The IRS recently released a completely revamped 2020 Form W-4, Employee’s Withholding Certificate. The new format requires businesses to change the way they determine the amount to withhold for Federal income taxes from an employee’s pay. These...

As another tax year comes to a close, it is time to consider your tax planning opportunities. The tax law passed at the end of 2017 continues to have a major impact on your business and personal income tax returns. Year-End Planning:Owners who...

As the end of the year approaches, it is a good time to think of planning moves that could help lower your tax bill for this year and possibly the next. Year-end planning for 2019 takes place against the backdrop of major changes in the rules for...

The US Department of Labor (DOL) has published its final overtime rule. The final rule will become effective on January 1, 2020. The new rule affects workers who serve in white-collar exempt roles (e.g. executive, administrative and professional...

Most companies know that their most important asset is their people, but many companies and organizations pay only “lip service” to proper selection, training, motivation, and management of their people. In this article we are going to focus on...

It is hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, the following...

Illinois Announces a Tax Amnesty Program - Illinois enacted two tax amnesty programs that will be available from October 1, 2019 through November 15, 2019. This is the first tax amnesty Illinois has offered since 2010. Under both programs, the...

What we keep referring to as the new revenue recognition standard isn’t so “new” anymore, as the guidance was issued in 2014. However, considering the many amendments issued in the years following and the delay of the effective date, it is still...