In the News

March 22, 2024

IRS reminder to U.S. taxpayers living, working abroad: File 2023 tax return by June 17; those impacted by terrorist attacks in Israel have until Oct. 7 | Internal Revenue Service

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?

The Illinois Pass Through Entity Tax Credit (PTE Tax Credit) was introduced to address the impact of the federal $10,000 cap on state and local tax (SALT) deductions.

December 23, 2022

IRS Form 1099-K: You Might Not Get One From Venmo, PayPal, or Cash App for 2022

The IRS has delayed the $600 reporting threshold for IRS Form1099-K involving payment networks like Venmo, PayPal, Amazon, Square, and Cash App.

September 26, 2022

IRS raises per diem standard rates for business travel

Journal of Accountancy

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 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