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IRS Issues Guidance on New Retirement Catch-up Contribution Rules

September 11, 2023

The SECURE 2.0 Act’s new retirement catch-up contribution rules caused problems and confusion for employers and employees alike. The IRS has now provided guidance.

Selling Your Home for a Big Profit? Here Are the Tax rules

September 7, 2023

If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules.

New Report Identifies High-risk Areas in Financial Reporting

September 5, 2023

Which areas of your organization’s financial statements pose the greatest risk of material misstatement? Here’s a recent report that may help identify high-risk accounts and transactions.

Overhead Allocations: Rising Costs Require a Fresh, Disciplined Mindset

August 31, 2023

Here’s how to get control of your overhead allocations and make better-informed pricing decisions in today’s volatile marketplace.

Guaranteeing a Loan to Your Corporation? There May Be Tax Implications

August 29, 2023

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.

Illinois Paid Leave for All Workers Act

August 28, 2023

The Paid Leave for All Workers Act ensures that employees across IL have benefits that contribute to their overall well-being.

Disabled Family Members May Be Able to Benefit from ABLE Accounts

August 24, 2023

Family members often want to help disabled loved ones financially but don’t want them to lose eligibility for their government benefits. A tax-advantaged ABLE account may be the answer.

The IRS Challenged a Group of Individuals Who Rented Their Homes to an S Corporation (owned by Them) for Meetings and Deducted the Rental Expenses.

August 22, 2023

The IRS stated that the taxpayers hadn’t substantiated all of the meetings and didn’t present written documentation.

The IRS warns businesses about ERTC scams

August 18, 2023

Beware of fraudsters hyping the Employee Retention Tax Credit! Not all businesses are eligible despite the claims you may be hearing on TV or in mail, phone and email solicitations.

Can You Deduct Student Loan Interest on Your Tax Return?

August 17, 2023

If you are resuming student loan payments soon, be aware that interest is deductible for some borrowers subject to certain limits. Here are the rules.

Implementing the SECURE 2.0 Act, Enacted Last Year, Involves Numerous Administrative Hurdles.

August 15, 2023

The SECURE 2.0 act was enacted last year, and one provision changes catch-up contributions.

The Advantages of Using an LLC for Your Small Business

August 10, 2023

You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC).

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