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Standard vs Itemize Deductions
Is it better to take the standard deduction or to itemize deductions? It depends on your situation. The standard deduction amount changes yearly and is based on filing status and age. Itemizing is more complicated but if your total deductions exceed the standard deduction, you might save significant taxes.
Kemper Webinar - Employment Law Update: Lessons Learned and What to Look Out for in 2022
Please join us for a complimentary webinar in which our long-time outside employment counsel Nathan Baker from Barnes & Thornburg LLP will walk us through some key employment developments from last year as well as what we might encounter moving into 2022.
Numerous Tax Limits Affecting Businesses Have Increased For 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.
How To Forecast Smarter
Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing. You’ll need to do more than just multiply last year’s numbers by a projected growth rate.
Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income.
With Proper Planning, A Charitable Remainder Trust Can Replicate A “Stretch” IRA
The “stretch” IRA generally no longer exists. But if you have a substantial balance in a traditional IRA, a properly designed charitable remainder trust (CRT) can allow you to replicate many of its benefits.
Advance Child Tax Credit Payment & Economic Impact (Stimulus) Payment Letters Needed
The IRS will be sending out two letters to taxpayers in January. It is important than you retain these letters and provide your accountant with each letter. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds.
Defer Tax With A Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.
Kemper Webinar - 2022 State Taxes and Nexus
Please join us for a FREE webinar from Kemper CPA Group as we teach you to take a closer look at state taxes and how the new changes can impact your business.
Kemper CPA Group LLP Merges in Yettke & Rapp LLC
The partners and staff at Kemper CPA Group LLP are pleased to announce a merger with Yettke & Rapp LLC, effective January 2, 2022. Yettke & Rapp LLC has been serving Champaign and surrounding counties since 1994, and the merger strengthens Kemper CPA Group’s presence in the Champaign-Urbana market. The staff from Yettke & Rapp will join the Kemper team, and the combined office will operate under the Kemper CPA Group LLP name.
2022 Q1 Tax Calendar: Key Deadlines For Businesses And Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.
The 401(k) Contribution Limit Will Increase In 2022
The IRS recently announced that the amount individuals can contribute to their 401(k) plans will increase in 2022. The tax agency has also announced other cost-of-living adjustments affecting dollar limitations for pension plans and retirement-related items for tax year 2022.

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