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The Illinois due date for individuals, trusts, and corporations to file and pay taxes has been extended to match the federal due date of July 15, 2020.  This relief is automatic, an extension does not need to be filed.

With all of the uncertainty surrounding COVID-19 and its impact on the business environment, many business owners are beginning to inquire about the availability of unemployment benefits in the event of business closures or layoffs due to the continued spread of the virus.

In response to the Coronavirus pandemic, the Internal Revenue Service announced that taxpayers affected by the pandemic may defer federal tax payments until July 15, 2020. This will include first-quarter estimates. In addition, state income tax return deadlines vary based on state guidelines.

Treasury Secretary Steven Mnuchin tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.

Accounts receivables are classified under current assets on the balance sheet if you expect to collect them within a year or within the operating cycle, whichever is longer. However, unless your company sells goods or services exclusively for cash, some of its receivables inevitably will be uncollectible.

For the past several weeks, we have been closely monitoring the impact of COVID-19 (novel coronavirus) on communities and events around the world. Given the ongoing uncertainty, and the fact that the seasonal influenza (flu) virus is also widespread, we are taking steps to address a number of business concerns.

Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. But undergoing regular audits allows your organization to identify risks early and act quickly to prevent problems. Independent audits also provide valuable reassurance to donors.

With Coronavirus and influenza concerns on the rise, you may want to look into remote access for your employees to work from home. Kemper Technology Consulting has two solutions for your business.

The IRS recently updated its principal guidance on travel per diems. These are daily amounts that, subject to periodically adjusted limits, may be used in lieu of actual expense amounts to determine nontaxable travel allowances or reimbursements, or to substantiate travel expense deductions.

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC).

Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances and estimates agree with their records. Here are answers to questions you may have about audit confirmations.

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes.