An ESOP can benefit a business owner’s retirement and estate plans
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
Read More2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers
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
Read MoreTax reform expands availability of cash accounting
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
Read MoreDonate Appreciated Stock For Twice The Tax Benefits
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
Read MoreExtended Due Date Of Illinois Tax Return Announcement
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,
Read MoreCongress passes biggest tax bill since 1986
Posted December 21, 2017 / No comments
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual
Read More“Nanny Tax” Threshold Increases
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
Read MoreNew Senior Audit Manager Announcement
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
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