847.509.4100

Client Portal

News & Updates

News & Updates

Here’s how the TCJA applied its tax reform to your supper money meal allowances. Before tax reform, you deducted 100 percent of the supper money cost. Now, because of tax reform, your tax deduction for supper money is subject to a 50 percent cut for amounts paid during tax years 2018 through 2025. The regulations

The Tax Cuts and Jobs Act (TCJA) includes several changes that affect partnerships and their partners, and LLCs that are treated as partnerships for tax purposes and their members. Most of the changes are good news. Here are some highlights: Technical Termination Rule Repealed (Good) Under prior law, a partnership or an LLC treated as

When you convert your existing traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to traditional IRA status, the reversal is called a recharacterization in IRS-speak. If you had a sizable accumulation in your traditional IRA, the ability to convert that traditional IRA to a Roth IRA and

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone. Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and nonqualified use: •Qualified use means the time

Often in an IRS audit, the examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, then you are in danger of losing more than just vehicle deductions. Think about it. If you don’t have a log for mileage, what is the IRS examiner

The Centers for Medicare & Medicaid Services (CMS) is required to remove Social Security Numbers (SSNs) from all Medicare cards by April 2019. A new, unique Medicare Number will replace the SSN-based Health Insurance Claim Number (HICN) on each new Medicare card. Starting April 2018, CMS will begin mailing new Medicare cards to all people

Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. * Technically, the TCJA made meals with clients and prospects not deductible. We understand that the tax

Looking ahead to your 2018 taxes?   The 2018 Tax Pocket Guide is now available which includes 2018 tax brackets, filing deadlines, exemptions, and phase-out thresholds. Plus, a handy list of record retention guidelines for individuals and businesses Use the 2018 Tax-Cutting Checklist of deductions, credits and tax strategies as a starting point for your 2018 tax

First, lawmakers reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with the newest tax reform, lawmakers simply killed business deductions for directly related and associated entertainment effective January 1, 2018. For example, during

Filing season for the 2017 tax year will begin on Jan. 29, the Internal Revenue Service announced. The date marks the time the IRS will be accepting both electronic and paper returns. Processing on electronic returns will start Jan. 29; processing on paper returns will start in mid-February. “The IRS strongly encourages people to file










Our Blog

Here’s how the TCJA applied its tax reform to your supper money meal allowances. Before tax reform, you deducted 100 percent of the supper money cost. Now, because of tax reform, your tax deduction for supper money is subject to a 50 percent cut for amounts paid during tax years 2018 through 2025. The regulations

When you convert your existing traditional IRA into a Roth IRA and then reverse the transaction by switching the account back to traditional IRA status, the reversal is called a recharacterization in IRS-speak. If you had a sizable accumulation in your traditional IRA, the ability to convert that traditional IRA to a Roth IRA and

The days when you could convert your rental property or vacation home to a principal residence and then use the full $250,000/$500,000 home-sale exclusion to avoid taxes are gone. Here’s how the $250,000/$500,000 exclusion works today. You must divide your period of home ownership into two categories—qualified and nonqualified use: •Qualified use means the time

First, lawmakers reduced the directly related and associated entertainment deductions to 80 percent with the 1986 Tax Reform Act. Later, in 1993, they reduced that 80 percent to 50 percent. And now, with the newest tax reform, lawmakers simply killed business deductions for directly related and associated entertainment effective January 1, 2018. For example, during

Are you ready to get started on your 2017 tax planning? Here are the numbers to use to take full advantage of retirement and other tax-advantaged savings. If you’re under full retirement age, the social security earnings limit is $16,920. That means if you collect benefits before your full retirement age and earn more than

The filing requirement rules for individual federal income tax returns are fairly straightforward. In general, you’re required to file a return based on your filing status, your gross income, and your age. Here’s an overview of the rules for 2016 tax returns. Single taxpayers (including those who are divorced or legally separated). If you’re under

Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn’t feasible, an alternative is to consider selling your business to your employees. How? One common approach is to transfer shares through an employee stock ownership plan (ESOP), a type of

When your business makes money, you pay income tax on the profit. What happens when your business deductions are greater than the income in a particular year? In that case, the result is what’s called a net operating loss, or NOL, and you may be able to benefit from federal tax rules that allow you

Rising business receivables can be a sign of a growing, prosperous company ñ or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices

  The Internet of things has changed the ways CPA’s conduct audits. Cloud based transactions change the sources of data flowing from vendors and to clients. CPAs must monitor transactions and insure that proper controls are in place. Internal control design is changing. Client information is going directly into accounting systems from the web Instead