Chicago CPA Firm – Selden Fox

The driving force at Selden Fox is our commitment to the prosperity of our clients. We are committed to providing service that is continuously accounting for your future. Our promise to go beyond compliance and provide advice and services that uniquely fit your future is what sets us apart from other accounting firms.

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Fraud Trends in Manufacturing Industry

Fraud is an ever-present threat that Chicago manufacturing companies must carefully guard against. While most are honest and not inclined towards such activities, all it takes is one bad actor. The issues which can be caused by fraudsters extend beyond the expected financial loss to legal issues, reputational damage, and a decline in employee morale. The risk is especially high for smaller manufacturers which do not have the resources to invest in a comprehensive fraud …

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Cryptocurrency Proposed Accounting Standards Update

Earlier this year, FASB published a proposed accounting standards update (ASU) governing how crypto assets are accounted for and disclosed in a company’s financial statement. These changes were deemed necessary to provide investors with more relevant information for decision-making while aligning the accounting approach to reflect more closely the economics of these assets. Specifically, companies would be required to measure certain crypto assets at fair value and measure changes to net income. Concurrently, broader …

IRS Alerts Taxpayers to Latest Tax Scams

Over the past few years, the IRS has focused extra resources on finding new ways to combat prevalent tax scams. These initiatives are designed to identify new scams, collect essential details, and issue alerts quickly. Many of these efforts originate …

IRS Issues Another Alert About the ERC

The Employee Retention Tax Credit (ERC) is the last remaining pandemic era federal tax incentive available to eligible Chicago companies. Although the program is no longer in effect, business taxpayers have until 2024 to claim eligible 2020 activities and …

Finding a Qualified Benefit Plan Auditor

Chicago businesses that offer an employer sponsored 401k, or other retirement plan, must comply with a variety of regulations. The rules apply to various aspects of plan operations, including the misuse of funds, participation, vesting schedules, benefit accrual, and plan …

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Finding a tax provider that has the depth of experience blended with practical perspective is essential to success.

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