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Illinois Department of Revenue Suspends Grocery Tax
The Illinois Department of Revenue recently announced the suspension of 1% of Grocery Tax. Public Act (P.A.) 102-0700 suspends the state 1 percent (1%) low rate of sales and use tax on retail sales of groceries normally taxed at this rate from July 1, 2022, through June 30, 2023.
Client Spotlight: Susan Tipton, Owner/Winemaker of Acquiesce Winery
We would like to congratulate Susan Tipton the owner and winemaker at Acquiesce Winery on her prestigious award. Last week, she received the 2022 Best Woman Winemaker award at the prestigious International Women's Wine Competition!
How Inflation Could Affect Your Financial Statements
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. This was a slightly smaller increase than the 8.5% figure for the period ending in March, which was the highest 12-month increase since December 1981.
Matching Gifts Make Donations Twice As Sweet
According to nonprofit consultant Double the Donation, almost 65% of U.S. companies offer matching gift programs to help boost their employees' charitable giving power. Sadly, billions of dollars in corporate matching gift funds go unclaimed every year. If your not-for-profit isn't actively pursuing these gifts, you may be leaving them on the table.
Inflation Enhances The 2023 Amounts For Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.
The HSA: A Healthy Supplement To Your Wealth-Building Regimen
A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot.
Businesses May Receive Notices About Information Returns
The IRS has begun mailing notices to payers that filed certain returns with information that doesn’t match the agency’s records. These notices are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect name or have a combination of both.
The Tax Mechanics Involved In The Sale Of Trade Or Business Property
There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year.
What Charitable Givers Need To Know About Taxes
Although most charitable donors aren’t primarily motivated by potential tax breaks, they still need to know how donations affect their taxes. It’s important for your not-for-profit to educate them — particularly as tax laws change. For example, in 2020 and 2021, even nonitemizers were allowed to deduct up to $300 and itemizers could deduct cash gifts up to 100% of their adjusted gross income (AGI).
Kemper Webinar - How is Kemper Capital Management Different? And Why It Matters
Please join us for a FREE webinar from Kemper CPA Group as we will discuss what makes Kemper Capital Management unique and how KCM provides an exceptional planning and investing experience to the families and professionals they serve.
Goodwill In A Bad Economy
Many businesses and nonprofits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit — or report additional write-offs — in 2022. To the extent that goodwill is written off, it can’t be recovered in the future, even if the organization recovers. So, impairment testing is a serious endeavor that usually requires input from your CPA to ensure accuracy, transparency and timeliness.
Tax Considerations When Adding A New Partner At Your Business
Although the entry of a new partner appears to be a simple matter, it’s necessary to plan the new person’s entry properly in order to avoid various tax problems. Here are issues to consider:

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