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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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IRS KICKS OFF 2019 TAX-FILING SEASON AS TAX AGENCY REOPENS

January 29th, 2019

The Internal Revenue Service successfully opened the 2019 tax-filing season Monday, 1/28/2019 as the agency started accepting and processing federal tax returns for tax year 2018. Despite the major...
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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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TAX REFORM CHANGES AFFECTING PARTNERSHIPS AND LLCS AND THEIR OWNERS

August 30th, 2018

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....
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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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HOW THE 90 DAY MILEAGE LOG RULE WORKS FOR YOU

August 1st, 2018

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...
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NEW MEDICARE CARDS START MAILING IN APRIL 2018

March 30th, 2018

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...
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HELICOPTER VIEW OF MEALS AND ENTERTAINMENT AFTER TAX REFORM

March 9th, 2018

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...
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