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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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 Sales and Use Tax. These businesses must register with the Illinois Department of Revenue (IDOR) and pay tax on their lease or rental receipts.

Defining a Lease

A lease is defined as any transfer of …

Blog Post

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 liability each year. With appropriate corporate tax planning, businesses can use this credit to implement federal tax planning strategies that maximize their organization’s value.

While long believed to apply only to companies with formal R&D …

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…

Executing Your Office Move

After much deliberation your organization has decided to move its office location. Now, you are tasked with making this happen without significant disruption to everyone involved and your organization as a whole. As director of operations at Selden Fox, this …

Illinois Tax Changes on the Horizon

Illinois Governor J.B. Pritzker recently signed House Bill 4951, and Senate Bill 3362 is currently on the Governor’s desk for signing/approval. Both of these bills will impact several, applicable Illinois taxpayers.

House Bill 4951 – Public Act 103-0592

Article …

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