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Omitting Forms Can Extend Your Audit Period Indefinitely

Most of us do our best to avoid an IRS audit by declaring all of our income and resisting the urge to fudge on our expenses. Even with the best of intentions, we can still make mistakes with far-reaching consequences. Omitting certain forms or even forgetting to sign your return can allow the IRS an…Read more

Are the Fringe Benefits Offered to Employees Taxable?

What are Fringe Benefits? “Fringe benefits are benefits provided by an employer to an employee, independent contractor or partner, some of which are tax-exempt when certain conditions are met. Recipients of taxable fringe benefits have to include the fair market value of the benefit in their taxable income for the year.” Fringe Benefit Taxation Any…Read more

Larceny and Skimming: 4 Tips to Prevent Fraud at Faith-Based Organizations

Faith-based organizations rely on their congregations and members to financially support them. Donations are often paid weekly, bi-weekly, or monthly to help pay towards the upkeep of the organization as well as to pay its’ employees. Members graciously donate a part of their income in hopes that it is going to help their organization or…Read more

Quick List of Smart Tax Moves for 2016 and Beyond!

Even though “tax season” is behind us, there are still plenty of steps you should consider in 2016 and beyond to protect your tax interests. With this in mind, we’ve come up with an important list of smart tax moves you can make in 2016… and beyond! Periodically review your portfolio, or have a professional…Read more

Exempt Orgs Doing Business Across State Lines

A public charity or private foundation with activities in more than one state may find it has tax and/or regulatory compliance issues of which it was unaware. Most state attorneys general have a legislative mandate to monitor the activities of charities that solicit contributions within the state and have created reporting regimes to implement this…Read more

Year-Round Habits to Make Tax Season a Breeze

Tax season: It can be stressful for any small business owner. The good news is that there are some simple things you can start doing right now that will help you feel more prepared for tax season, lessening that stress. Here are eight year-round habits you can begin using today: 1. Separate the business from…Read more

Virtual CFO Services

You know your business needs a Chief Financial Officer, but when the average salary of a CFO in Chicagoland is over $100,000, many businesses are faced with tough decisions. One option many small businesses are increasingly turning to is “Virtual CFO” services. Under a virtual CFO model, rather than hiring a full-time employee to handle…Read more

Side Business? Beware of Hobby Loss Rules

The tax code gives you a tax deduction if your business loses money. However, this deduction applies only if the IRS believes that your business is a bona-fide attempt to make a profit. For people whose primary income comes from a job or an established business, it can be tempting to consider making a business…Read more

Understanding—and surviving—an IRS audit

While receiving a personal greeting from the IRS in the mailbox is never a welcome sight, initiating a few preemptive steps to be prepared for an IRS audit can transform the process from less of a crisis to more of a minor inconvenience. First, business owners can reduce the stress of an audit by understanding…Read more

Unclaimed Property Reporting: Is Your Company Holding Out?

What is Unclaimed Property? Well, the most common types are; Payroll Checks Refund Checks Utility Deposits Money Orders And those are just some of the basics. Unclaimed property laws tell us that we have an obligation to preserve and protect the interest of the rightful owner and make sure it ends up in their hands.…Read more