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Sign UpImpact 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