Accounting, Audit and Tax

First Look at the Tax Reform Plan Proposal Released by the Trump Administration

Posted in Accounting, Audit and Tax | Tax | Federal Tax | Personal Tax on April 28, 2017

Potential Impact to Individuals and Businesses Unveiled Touted by the Trump Administration as the “biggest individual and business tax cut in American history,” the highly anticipated tax reform proposal was unveiled this week.  The plan, announced by Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn on April 26, 2017, is a broad outline of princip... [More]

Not-for-Profit Tax Update

Posted in Accounting, Audit and Tax | Tax | Not-for-Profit on April 12, 2017

In this NFP Tax Update, we’d like to remind clients of three notable updates for organizations filing for tax year 2016, and beyond. Summary of the Form 990 Changes and Extensions for 2016 Upcoming Deadline for Supported Organization Notifications Changes to Form 1023-EZ Noteworthy Changes for Form 990 and SchedulesThis is a reminder notification of the changes that have taken place for N... [More]

"Herding Elephants" - Legislation to Repeal and Replace ACA Fails in the House

Posted in Accounting, Audit and Tax | Healthcare on March 28, 2017

With the recent news of the failed attempt to repeal and replace the Affordable Care Act (ACA), many are wondering, “What now?” It’s important to review all that has happened, to predict how things might proceed. [More]

House Announces Legislation to Repeal and Replace ACA

Posted in Accounting, Audit and Tax on March 8, 2017

The House Republican leadership unveiled on March 6, 2017 its much anticipated legislation to replace and repeal the Affordable Care Act (ACA), also referred to as Obamacare. The Congressional Republicans and President Trump had campaigned last year to repeal and replace the ACA, and this is the first step now in the legislative process. [More]

Deadline Extension Announced for Illinois EDGE Tax Credit

Posted in Accounting, Audit and Tax | Tax | State & Local Tax on February 15, 2017

The state of Illinois created the EDGE incentive program with the intention of encouraging companies to locate or expand operations in Illinois through the offer of a tax credit for capital investment and job creation. The EDGE program, originally set to expire in December 2016, encourages companies of all sizes to secure benefits as a result of job creation in Illinois. [More]

21st Century Cures Act for Small Businesses Signed into Law – Employees Now Eligible to Receive Medical Reimbursements

Posted in Accounting, Audit and Tax | Healthcare on December 15, 2016

President Obama signed the 21st Century Cures Act for qualified small business Health Reimbursement Arrangements (HRA) into law recently. The Act contains provisions which would allow eligible small employers to offer a health reimbursement arrangement funded solely by the employer and would reimburse employees for qualified medical expenses (including health insurance premiums). [More]

Section 385 Debt-Equity Regulations Finalized - Possible Impact on Businesses

Posted in Accounting, Audit and Tax | Tax | Federal Tax | State & Local Tax | Government on December 7, 2016

While the primary target might have initially been large multinational companies, the proposed regulations met wide-spread criticism for their severe impact on businesses of all sizes.  Now, the final regulations under Section 385 have been issued, with a scaled back scope in an attempt to alleviate some of the affects on businesses. Guidance on the Significance of the New RegulationsThe IRS ... [More]

Are You Ready? … Private-sector Employers (in Illinois) are Facing a Retirement Plan Mandate Effective June 1, 2017 – What This Means for You

Posted in Accounting, Audit and Tax | Retirement Plan Services | Retirement Planning on November 29, 2016

The mandate requires that all private and not-for profit employers with over 25 employees, have been in business for at least two years, and do not sponsor a retirement plan (for example, a 401(k) plan) for their employees, will be subject to automatic enrollment – a 3% payroll deduction for employees over the age of 18 into a ROTH IRA account.  Assets in the plan grow tax free, and ded... [More]

New ACA Reporting Due Dates Provide Temporary Relief for NFPs, Public and Private Entities

Posted in Accounting, Audit and Tax | Employee Benefit Plan Audit | Not-for-Profit on November 29, 2016

Here is an important alert on the extension of ACA due dates for 2016 reporting requirements applicable to employers, health insurers and other coverage providers - specific to furnishing statements and good-faith transition relief reporting. [More]

Post-Election Fallout - Expected Tax Changes for 2017

Posted in Accounting, Audit and Tax | Tax | Federal Tax | Personal Tax | Government on November 11, 2016

The 2016 elections are over, and the results have surprised many pundits, pollsters, financial markets, etc.  Donald Trump was elected as President, and the Republicans maintained control of Congress with slight losses in each chamber.  Setting aside the politics of the campaign and the elections, what are the prospects for possible tax legislation next year?  Outlook for 2017 Tax C... [More]

Critical Moves Construction Companies Should Make Now: 2016 Year-End Tax Planning for Optimum Savings and Financial Security

Posted in Accounting, Audit and Tax | Tax | Construction on November 8, 2016

As the year comes to a close, it’s time to think about year-end tax planning. [More]

Proposed Changes, Clarifications and Additions to Deferred Compensation Agreements Under IRC Section 409A

Posted in Accounting, Audit and Tax | Tax on November 8, 2016

Effective Immediately: Risks of 409A Penalties Exist for Taxpayers Not in Compliance with Proposed Regulations [More]

Important Changes in Tax Return Due Dates for 2016

Posted in Accounting, Audit and Tax | Tax | Federal Tax | International Tax on October 25, 2016

Tax return due dates, filing extensions and some of the common tax forms have been affected by the recent changes for tax year 2016 filings. [More]

Tax Alert! Last Chance for the Illinois EDGE Tax Credit - Application Deadline is November 10, 2016

Posted in Accounting, Audit and Tax | Tax | State & Local Tax on October 5, 2016

With the Economic Development for a Growing Economy (EDGE) Tax Credit set to expire on December 31, 2016, the Illinois Department of Commerce and Economic Opportunity (DCEO) is advising companies with pending EDGE Tax Credit projects to submit their applications by November 10th. [More]

The New Overtime Ruling and Implementation Considerations for NFPs

Posted in Accounting, Audit and Tax | Not-for-Profit on September 16, 2016

With an effective date of December 1, 2016, the new and final overtime ruling issued by the Department of Labor (DOL) leaves organizations with merely a few months to prepare for the impact of this revision to the rules and to develop a plan to address them. [More]



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Disclaimer: This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.