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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Will No More Paper Checks For Federal Taxes Be the Future?

The President issued an Executive Order indicating to the extent possible the Secretary of the Treasury will cease issuing and receiving paper checks. We will await more details directly from the IRS before making any changes or providing any further recommendations on making and receiving IRS payments. As of today, no guidance has been issued by the IRS on the date of implementation, the process, or exceptions to the Executive Order.

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Blog Post

One Big Beautiful Bill Act is Now Law

On July 4, the President turned the One Big Beautiful Bill Act (OBBBA) into law with his signature. This is one of the most significant overhauls to the tax code in some time. Both businesses and individuals will be impacted by the changes this will bring. Here we provide a brief overview of some of the key changes to the tax provisions.

Changes for Businesses

Depreciation

For property acquired and placed in service after January …

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 …

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 …

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 …

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