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

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…

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 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)…

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…

June 24, 2019

The Uncertain Future of Illinois Income Taxes

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…

March 26, 2019

Q & A: Understanding Employee Benefit Plan Audits

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…

March 26, 2019

The Argument for Using a CPA Firm to Handle Your Taxes

“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…

March 12, 2019

Eight Tax Planning Opportunities For Businesses In 2019

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…

March 4, 2019

Does your Business Need a 401(k) Plan Audit?

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…

January 30, 2019

Important Tax Related Filing Dates for 2019

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…

January 30, 2019

New Tax Rules: Using Your Car for Business

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,…

January 30, 2019

Understanding the New 20 Percent Deduction for Pass-through Businesses

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…

January 29, 2019

Tax Reform Q and A with Jim Hamilton

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…

January 29, 2019

Speaking Your Language: Multilingual Weiss staff connect with clients

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…

January 23, 2019

Three Tax Implications of the Federal Government Shutdown

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…