Uncategorized

Posted March 22, 2019 / No comments

The Department of Labor proposes updated overtime rule The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs). It also increases the total

Posted March 11, 2019 / No comments

There’s still time for small business owners to set up a SEP retirement plan for last year If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and

Posted January 31, 2019 / No comments

An ESOP can benefit a business owner’s retirement and estate plans Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including

Posted December 3, 2018 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January

Posted November 19, 2018 / No comments

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider

Posted October 31, 2018 / No comments

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated publicly traded

Posted October 24, 2018 / No comments

The extended due date of the Illinois income tax return coincided with the 10/15/18 extended due date for the federal return. So the IL Dept. of Revenue recognizes that taxpayers may have had trouble meeting the deadline. The department announced it will approve requests for abatement of penalties for late filing of any Forms IL-1120,

Posted October 20, 2017 / No comments

“Nanny tax” threshold increases to $2,100 for 2018. The Social Security Administration (SSA) announced that, if a household worker’s cash wages exceed the domestic employee coverage threshold of $2,100 in 2018, you must pay Social Security and Medicare taxes. This amount, which is adjusted for inflation, is up from $2,000 for 2017. The dollar threshold

Posted September 18, 2017 / No comments

Tighe, Kress & Orr, P.C. Hires New Senior Audit Manager ELGIN, IL (Thursday, September 14, 2017) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce Stephen Leazzo has joined the team in the role of Senior Audit Manager. Steve joins the firm with over 11 years of public accounting