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Impact of COVID on IRS Processing

In light of the COVID-19 pandemic, the world has slowed down and so has the processing of tax returns at the Internal Revenue Service (IRS) due to reduced staffing. The IRS or ... Read more

IRS Issues Guidance on Employee Payroll Tax Deferral

The economic challenges created by the COVID-19 pandemic have been felt by businesses and individuals across Chicago. Not only have unemployment numbers spiked to new highs, b ... Read more

PPP Loan Forgiveness FAQs Updated

As the COVID-19 pandemic continues to setback businesses around the country and in Illinois, the businesses and organizations that were fortunate to receive Paycheck Protectio ... Read more

PPP Loan Forgiveness for the Self Employed and Owner Employees

The Paycheck Protection Program (PPP) has been an essential tool in helping Chicago businesses weather the COVID-19 pandemic. Since it was created as part of the CARES Act in ... Read more

Survey Reveals 60% of Charities Face Long Term Instability

If there is one word that summarizes the impact of COVID-19 on Illinois businesses, nonprofits, and individuals it would have to be instability. The concerns about virus trans ... Read more

Revenue Recognition for Auto Dealers – Part 2: Balance Sheet and Disclosure Requirements

The Financial Accounting Standards Board (FASB) issued a standards update on “Revenue From Contracts With Customers,” replacing almost all revenue guidance under Generally ... Read more

Revenue Recognition for Auto Dealers – Part 1: Five Step Model

Almost six years have passed since the Financial Accounting Standards Board (FASB) issued the standards update on “Revenue From Contracts With Customers,” replacing almost ... Read more

AGC Survey Reveals Increasing Project Cancellations

The COVID-19 pandemic has created business conditions that few could have reasonably forecasted at the beginning of the year. The combination of stay at home orders forced bus ... Read more