As the clock winds down on what has been a tumultuous 2024, there are reasons for optimism as we look ahead. The seemingly endless presidential campaign and election are finally behind us. Inflation has eased, interest rates are falling, and the stock market continues to trend upward. And there’s every indication that many of the…
For many of us, December brings party invitations, holidays, and the winter solstice (Dec. 21). December also brings a reminder to get serious about tax planning for 2024 and the years that follow. If you haven’t yet explored tax planning strategies to save money and protect your wealth, now is the time to act. Weiss’s…
Weiss & Company LLP is pleased to welcome Karen Martin, CPA, as a new Senior Manager in the firm’s Tax Department. She brings over 15 years of accounting experience to the position, specializing in estate, gift, trust, family, and individual tax planning, consulting and compliance. In her new position, Karen will work closely with Weiss…
In late July the IRS issued long awaited guidelines on inherited IRAs that eliminated “stretching out” required minimum distributions for most inheritors to a maximum of 10 years. Prior to 2020 and the passing of the initial SECURE act, anyone who inherited an IRA could extend RMDs for decades. These new guidelines provide clearer direction…
Yesenia Malagon started at Weiss & Company as a part-time intern in January 2014. She was in her last semester at University of Illinois-Chicago and commuting from home in the Northwest suburbs. Some days she’d be driving from the suburbs to Chicago, then back to Glenview before returning home. It was a crazy schedule with…
On June 5, 2024, Illinois Gov. J.B. Pritzker signed legislation, H.B. 4951, which amends several tax law provisions affecting businesses operating in Illinois. These changes will take effect on January 1, 2025. Net Operating Loss Deductions The legislation includes corporate income tax changes that increase and extend the amount of the annual limitation on the…
The Inflation Reduction Act of 2022 allocated more than $45 billion for tax enforcement. After a decade of decreasing numbers of audits, the trend is reversing. The IRS anticipates increasing audits by tax year 2026. Likely prospects typically include high-income taxpayers, self-employed individuals, business owners, estates, large and complex corporations, and large partnerships. The IRS…
On June 6, the U.S. Supreme Court issued a ruling that could significantly impact federal estate tax liability for privately held businesses. The case focused on a life insurance policy taken out by a company to buy back a deceased shareholder’s stock. In upholding the appellate court’s decision, the Court found that the proceeds from…
Keith White just celebrated his 35th tax season at Weiss. We spoke to him about his career and how the firm has changed over the years. Finding His Niche Keith graduated from Northern Illinois University with a degree in accounting. He passed his CPA exam a few months later and started at Weiss, having been…
International travel for business might seem glamorous and exciting from the outside, but often it is the same as any other business trip except there are more time zones and a passport involved. Still, there are important record-keeping tasks to consider no matter how far you travel. For any part of the trip to qualify…
Beginning January 1, 2024, Illinois employers must complete the same new hire reporting protocol for new “gig workers” and other independent contractors as they do for newly hired employees. This new law is based on amendments to the state’s Unemployment Insurance Act passed by the Illinois legislature in 2023. What does this means to you?…
Frank Lee, partner in the Tax Services department of Weiss & Company LLP, recently celebrated his 50th anniversary with the firm in December 2023. That is not a typo. Not his 50th wedding anniversary – 50 years of engaging work in the tax area, where he is regarded as a genial colleague, a friend and…
The Internal Revenue Service issued the 2024 optional standard mileage rates. These rates are used to calculate the deductible costs of operating a car, van, pickup or panel truck for business, charitable, medical or moving purposes. The new rates are listed here: For business use, the new rate is 67 cents per mile driven. This…
The Internal Revenue Service recently announced that it will begin accepting tax returns on Monday, January 22, 2024, officially launching Tax Season 2024. As a service to our clients as well as the general public, the team at Weiss and Company LLP put together the following month-by-month guide to highlight 2024’s key tax dates and…
It’s that time of year again – time to get serious about tax planning for 2023 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 BDO USA and are available to you from Weiss, free of charge or…
For 2023 and prior years, payment apps and online marketplaces are only required to send out Form 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. The IRS had previously considered a reporting threshold requirement of $600 for third party payment organizations for tax year 2023. For tax year 2024, the Internal…
