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Estate Planning Vocab 101: Executor and Trustee

November 10, 2022

You need to know two key estate planning terms: "executor” and “trustee.” These are important appointments; in fact, both roles can be filled by the same person.

Employers beware of third parties promoting improper Employee Retention Credit claims

November 9, 2022

The IRS has issued a warning about third parties offering improper guidance to employers claiming the Employee Retention Credit (ERC).

The U.S. Treasury Department Has Announced $5 Billion in New Markets Tax Credit (NMTC) Awards.

November 8, 2022

The U.S. Treasury Department has announced $5 billion in New Markets Tax Credit (NMTC) awards. This program aims to help low-income communities by allowing taxpayers to receive a nonrefundable tax credit against federal income tax for making equity investments in Community Development Entities (CDEs).

The Audit is Over. Now What?

November 3, 2022

Audits are critical to reassuring financial supporters of your nonprofit’s fiscal responsibility. But the work doesn’t end when the auditor leaves. You need to review the audit report and possibly take action.

Employers: In 2023, the Social Security Wage Base is Going Up

November 1, 2022

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll.

Inflation Reduction Act Expands Deductions for Energy-efficient Construction

October 28, 2022

Can you benefit from the Inflation Reduction Act’s expansion of two tax incentives for energy-efficient construction of commercial and residential buildings? These incentives are the Sec. 179D deduction and the Sec. 45L credit.

What do the 2023 cost-of-living adjustment numbers mean for you?

October 27, 2022

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these 2023 adjustments into account.

The IRS Has Just Released Its 2023 Inflation Adjustments for Many Tax Provisions.

October 25, 2022

The IRS has just released its 2023 inflation adjustments for many tax provisions. The standard deduction will increase: $900 to $13,850 for single taxpayers; $1,800 to $27,700 for married couples filing jointly; and $1,400 to $20,800 for heads of household.

Illinois Secure Choice Act: Effective November 1st, 2022, Employers with 16 or more Employees

October 21, 2022

Illinois Secure Choice is a program established by the Illinois Secure Choice Savings Program Act. Effective November 1, 2022, the Program applies to employers with 16 or more employees and applies to employers with 5 or more employees as of November 1, 2023.

Providing Fringe Benefits to Employees with No Tax Strings Attached

October 20, 2022

Your business may provide low- or no-cost tax-free fringe benefits to employees. Here are the details of these benefits, along with a court case in which an employee was found to have received a taxable benefit but he didn’t include its value in his income.

Did you know you can deduct marketing expenses for your small business?

October 18, 2022

Do you operate a small business? You can deduct the costs involved in bringing in new customers and keeping existing ones, including advertising and marketing expenses.

Investing in the Future with a 529 Education Plan

October 13, 2022

The cost of college has risen steeply in recent years so families are wise to begin saving early. Here’s how 529 plans can help you save on a tax-advantaged basis.

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