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.

From Our Blog

Illinois Tax Changes on the Horizon
Blog Post

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 105 of HB 4951 imposes a $500,000 per year cap on net operating losses (NOL) available for use against corporate income taxes at $500,000 per year. With the passing of this bill, the cap will …

Your Beneficial Ownership Information (BOI) Questions Answered
Blog Post

Your Beneficial Ownership Information (BOI) Questions Answered

Beginning January 1, 2024, the beneficial ownership information (BOI) reporting requirements started and will be phased in over a two-year period as mandated by the 2021 Corporate Transparency Act. Under these new rules, covered entities must report specified information about certain owners and officers to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and must timely update any changes going forward. Failure to comply with these requirements can result in significant penalties.

The …

2024 Report on Occupational Fraud

According to the Association of Certified Fraud Examiners (ACFE), “fraud” is any activity that relies on deception to achieve a gain. Those individuals committing fraud, the perpetrator, achieve a gain, and the victim—either a business, government entity, or organization—suffers …

Hybrid Work, New Space: Considering an Office Move

The COVID-19 pandemic changed how we work, making hybrid schedules and remote working the new norm. This cultural shift created a new work environment for organizations to contend with, and if they have not already done so, they very well …

Benefit Plan Audits – The 80/120 Rule

Administrators of benefit plans, particularly as a plan is growing in participants, often ask themselves each year if their benefit plan must be audited as a result of the Employee Retirement Income Security Act (ERISA).

Under ERISA, “large plans” …

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