Firm News

While the Infrastructure Act (Infrastructure Investment and Jobs Act, pub. L. 117-58, 135 Stat. 429 (2021) could arguably be said to have created some cool things, it came with a lot of compromises. One of the big areas of compromise was to lessen, yes, I said lessen, some of the government assistances that were made available by the CARES, Relief,…

Let’s start with what we are talking about. Estimated Tax Payments, referred to those in the tax field as ETPs are prepayments to your IRS income tax account. They are required for certain taxpayers by the Internal Revenue Service(IRS) and by many state taxing authorities, including Illinois Department of Revenue (IDOR). The basic rule is that if you earn income…

On March 17th, the IRS announced that the annual filing deadline for 2020 personal income tax returns has been extended to May 17, 2021. Additionally, March 30th, they announced that the deadline is also extended to May 17th to contribute to IRAs and health savings account and have it counted for 2020 tax purposes. They also extended the time to…

Whether you are stating a new business or buying an existing business, you need to know what your federal and state tax obligations are for that business and yourself as the owner. I’m going to focus on the federal tax obligations in this post. First, you need to decide what type of entity your business is going to operate as.…

IRS enforcement is largely on hold. If you have tax problems, you may be tempted to wait and see if your tax issues will escape notice. But there are several reasons to resolve your tax issues now and not wait for the IRS to begin collections again. First, the IRS may still take collection action in some cases. While the…

News is coming out daily, and it can be hard to keep up. While IRS, Department of Labor and Department of Treasury are all scrambling to try to help businesses in this uncertain climate, the piecemeal releases of information can be overwhelming and confusing. Here I’ve compiled a summary of the tax credits available for businesses as of now: Employee…

Let me begin by saying that the information contained in this blog is the most current information available at the time of publication. I will do my best to post updates if and when they are released by the Department of Treasury or IRS. For the latest information, you can also go to irs.gov/coronavirus. Q: Do I need to “sign…

First, in an effort to protect both their employees and the public, the IRS announced that it would be limiting all in-person contact. For taxpayers who owe a delinquent liability, this means there is less likely to be a knock at the door from the IRS. That is likely a big relief to many since the IRS announced prior to…

This is the first in what I intend to be a series on the different options to resolve your tax liabilities. The Offer in Compromise program through the IRS is the most desired resolution option for back tax liabilities. However, the IRS Offer in Compromise program is not a “let’s make a deal” program similar to negotiating the price of…

Illinois Department of Revenue is waiving penalties and interest that would have been imposed for late Sales Tax payments for businesses that are designated as eating and drinking establishments that incurred a Sales Tax liability of less than $75,000 in 2019. Currently, this applies to Sales Tax payments due in February, March or April 2020. The Department of Revenue will…