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House Passes the Infrastructure Investment and Jobs Act

November 9th, 2021

On November 5, 2021, the House passed the Infrastructure Investment and Jobs Act (the Act), which is expected to be signed by President Biden this week. The legislation contains few...
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IRS Issues Guidance on Deferral of Employee Payroll Taxes

September 3rd, 2020

On August 8, 2020, the President issued a memorandum directing the Secretary of the Treasury to defer the withholding, deposit, and payment of the employee share of Social Security...
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SBA Releases PPP Loan Forgiveness Application

May 20th, 2020

On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application package contains eleven pages of detailed instructions, worksheets required to...
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Illinois Tax Amnesty Program Starts October 1, 2019

September 13th, 2019

By: Barry Burchel, Director – Tax and Business Services, Brown CPA Group, Ltd. Illinois Governor J.B. Pritzker signed Public Act 101-0009 into law on June 5, 2019. Among the provisions...
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TCJA CHANGES TO YOUR TAX-FREE SUPPER MONEY

September 5th, 2018

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...
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BE ALERT TO THE TCJA TAX REFORM ON IRA RECHARACTERIZATIONS

August 23rd, 2018

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...
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HOW WILL RENTING YOUR HOME DESTROY YOUR $250,000 EXCLUSION?

August 9th, 2018

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....
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TAX REFORM DESTROYS ENTERTAINMENT DEDUCTIONS FOR BUSINESS

January 16th, 2018

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...
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PLANNING BY THE NUMBERS: UPDATES FOR 2017

January 24th, 2017

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...
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WILL YOU HAVE TO FILE A 2016 TAX RETURN?

January 9th, 2017

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,...
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