In the News
January 24, 2024
What documents do I need to bring to my appointment with the tax preparer? For what tax credits am I qualified? How can I get my refund faster? For answers these and other questions, check out the below video interview with one of our partners, SGL Financial Advisors. Facebook | SGL Financial
SGL Live on WGN 9 News – Preparing for Tax Season
January 18, 2024
Get your tax refund faster and easier. Call our office to get started.
(847) 559-1040
Tax season is upon us! Find out the easiest, fastest ways to get your money
January 18, 2024
This article describes some of the IRS Codes you might encounter. For further explanation, or to understand your tax specific tax savings opportunities please contact our office.
What does this IRS code mean on my tax refund? Codes 826, 846, 570 and more explained.
August 3, 2023
Optimize Taxes When You Tap Retirement Accounts
This is the traditional method. Talk to us about more advanced retirement tax planning strategies.
July 28, 2023
Illinois Pass Through Entity Tax Credit: Is Your Small Business Taking Advantage of This Credit?
December 23, 2022
IRS Form 1099-K: You Might Not Get One From Venmo, PayPal, or Cash App for 2022
September 26, 2022
IRS raises per diem standard rates for business travel
August 30, 2022
Will you get a Bonus Tax Refund? The IRS is refunding late filing penalties on 2020 and 2021 tax returns.
Will you get a bonus tax refund from the IRS?
August 10, 2022
The Educator Expense Deduction increased to $300 in 2022. Click the link to find out more.
New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022
June 10, 2022
2022 Illinois Tax Rebate. See how it affects you.
Illinois Revenue – 2022 State of Illinois Tax Rebates
June 9, 2022
Mileage Rate increases to 62.5 cents per mile, effective July 1 – Dec 31, 2022
IRS increases mileage rate for remainder of 2022
June 3, 2022
The IRS is auditing tax returns more aggressively than before. Increase accuracy by having your tax return prepared by a professional. Call our office to set up an appointment with one of our experienced CPAs.
IRS Audit Rate Increased on the Highest Earners
April 29, 2022
As described in the Forbes article, Illinois small businesses with as few as 5 employees will be required to offer a retirement plan to their employees or face penalties.
“Illinois introduced its state mandated retirement plan, Secure Choice, beginning in 2018 with companies with 500 or more employees, followed by a second phase in 2021 that expanded its requirements to include companies with 25 or more employees.
Now, companies with 16-24 employees are required to enroll by Nov. of this year, and employers with between 5-15 employees will be required to enroll by Nov., 2023. Employers who fail to register for either the Secure Choice plan or qualifying private plan face an initial penalty of $250 per employee, followed by an additional $500 per employee for each following year if non-compliance continues.”
State Retirement Plan Mandates
April 4, 2022
Want to avoid having your tax return flagged by the IRS? Here are some valuable tips from Certified Public Accountants as reported by CNBC News.
Don’t play the ‘audit lottery.’ These are the top reasons your tax return may be flagged by the IRS
February 7, 2022
The IRS has decided not to pursue the use of selfies to authenticate new online accounts. Read more below. Call our office if you have questions about your tax return.
IRS announces transition away from use of third-party verification involving facial recognition
January 28, 2022
The IRS is so backed up that letters were sent out automatically for some 2020 tax returns that have been received yet not processed. If you need help deciding what to do, see your tax advisor or give our office a call.
Taxpayers alarmed by IRS notice asking them to resend their 2020 returns. Is it a scam?
January 24, 2022
Our top takeaway from the article is “Taxpayer login accounts on the IRS.gov website show accurate information and taxpayers should claim the credit based on this or their own payment records.” – Kenneth Corbin, chief taxpayer experience officer #incometaxreturn #ChildTaxCredit #IRS #6419letter
Some U.S. child tax credit letters showed wrong payment data, IRS says
January 13, 2022
“Long processing times and refund delays, difficulty reaching the IRS by phone, correspondence that went unprocessed for “many months,” limited and no information available on the “Where’s My Refund?” tool.”
Filing your tax return with our office can help ensure an accurate return and minimize the chance of delays. Call our office to set up an appointment. (847) 559-1040
IRS is in crisis, Taxpayer Advocate warns
November 10, 2021
The Internal Revenue Service released its annual inflation adjustments Wednesday, including the standard deduction amount for individual and married taxpayers. For more information see the article or contact our office to set up a tax planning appointment.
IRS adjusts tax levels for inflation in 2022, raises standard deduction