Short-Term Rentals: The Tax Implications of the Sharing Economy

From Uber to Airbnb, the sharing economy is upon us. Across the country, hundreds of thousands of Americans are using personal resources to provide assistance for others, demonstrating remarkable trends in the customer service industry. The allure of making side income as a short-term landlord is certainly compelling, but any income source comes with added…Read more

How Family Businesses Can Plan for the Future

In many ways, family-owned businesses operate in a separate sphere from the rest of the corporate world. With the emphasis on family ownership and a tight-knit leadership circle, it’s easy to assume succession planning is handled for you. However, the reality may not be quite as simple as you anticipate. Children, nieces, and nephews aren’t…Read more

Construction and Contractors: The Basics of the Month-End Close

Contractors benefit from having a regular monthly closeout of the company’s accounting because having accurate, up-to-date financial reports helps executive management with forecasting, and improves decision making. The closeout process consists of reconciling significant balance sheet and income statement accounts including but not limited to: Cash Accounts Receivable Fixed Assets Accounts Payable Credit Cards Debt…Read more

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…Read more

Naper Settlement

Naper Settlement is a family-friendly outdoor history museum featuring 12 acres of learning and interactive opportunities for all ages. Located in downtown Naperville, Naper Settlement is just steps away from dining, shopping and the Riverwalk. Visitors will be immersed in history as they learn about the past and how it relates to the present, from…Read more

The Ins and Outs of Tax Extensions

For most Americans, April 15th brings with it a collective sigh of relief, marking the end of yet another tax season. Your personal income taxes are done and filed, and it is time to sit back and relax until next spring. Unless, of course, you filed an extension. While the vast majority of taxpayers have their…Read more

Naperville Accounting

As a small business owner, you’re probably doing the heavy lifting yourself as your business begins to take off, but if you plan to grow and develop you likely won’t be on your own for long. As such, hiring decisions will soon come into play, opening the door for staffing choices designed to guide your…Read more

How Audits Improve Business Performance

Financial statements play a vital role in business, from providing insight into performance to detailing trends and shifts to operations that may be hard to see otherwise. It would be nice to assume your financial statements are always perfect but the audit process is an essential step to help verify the accuracy of the statements. Audits…Read more

When Do You Need to Hire an Accountant?

The early days of a small business can be very exciting, providing an amazing outlet for your entrepreneurial spirit. Creating a brand identity, marketing your products or services, and establishing a reputation can be part of the fun of a new operation, but you won’t be able to work independently for long. Sooner or later,…Read more

Taking Steps Toward a More Effective Board

A company’s board can be a significant contributing factor in successful operations, offering oversight, guidance, and expertise designed to lead the course of business in the right direction even in turbulent times. Or, at least, this is what the board should be doing. In many companies, however, the board often serves as somewhat of a…Read more