-mails are sent daily. Hackers from foreign countries are tirelessly trying to find openings in networks to exploit companies for Bitcoin. While larger companies, city networks, and hospitals tend to make the news, it is typically the smaller companies that get hurt the most. There are several steps your company can take…
It seems like every day, there’s a new headline: a company has been hacked, exposing its data and the data of millions of its customers. Small business are no exception: surveys show that up to 80 percent of small businesses have been hacked, often because business owners do not prioritize cybersecurity. What’s at stake? In…
Weiss & Company LLP is pleased to welcome two new associates to the firm’s tax accounting team. Katherine Chung has joined as a senior tax manager, and Anna Lomeyko has joined as a tax accountant. “We’re excited to bring Katherine and Anna onboard as Weiss continues to grow,” said Weiss & Company Managing Partner Dan…
Business valuations are a key tool for privately-held businesses who are looking to create a succession plan or are getting ready to sell. Weiss & Company LLP’s accountants have decades of experience creating these valuations. Frank Lee, CPA, CVA, a partner who manages the firm’s tax department, has been certified as an official CVA (Certified…
Chris Bozarth, accounting services partner who leads Weiss & Company LLP’s Client Accounting Services Department, has earned the Certified Valuation Analyst (CVA) designation from the National Association of Certified Valuators and Analysts (NACVA). The CVA designation is granted to those who undergo intensive training and pass an exam testing both theory and application in the…
Section 1202 can eliminate the double tax burden on C corporations entirely with proper tax planning. But buyer beware – there are hurdles, limitations, and traps to navigate. Section 1202 allows certain non-corporate taxpayers to exclude from 50 to 100 percent of gain from the sale of “qualified small business stock” (QSBS) held for at…
Where we stand today – Income Taxes Individual, Trusts, and Estates Illinois maintains a flat income tax rate of 4.95% for individuals, trusts, and estates, regardless of how much or how little income is earned. Businesses Illinois C corporations are subject to an income tax rate of 7%. S corporations and partnerships (“pass-through entities”) are…
Glenview, Illinois (May 18, 2019) – Like baseball’s Opening Day, it happens every spring: Weiss & Company LLP has once again been recognized as one of the “Best Places to Work in Illinois” by the Daily Herald Business Ledger. It was the eighth straight year Weiss made the list, ranking 14th among 30 small companies…
Chris Bozarth is a partner at Weiss & Company LLP who oversees the firm’s Accounting & Advisory Services Department. He has more than 20 years of accounting, auditing and consulting experience and oversees the employee benefit plan audit practice of the firm. Chris sat down recently to discuss employee benefit plan audits, benefit plan audit…
“Why should I use a CPA firm for my taxes?” We hear that question a lot this time of year, especially this year, in the wake of all the changes triggered by the Tax Cuts and Jobs Act. We hear it from taxpayers of all ages, at every income level. But the truth is, there’s…
Summary Congress enacted changes to qualified improvement property (QIP) and bonus depreciation in the 2017 tax reform, also known as the Tax Cuts and Jobs Act (P.L. 115-97). Due to a drafting error, QIP was not included in the list of property with a 15-year life. As such, despite the legislative intent, QIP has a…
More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still working to understand the changes. Though additional guidance and regulations have been issued nearly every month, it seems change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. At…
It’s important for businesses to be familiar with the 401(k) audit compliance rules before it’s time to file. Understanding the guidelines will prevent a situation in which a business only realizes a 401(k) audit is needed after its Form 5500 (annual report of employee benefit plan) is rejected. Check the number of eligible employees The…
Depending on what tax related documents you need to file, here are several key tax dates to pay attention to over the course of 2019. If you care for additional detail, visit the IRS Federal Tax Calendar or give our tax team a call (Jim Hamilton – 847.441.8800). We would be happy to walk you…
Under the Tax Cuts and Jobs Act of 2017, several new rules went into effect regarding the Section 179 expense deduction that improve your opportunity to take a more immediate and or larger deduction on cars used for business purposes. Below are five rules you should know. For further information and guidance on these rules,…
The IRS recently issued its final regulations on the new 20 percent deduction for Qualified Business Income (QBI) for pass-through businesses (Section 199A). This new deduction was added as part of the Tax Cuts and Jobs Act of 2017. The final regulations are 247 pages long, and because this is a new deduction, there are…
Jim L. Hamilton, CPA, has spent 21 years with Weiss & Company LLP as a tax partner who leads the firm’s Tax Planning & Compliance Department, he has seen his share of tax reform laws over the years and is working with his staff to help his clients interpret the new rules. He sat down…
Sometimes speaking English alone isn’t enough to make complex business and tax topics clear to clients. That’s why Weiss & Company LLP offers bilingual services in several languages, including Spanish, Polish, Hebrew, Hindi, Korean, Russian, Romanian, Turkish and Kyrgyz. In fact, over a dozen of its staff members are bilingual. “We don’t make clients fit…
The federal government is in partial shutdown, but what does that mean as we begin the tax season? First, taxpayers should keep in mind that due dates have not changed as a result of the shutdown. But while the Internal Revenue Service (IRS) is working with a staff of excepted employees, many IRS employees are…
Why should you consider getting a business valuation? A business valuation is a smart, proactive step to protect everything you have worked for professionally. Perhaps your first valuation is for benchmarking purposes, so you know the true value of your business. It is a deliberate way to measure progress and to set goals. A valuation…
