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January 10th, 2022
WASHINGTON — The Internal Revenue Service announced that the nation’s tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021... Read MoreNovember 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... Read MoreSeptember 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... Read MoreMay 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... Read MoreSeptember 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... Read MoreSeptember 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... Read MoreAugust 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... Read MoreAugust 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.... Read MoreJanuary 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... Read MoreJanuary 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... Read More
