Yellow sticky note with words Tax Filing Help

Businesses: Get Ready for the new Form 1099-NEC

Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.

Q4 Tax Calendar for 2020

2020 Q4 Tax Calendar: Key Deadlines for Businesses

Here are some of the key Q4 tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. […]

woman wearing a mask at a computer doing small business bookkeeping

Getting Through COVID | Outsourcing Your Bookkeeping Can Help

COVID-19 has affected small businesses in ways they never could have imagined. It’s more important than ever to have an […]

Illinois Fair Tax red and green choice signs

Illinois Fair Tax Bill | A Few Thoughts

Illinoisans are being asked to vote on a “Fair Tax” in November. Most of the information being provided is focused […]

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File Cash Transaction Reports For Your Business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the […]

Computer and packing boxes at a start-up business

Launching A Business? How To Treat Start-Up Expenses On Your Tax Return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to start-up new […]

COVID Charitable CARES Contributions graphic

Business Charitable Contribution Rules Have Changed Under CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize […]

2021 HSA Amounts letter blocks

IRS Releases 2021 Amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust […]

PPP Loan written in letter blocks

Received a PPP Loan? Forgiven Expenses Aren’t Deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program […]

Business man sitting at a computer thinking about 2020 taxes

Thinking About Taxes? Things to Consider in 2020

At the moment, tax rates are at historic lows. We have record deficits and are looking to add more. Where […]