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