Illinois Passes Legislation to Cut Start-up Costs

At a glance, the state of Illinois has the highest start-up fees in the country. However, the Illinois Senate recently passed a bill, Senate Bill 867, that would decrease startup costs for entrepreneurs. Lawmakers from both sides of the aisle voted unanimously May 3 to pass The Limited Liability Company Act, which will reduce the cost of starting a LLC in Illinois from $500 to $150.

Illinois entrepreneurs paid this $500 fee simply to file paperwork to organize a new business. Not only is the fee unnecessarily painful, it signals to entrepreneurs that the state sees businesses as entities to nickel and dime rather than as partners in producing economic growth.

What Does This Mean for You?
 
The bill will reduce the cost of starting a Limited Liability Company in Illinois from $500 to $150. The reduction of this fee will be welcomed by entrepreneurs, as it will encourage and increase the production of economic growth within the state. The new bill now gives Illinois the lowest startup fee in the region, and signifies a first step towards getting Illinois back to a profitable economic baseline.
If you have any questions about these changes, or need guidance in beginning a new business venture, contact Klein Hall CPAs today and our qualified team of professionals can provide you with the high quality service you deserve.

Latest Update: How to Prepay 2017 Property Taxes Before December 31, 2017

In light of the recent tax reform, federal deductions for state and local taxes and real estate taxes may be decreased. Depending on your personal situation, it may be beneficial for you to prepay 2017 property taxes before year-end by December 31, 2017 in order to fully deduct the taxes. These new changes will take effect under H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on December 20, 2017.

Under the act, individuals are allowed to deduct up to $10,000 ($5,000 for married taxpayers filing separately) in state and local income or property taxes if they are itemizing deductions. Therefore, prepaying property taxes before this change takes effect may be the most economical choice for you.

How to Prepay 2017 Property Taxes Before December 31, 2017

Prepaying Property Taxes: Instructions for DuPage and Surrounding Counties

DuPage County

The minimum payment is $100, and the maximum payment that can be made is 105% of last year’s taxes. Indicate your PIN on the check, and mark your envelope “Prepayment” for proper processing. All checks must be received by 4:30 pm on December 29, 2017. Mail to: DuPage County Treasurer, 421 N. County Farm Road, Wheaton, IL 60187.

Kane County

Fill out the attached application for prepayment and remit payment to the Kane County Treasurer by 4:00 pm December 29, 2017. The form and payment have to be physically delivered to the Kane County Treasurer’s Office. You cannot mail it, email it or send it in electronically.

Cook County

Request a prepayment bill from the Cook County Treasurer’s office by early December that includes your mailing address and PIN. Requests can be emailed or mailed to: Cook County Treasurer, Attention Prepayments, at 118 North Clark Street, Room 112, Chicago, IL 60602. Participants can pay the first installment of their 2017 Cook County real estate taxes, which is 55% of their final 2016 real estate taxes paid in 2017. Payments can be made online, or by mail. Make checks payable to the Cook County Treasurer. Check should include your name, address, PIN, phone number, email address and  “prepayment” in the memo line. Prepayment must be postmarked by December 31st, 2017. Checks can be brought to the Cook County Treasurer’s office or mailed to: P.O. Box 805438, Chicago, IL 60680.

Kendall County

The Kendall County Treasurer’s Office will begin taking prepayments of the 2017 Property Taxes after 12:00 pm December 22nd. Taxpayers will be able to pay an amount equal to one installment or their entire 2017 Property Tax, amount rounded up to the nearest $100. Taxpayers must come into the Treasurer’s Office to make their payment and sign the Prepayment Application form. They will not accept mailed payments. The Treasurer’s Office will only accept Cash or Check—no Debit or Credit cards. The Treasurer’s Office is open 8:00 am – 4:30 pm Monday through Friday, but will be closed December 25th for Christmas. All payments must be made in our office by December 29th 4:30 pm.

Will County

Prepayments can be made by mail or in person. Make check out to “Will County Collector”, and be sure to include a notation stating the check is a prepayment for 2017 taxes that are due in 2018, as well as your PIN. They may assess a processing fee of up to $2, be sure to make the check $2 more than you would like to pay. Prepayment must be postmarked or submitted in person by December 31st, 2017. Mail to the following address: Will County Treasurer’s Office, 302 N Chicago St, Joliet, IL 60432.

Lake County

Checks made out to the Lake County Treasurer can be mailed between December 1 and December 29, 2017 only. Payments cannot be higher than current year’s tax amount, and the PIN needs to be noted on the checks as well as “Prepayment” on the check and envelope. They will only refund taxes if prepayment is higher than the amount due. Mail to: Lake County Treasurer, 18 N County Street, Room 102, Waukegan, IL 60085. 

We can help! Each taxpayer’s financial situation is different, so please contact Klein Hall CPAs to see if prepaying these taxes makes sense for you.

Klein Hall CPAs Celebrates 15 Year Anniversary

 

An exciting milestone is quickly approaching for Klein Hall CPAs as they celebrate 15 years as a leading accounting firm in the Naperville community. Since opening its doors in the summer of 2002, Klein Hall has seen many changes and experienced an innumerable amount of growth and development opportunities.

Beginning as a single-room, two person firm, Klein Hall CPAs now holds a status of over 25 employees and recently moved in to their beautiful new Naperville/Aurora office building. “Our new office is really a reflection of who Klein Hall is now,” stated Christina Klein, managing partner, when the new office opened in September of 2016. “We are a larger and more sophisticated operation than we have ever been, and now we have the office space to match. It’s a space that I know our team and clients will love.”

Much of Klein Hall’s development as one of the most successful firms in the area is due to their impressive presence as community leaders, including their ongoing involvement with the Naperville Area Chamber of Commerce since the firm’s opening in 2002. They continue to uphold this reputation, with many of their partners and managers holding positions on several boards in the community including Team B2B of the Naperville Chamber, the Naperville Jaycees, Naperville CARES, Young Professionals of the Naperville Chamber, and the Exchange Club of Naperville.

Klein Hall CPAs prides itself on its broad range of service offerings that extend outside the realm of accounting, making them a full-service firm of accountants and business advisers. Some of their latest services include their new Virtual Assistant Service, Business Planning Assessment program, and Virtual CFO Service.

Klein Hall offers services to businesses, individuals, not-for-profit organizations, and government entities. They work with clients throughout the Chicagoland area, advising and consulting on a broad range of services to help clients secure a sound financial future.  Klein Hall CPAs achieved a number of awards including the Naperville Area Chamber of Commerce Small Business of the Year Award and the Business Ledger’s Annual Award for Business Excellence. Recently this year they have been voted as one of the Top 100 Accounting Firms to Work by Accounting Today, and made the Inc. 5000 list of Fastest Growing Private Companies in America.

 

For more information about Klein Hall CPAs call (630) 898-5578 or visit KleinHallcpa.com.