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….

March 5, 2021

PPP Update: Big News for (Very) Small Businesses

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…

March 5, 2021

Weiss Named As One of 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. 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…

February 12, 2021

Protecting Yourself from Fraudulent Unemployment Claims

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…

January 21, 2021

COVID Relief Update: New 3580S Form Simplifies PPP Loan Forgiveness Process

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…

January 18, 2021

Weiss & Company LLP Announces Two New Partners

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…

January 14, 2021

COVID Relief Update: Employment Retention Credit (ERC) Changes

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…

January 11, 2021

COVID Relief Update: New PPP Applications Released by SBA

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…

December 23, 2020

BDO Business Brief: An In-Depth Look at the New Coronavirus Relief Bill

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,…

December 22, 2020

Consolidated Appropriations Act: An Overview

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…

December 11, 2020

Webinar Recap: 2021 Illinois Business Forecast

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…

November 25, 2020

Business Outlook Webinar 12/8/2020: Featuring Steve Goluch

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!…

November 23, 2020

PPP Loan Forgiveness Update: New Guidance on Deductibility of Expenses

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…

November 23, 2020

Q&A: Jim Hamilton Looks Back On – And Beyond – 2020

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…

November 20, 2020

Last Minute Tax Tips for Individuals in 2020

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…

November 19, 2020

Your Annual Tax Planning Guides

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…

November 19, 2020

IRS Introduces New Form 1099-NEC for Non-Employee Compensation

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…

November 19, 2020

Business Tax Planning in 2020

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…

November 17, 2020

Weiss Welcomes Three New CPAs to Its Professional Staff

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…

October 26, 2020

Weiss Internship Program Yields Three New Associates for 2020

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…

October 26, 2020

Q&A: Dan Fortman On Meeting Clients’ Needs During the COVID-19 Pandemic

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…

October 9, 2020

U.S. Treasury Releases Simplified PPP Loan Forgiveness Application for Loans Under $50K

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…

September 2, 2020

Employee Payroll Tax Deferral: Should You or Shouldn’t You?

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…

August 31, 2020

New IRS Guidance For Calculating PPP Loan Forgiveness Costs

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…

June 10, 2020

On the Fast Track: A Place to Make a Difference

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…

June 5, 2020

PPP Flexibility Act: Key Points and Guidance

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….

May 27, 2020

Important Clarification to the PPP Loan Forgiveness Application Process

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…

May 23, 2020

SBA Disaster Loans: A 3-Step Guide

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…

May 14, 2020

From Intern to Accountant: Finding Your Path

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…

May 9, 2020

Hitting a Home Run: Working with Clients on Day One

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…

May 7, 2020

IRS FAQ regarding pandemic-related relief for retirement plans and IRAs

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…

April 24, 2020

New Coronavirus Relief Bill Passes

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…

April 22, 2020

On the Fast Track: A Place to Make a Difference

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…

April 20, 2020

Payback Protection Program Update: The Road to Forgiveness

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…

April 17, 2020

Connecting with Clients: Gaining Control of Your Career

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…

April 15, 2020

CARES Act Rebate Check Update: “Get My Payment” Website Portal Now Open

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…

April 10, 2020

IRS Issues New Extensions for Tax Filing, Payments

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)…

April 10, 2020

CARES Act Rebate Checks: IRS Update

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…

April 6, 2020

CARES Act Rebate Checks: What Every Taxpayer Needs to Know

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…

April 1, 2020

Tax Relief & The CARES Act: An In-Depth Look

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…

March 30, 2020

CARES Act Update: Paycheck Protection Program Guide

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…

March 28, 2020

The CARES Act: An Overview

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…

March 25, 2020

Illinois Extends 2019 Tax Filing Deadline to July 15

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…

March 20, 2020

UPDATED Message Regarding 2019 Tax Deadlines

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, 2020

New Federal, City Assistance Available to Illinois Small Businesses

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, 2020

New IDES Guidance About Emergency Unemployment Benefits

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…

March 18, 2020

Audit Assignments: A Place to Try Everything

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…

March 13, 2020

A Message To Our Clients Concerning Coronavirus

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….

March 8, 2020

From Farm to Firm: Finding the Right Fit at Weiss

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…

December 19, 2019

SECURE Act for Retirement Plans Included in Year-End Tax Legislation

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…

December 9, 2019

Your Annual Tax Planning Guides

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…

December 4, 2019

2020 Guide to Employee Benefit Plan Contribution Limits

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…

December 3, 2019

Last Minute Tax Tips for 2019

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…

December 2, 2019

Tax Planning in the Age of the TCJA

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…

November 19, 2019

Clock is ticking on end-of-year tax breaks for small businesses

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…

November 14, 2019

Illinois Regulatory Roundup

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…

October 18, 2019

Final Deadline Approaching for Illinois Secure Choice Savings Program Implementation

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…

October 3, 2019

Illinois Tax Amensty Laws – Industry Alert

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…

September 18, 2019

IRS: Keep an Eye Out for Tax Scams

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…

September 16, 2019

Reporting Cryptocurrency Income to IRS

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….

September 9, 2019

How to Prevent Cyber Fraud in your Small Business

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…

September 2, 2019

How to Know if You’ve Been Hacked

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…

August 22, 2019

Weiss Announces Two New Associates, Six Promotions

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…

July 16, 2019

Q and A: Getting a Business Valuation

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…

July 9, 2019

Chris Bozarth Earns Certified Valuation Analyst (CVA) Credential

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…