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

Auto Dealerships’ Defense Strategy for Data Breaches
Blog Post

Auto Dealerships’ Defense Strategy for Data Breaches

Did you know that the frequency of data breaches has increased across all sectors? Invaluable data lies at the core of each handshake, loan paper, or service agreement. Customer financial details, confidential personal records, and critical transactional data pass through a dealership’s doors daily, making them prime targets for cyber bandits. However, the FTC Safeguards Rule outlines the foundation for your defense strategy.

Whether a boutique showroom or a sprawling lot, every dealership can find …

Tax Relief for American Families and Workers Act
Blog Post

Tax Relief for American Families and Workers Act

On January 31, 2024, the U.S. House approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.), would revive or extend certain business tax incentives and enhance the child tax credit.

Provisions in Bill

As passed by the House, the bill would:

  • Retroactively reinstate current

A New Credit Loss Model Creates Changes in Accounting and Disclosures for Most

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 326, also known as the Current Expected Credit Loss (CECL) standard, represents a significant shift in the accounting treatment of credit losses. Effective for fiscal years beginning after December 15, 2022, …

Energy Credit Online Tool Available to Auto Dealers

When the Inflation Reduction Act was passed in late 2022 it included various provisions that made investments in clean energy more attractive. To accomplish this, there were dozens of tax and other incentives designed to encourage taxpayers to make investments …

Impact of Inflation on Business Valuations

Chicago business owners are often required to undergo a valuation for a variety of reasons. Most commonly it is required for transactional purposes, estate and gift tax planning, buy/sell agreements, marital dissolution, or for capital financing. Regardless of the need, …

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