The end of the calendar year inevitably brings check lists of things we need to do. There are appointments to make, places to visit, records to gather and people to see. One important task to add to your list is to download a copy of your most recent statement from the Social Security Administration. These…
“More than anything, I find accounting to be rewarding because I am helping my clients and making a difference in their businesses.” – Katherine Chung Almost one year ago, Katherine Chung was selected to become a partner at Weiss CPA. She serves in the Tax Services department and has more than two decades of experience,…
As you may know, the SECURE 2.0 Act’s measure allowing older taxpayers to make additional “catch-up” contributions to 401k and similar retirement plans included a provision limiting certain high-wage earners ($145,000 or more) to after-tax Roth contributions only. This was originally going to be effective in 2024 and would make the catch-up portion of the…
Last month, the IRS announced a new round of changes regarding required IRA minimum distributions (RMDs) for certain beneficiaries and situations. Detailed in IRS Notice 2023-54, the changes are aimed at remedying confusion triggered by terms of last year’s Secure Act 2.0 as well as the original Secure Act of 2019. Specifically, the guidance once…
In what is hopefully not becoming an annual tradition, Cook County is once again pushing back the mailing date for the second installment of 2022 property tax bills by 120 days, to November 1, 2023. The delay is identical to last year, as is the reported cause, a still-unfinished computer system upgrade. Importantly, the original…
If last year’s tax season was all about getting back to “business as usual,” this year’s theme can be summed up in the old adage, “the more things change, the more they stay the same.” 2023 has seen plenty of change here at Weiss. First and foremost was our conversion to CCH Axcess, a cloud-based…
Each year, the Internal Revenue Service releases its “Dirty Dozen” list of the most rampant tax scams. These schemes affect both individuals and corporations, and are relevant not only during tax preparation, but throughout the rest of the year. For 2023, the twelve topics vary widely, but most fall into two categories: Fraudulent attempts at…
The rise in popularity of non-fungible tokens (NFTs) in recent years has called into question how these tokens must be declared and taxed. Earlier this year, the IRS announced related changes for declarations of digital assets on Form 1040. Now the agency has issued preliminary guidance – as well as invited feedback – on more…
Payments and refunds issued by states are generally considered taxable income, for both federal and state purposes. However, owing to the COVID-19 pandemic, the IRS has announced changes to the taxability of certain types of state payments for FY 2022. As you prepare your 2022 return, if you have received certain types of payments or…
As part of its efforts to streamline services for taxpayers, the IRS has announced that, as of 2023, amended returns will be eligible for direct deposits of any resulting refund. In 2020, the IRS began accepting electronically-filed Form 1040-X amended return forms. However, until 2023, any resulting refund could only be sent to taxpayers by…
For FY 2022, the IRS has announced changes to a question on Forms 1040, 1040-SR and 1040-NR relating to digital assets. These changes not only clarify the meaning of the term, but also better define when it applies. Previously, the question required a “Yes” or “No” answer to the following: “At any time in 2021,…
The Internal Revenue Service recently announced that it will begin accepting tax returns on Monday, January 23rd, 2023, officially launching Tax Season 2023. As a service to our clients as well as the general public, the team at Weiss and Company LLP put together the following month-by-month guide to 2023’s key tax dates and events….
Among the measures included in the omnibus spending bill passed by Congress and enacted in the last week of 2022 is a package of provisions that will fundamentally change the way Americans save for retirement. Dubbed “Secure 2.0,” the legislation is designed to build upon the retirement system improvements implemented under the SECURE Act of…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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 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…
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…
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…
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…
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…
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…
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…
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….
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…
“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…
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…
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…
