In the News

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 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