Tax Archives

Beware – Selling Through an Online Marketplace Seller Program Can Create Multiple State Filing Requirements

The Problem Where is the Inventory Located? Many businesses that sell their products online are not responsible for collecting sales taxes or having to…

Tax Issues for Flood and Disasters

While the heavy rains have ended and the water receded in parts, many individuals are beginning to evaluate the damage caused by Hurricane Harvey,…

Sikich Series on Tax Reform – Framework on Tax Reform Released by the Administration and Congressional Leaders

After several months of speculation, the Administration and Congressional leaders unveiled their tax reform plan on September 27, 2017. Tax reform has been in…

Governor Signs Bill to Extend and Revise Illinois EDGE Tax Credit Program

With the recent news of the FoxConn multi-billion deal to start operations in Wisconsin, it became apparent to the Illinois legislature that having key…

Considerations Regarding the New Partnership Audit Rules for 2018 and Beyond

BBA’s Changes Taking Effect Soon The Bipartisan Budget Act of 2015 (BBA, signed into law on November 2, 2015) covered a variety of items,…

Sikich Series on Tax Reform – Tax Reform Eclipses ACA Repeal Now on Capitol Hill

A key item on the Republican agenda this year was the repeal and replacement of the Affordable Care Act (ACA). While legislation passed in…

2017 Manufacturing Report

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Advantages of a Cross-Tested 401k Plan

Your 401(k) plan can provide a benefit to more than just your employees; when designed properly, it can also benefit owners and targeted groups,…

Late on Filing Health Insurance Coverage Forms? IRS Notices Require Prompt Action

The IRS recently released notices to Applicable Large Employers (ALE) who have failed to deliver employee statements to their staff and file them with…

Wellness Plan Incentives Can Have Unhealthy Tax Consequences

As more companies seek to offer wellness programs or incentives to their employees, issues and confusion concerning the taxability of health-related programs emerge. Guidelines…

Auto-IRA Initiative in Illinois Meets Exemption Challenges

Illinois may face challenges during attempts to implement a binding, state-based auto-individual retirement account (IRA) program for private employers. During the initial proposal of…

Illinois Tax Changes: The Good, The Bad, and The Ugly

The fallout from the recent passing of the Illinois budget consists of changes to tax rates and elimination of certain deductions, as well as…

Herding Skinny Elephants – ACA Repeal Effort Fails in Senate

ACA Update 5.0 As you may recall, the House Republican leadership struggled corralling its members into moving forward with the Affordable Care Act (ACA)…

ACA Repeal Unveiled in the Senate Could Set the Stage for Some Early 4th of July Fireworks in Washington

After months of rumors and anticipation, the Senate finally unveiled on June 22, 2017 its ACA repeal bill; named the “Better Care Reconciliation Act…

House Passes Revised Legislation to Repeal and Replace the ACA

On May 4, 2017, the House of Representatives passed H.R. 1628, “The American Health Care Act of 2017” (AHCA) by a narrow margin. The…

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

Potential Impact to Individuals and Businesses Unveiled Touted by the Trump Administration as the “biggest individual and business tax cut in American history,” the…

“Herding Elephants” – Legislation to Repeal and Replace ACA Fails in the House

ACA Update 2.0 With the recent news of the failed attempt to repeal and replace the Affordable Care Act (ACA), many are wondering, “What…

Deadline Extension Announced for Illinois EDGE Tax Credit

The Economic Development for a Growing Economy (EDGE) Tax Credit program has been extended until April 30, 2017. The state of Illinois created the…

21st Century Cures Act for Small Businesses Signed into Law

Employees Now Eligible to Receive Medical Reimbursements President Obama signed the 21st Century Cures Act for qualified small business Health Reimbursement Arrangements (HRA) into…

Post-Election Fallout – Expected Tax Changes for 2017

The 2016 elections are over, and the results have surprised many pundits, pollsters, financial markets, etc. Donald Trump was elected as President, and the…