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Sign UpGuidance for Terminated Employee Retention Tax Credit
As the name suggests, the Employee Retention Tax Credit (ERTC) was designed to provide a financial incentive to business owners that kept workers on the payroll during the COV ... Read more
Illinois S-Corps and Partnerships May Want to Take Advantage of this Tax Deduction in 2021
Illinois Senate Bill 2531, signed into law in September 2021, created a pass-through entity tax election (PTE) for partnerships and S corporations. Entities that opt into the ... Read more
Advantages of a Family Office
Family offices are designed to support and meet the needs of wealthy families and their advisors who are often in charge of growing and transferring wealth across a family’s ... Read more
Fraud Losses Drain Needed Resources for Nonprofits
Fraud is an unwelcome occurrence at any business or organization. The sting felt when an employee, executive, or vendor betrays trust and steals is difficult to overcome. This ... Read more
Inventory Issues Plaguing Chicago Auto Dealers
Auto dealerships across Chicago are facing unexpected and challenging business conditions due to lack of inventory. The shortage of chips required to build new cars, trucks, a ... Read more
Employee Plan Compliance Resolution System (EPCRS) Changes Announced
Chicago area and Illinois businesses that offer an employer-sponsored retirement plan are familiar with the high number of regulations governing these plans. While small plans ... Read more
Major Changes to the Auditor’s Report
If you are a user of audited financial statements, you should be aware that the auditor’s reports for 2021 calendar year end audits will have a new look. The AICPA Auditing ... Read more
Build Back Better Act: Proposed Retirement Changes
Since earlier this year the Biden administration has been focused on passing several pieces of comprehensive legislation designed to address the COVID-19 crisis while accelera ... Read more