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2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

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...
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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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Illinois Pass – Through Entity Tax SALT Workaround Bill Enacted

September 9th, 2021

On August 27, 2021, Governor Pritzker signed Public Act 102-0658 (the Act) establishing the state’s Pass-through Entity Tax regime. The legislation follows a national trend of similar laws passed...
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IRS Issues Advance Child Tax Credit Payments

July 16th, 2021

The American Rescue Plan Act of 2021 (Act) temporarily expanded the Child Tax Credit (CTC) for the 2021 tax year. The Act also directed the IRS to issue advance...
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Illinois 2022 Budget Implementation Act Provisions

June 24th, 2021

On June 17, 2021, Governor Pritzker signed the Fiscal Year 2022 Budget Implementation Act (ACT). The ACT contains numerous tax and business legislative changes with most geared towards increasing...
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American Rescue Plan Act Highlights

April 29th, 2021

The American Rescue Plan Act (ARPA) was recently signed into law by President Biden. The legislation extends key tax credits available to small business for paid sick leave for...
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Treasury Department Announces May 17, 2021 Due Date

March 18th, 2021

On March 17, 2021 the Department of the Treasury announced that the Federal income tax filing due date for 2020 individual income tax returns has been automatically extended to...
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Tax Highlights of the Consolidated Appropriations Act

January 7th, 2021

On December 27, 2020, the Consolidated Appropriations Act, H.R. 133 (Act), was signed into law by President Trump. As the name suggests, the Act combines numerous bills into a...
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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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Senate Passes House Bill H.R. 7010 – PPP Flexibility Act

June 5th, 2020

On June 3, 2020, the U.S. Senate passed House Bill H.R. 7010 (Bill), providing more flexibility to Paycheck Protection Program Loan (PPP) recipients.  The bill is drafted such that...
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