February 8, 2024

New Hire Reporting for Illinois Businesses Expanded to Include Independent Contractors

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?…

January 26, 2024

Celebrating 50 Years at Weiss – A Conversation with Frank Lee

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…

December 21, 2023

IRS Announces Standard Mileage Rates for 2024

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…

December 20, 2023

Tax Season 2024: Key Dates and Events

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…

December 12, 2023

Your Annual Tax Planning Guides

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…

November 22, 2023

Social Security Check-up: Download Your Most Recent SSA Statement

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…

November 13, 2023

Katherine Chung Reflects on Tax Services at Weiss and 2023 Tax Law Changes

“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,…

August 30, 2023

IRS Pushes Roth-Only Catch-Up Contribution Deadline to 2026

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…

August 17, 2023

More Changes to RMD Rules for IRA Beneficiaries

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…

August 3, 2023

Cook County Property Tax Mailing Delayed Again

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…

April 26, 2023

2023 Tax Season In Review

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…

April 6, 2023

Tax Scam Update: Meet the “Dirty Dozen” for 2023

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…

March 31, 2023

IRS Update: New Guidance and Request for Feedback on NFTs

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…

February 28, 2023

IRS Announces FY 2022 Federal Taxability Rules for State-Issued Rebates in 2022

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…

February 14, 2023

IRS Announces Direct Deposit for Amended Return Refunds

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…

January 27, 2023

IRS Announces Form 1040 Changes for Digital Assets Question

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,…

January 17, 2023

Tax Season 2023: Key Dates and Events

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….

January 17, 2023

Retirement Savings Update: Your Guide to Secure 2.0

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…

January 10, 2023

IEPA Now Accepting EV Rebate Applications Through January 31

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…

January 3, 2023

IRS Announces 2023 Mileage Rates

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…

December 5, 2022

Reminder: 2022 Cook County Property Tax Payments Due December 30, 2022

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…

November 16, 2022

IRS Releases Guidance for Hurricane Ian Tax Relief

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…

November 12, 2022

IRS Raises Retirement Plan Contribution Limits to Counter Inflation

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…

November 8, 2022

Your Annual Tax Planning Guides

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…

November 6, 2022

IRS Watch: Inflation Adjustments for Tax Year 2023 Announced

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…

November 4, 2022

Weiss & Company LLP Announces New Senior Tax Manager

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…

October 31, 2022

Tax Update: The Clock is Ticking on 100% Bonus Depreciation Allowance

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…

August 26, 2022

IRS Announces Failure-to-File Penalty Relief for 2019-20

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…

August 23, 2022

Illinois Tax Rebates for 2022

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…

August 22, 2022

Inflation Reduction Act of 2022: An Overview

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…

July 22, 2022

Illinois Introduces Electric Vehicle Rebate Program

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…

July 5, 2022

Illinois Sales Tax Holidays: What You Need to Know

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…

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…

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…

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 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…

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 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…

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…

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 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…

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…

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 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 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 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…

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…

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 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 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 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…

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 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…

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….

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

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…

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 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…