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…
If you think that question hits a nerve with accounting professionals, well, you’re right. But we’re not being overly sensitive. The truth is, there are significant differences between bookkeeping and accounting that all too many businesspeople simply don’t understand, and can cost their companies money in both the short and long term. Let’s consider a…
