June 8, 2022

Plan Now, Save Later: Early Bird’s Guide to 2022 Business Tax Savings

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,…

June 7, 2022

Emergency Audits 101: Weiss Goes Above and Beyond for a Startup in Need

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…

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…

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 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 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…

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…

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

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…