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Businesses Will Soon Be Able to Deduct More Under the Standard Mileage Rate
June 30, 2022
Business owners: Are high gas prices getting you down? The IRS is providing some relief by raising the optional standard mileage rate for the last six months of 2022.
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As of May 31, the IRS Was Still Plagued by Delays in Processing Paper Returns and Issuing Refunds, According to the National Taxpayer Advocate, Erin Collins.
June 28, 2022
As of May 31, the IRS was still plagued by delays in processing paper returns and issuing refunds, according to the National Taxpayer Advocate, Erin Collins.
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Is Your Corporation Eligible for the Dividends-received Deduction?
June 23, 2022
The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Here’s how.
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4 Estate Planning Documents Your College-aged Child Should have
June 21, 2022
If you’re preparing to send your child to college this fall, now is the right time to create a basic estate plan with the help of an advisor.
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Estate Planning and Business Succession Planning: The Lines Blur with a Family Business
June 16, 2022
Transferring a family business to the next generation requires a delicate balancing act.
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Social Security Benefits: Do You Have to Pay Tax on Them?
June 14, 2022
Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.
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IRS Increases Mileage Rate for Remainder of 2022
June 10, 2022
The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022, up to 62.5 cents. Click to read the full details on the IRS website.
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Contingent Liabilities: To Report or Not to Report?
June 9, 2022
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses.
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Calculating Corporate Estimated Tax
June 3, 2022
An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.
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CLTs: A Charitable Trust That Takes the Lead
June 2, 2022
A charitable lead trust provides a regular income stream to one or more charities during the trust term, after which the remaining assets pass to your heirs or other noncharitable beneficiaries.
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Partners May Have To Report More Income On Tax Returns Than They Receive In Cash
May 31, 2022
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.
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Illinois Department of Revenue Issues Sales Tax Holiday
May 26, 2022
The Illinois Department of Revenue recently announced a Sales Tax Holiday for qualifying items from August 5, 2022 until August 14, 2022.  Public Act (P.A.) 102-0700 creates a state sales tax holiday on qualifying items effective August 5, 2022, through August 14, 2022.
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