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Can the Illinois Small Business Job Creation Tax Credit Help Your Business?

The Illinois Small Business Job Creation Tax Credit provides incentive for small business owners to get a leg up towards growing their business. If your Illinois business meets the eligibility requirements, you would be well served to apply for this credit. The Basics This tax credit is a collaboration between the Illinois Department of Commerce…Read more

The Latest on the R&D Tax Credit: What Changed in 2014

Research and development (R&D) are important to a business improving the products and services it offers its clients, but they can also be major expenses for a company. That’s why being able to claim the expenses on your taxes is important, to try to recoup some of the expenses. So now we’re going to take…Read more

What You Need to Know about Tax Extenders Passed Into Law in December

In December, Congress passed the Consolidated Appropriations Act (the Act), which was signed into law by President Obama on December 18, 2015. The Act extends a number of expired tax provisions, some permanently and others for two to five more years. This blog post highlights some of those provisions. Permanent extenders for individuals and businesses…Read more

Are You Getting the Most out of Your Health Savings Account?

As more and more people choose high-deductible health insurance plans to take advantage of lower premium payments, usage of Health Savings Accounts (HSAs) has also surged. Because qualified high-deductible plans allow for the insured to maintain a separate HSA as a means of setting aside funds to pay for health insurance deductibles, prescription medications and…Read more

Businesses Overpay Sales and Use Tax

It is no secret that there has been a robust increase in the sale of goods and services online. However, this has resulted in state and local governments becoming more aggressive in pursuing taxes from people and businesses that buy goods and services online. As a result, many taxpayers do not realize that they could…Read more

Tax Considerations During Marketplace Open Enrollment

While enrolling in an insurance program can bring benefits to the health of an individual as well as their family, making an informed decision regarding a plan’s financial impact can also prove to be a positive benefit of the program. First, the government uses several different aspects of a family’s composition and financial status to…Read more

The Basics of Claiming the R&D Tax Credit

The Federal Research and Experimentation (R&D) Tax Credit can be claimed for expenditures on research and development. The Tax Credit’s popularity has resulted in some States creating their own R&D tax credits for activities conducted within the state to attract innovation and efficiency. To be eligible, your research and development expenditures must be qualified research…Read more

The Number of Your Employees Matters Under the ACA

Under the Affordable Care Act (ACA), the Number of Your Employees Matters because of various reporting requirements and tax consequences. The ACA applies rules to employers based on status as a large employer versus a small employer. How many full-time or full-time equivalent employees you have determines your status. According to the IRS, under the…Read more

Individuals With Unpaid Taxes Face Revocation or Denial of Passports

Planning a trip that requires a passport? Better make sure you’ve paid your federal income taxes. In January of 2016, you may not be able to obtain or renew your passport if you owe money to the IRS. This new development may prove especially difficult for individuals who need to travel frequently. With mandatory upgrades…Read more

The Importance of Employee Fraud Prevention

Whenever you have employees in charge of some aspect of your financial accounts, there is the potential for fraud. For example, people in the bookkeeping department can make payments to false recipients, such as a dummy corporation. People in the accounting department can create false expense reports or move money from one account to another…Read more