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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EBSA Cybersecurity Guidance for Benefit Plans

Cybersecurity and related risks are here to stay. Employee benefit plans face significant cybersecurity threats, and the consequences of a single attack can be devastating. Employee benefit plans, including but not limited to retirement plans, 401(k) plans, 403(b) plans, defined benefit plans, and health and welfare plans, are typically administered by many third parties (service organizations). In addition, participants can access the benefit portal from home computers, personal phones, and work computers. This introduces several …

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ASU 2024-03: Disaggregation of Income Statement Expenses

On November 04, 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03. This ASU covers income statement disclosures, more specifically, the disaggregation of income statement expenses. This ASU does not make any changes to the face of the income statement, nor change any existing disclosures. It only adds additional disclosures.

Purpose of ASU 2024-03

Currently, there are no broad requirements in accounting principles generally accepted in the United States of …

Illinois New Rental and Lease Tax Regulations for 2025

Effective January 1, 2025, Illinois implemented changes to its Sales and Use Tax laws. If a business is engaged in leasing or renting tangible personal property in the ordinary course of business, they will be considered a retailer subject to …

R&D Tax Credit: What Activities Apply?

The research and development (R&D) tax credit is one of the most significant tax credits under the current tax law. The R&D tax credit, a federal tax incentive designed to promote innovation, is a dollar-for-dollar reduction in a taxpayer’s tax …

Beneficial Ownership Information (BOI) Reporting Requirements on Pause

Update – 12/30/2024

Last Thursday, a federal appeals court reinstated a nationwide injunction halting enforcement of BOI reporting requirements, reversing an order the same court issued earlier in the week. The Fifth Circuit Court of Appeals, in its latest order…

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