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CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system

Robert Tighe

Posted By: Robert Tighe

Posted March 27, 2020 / No comments

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has

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The filing deadline for Illinois income tax returns has been extended

Robert Tighe

Posted By: Robert Tighe

Posted March 25, 2020 / No comments

The Illinois Department of Revenue (IDOR) is following the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for Illinois income tax returns has been extended from April 15, 2020, to July 15, 2020.   This filing and payment relief includes:

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The IRS announces that income tax payments due April 15 can be deferred to July 15, regardless of the amount

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 23, 2020 / No comments

The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to certain limits for three months, the IRS has now announced that taxpayers can postpone payments

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What you need to know about the Families First Coronavirus Response Act

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 20, 2020 / No comments

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs will be offset by new tax credits, which also may be available to self-employed

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BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 20, 2020 / No comments

U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. At President Trump’s direction, Mnuchin announced on Twitter, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will

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The IRS extends the federal income tax payment deadline

Posted By: Amanda Glasby

Posted March 19, 2020 / No comments

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice 2020-17 follows up on President Trump’s Emergency Declaration that, among other things, instructed Mnuchin to provide relief from tax deadlines for taxpayers adversely affected by

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Extension of Tax Payment Deadline Announced

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 18, 2020 / No comments

Breaking News: In an afternoon press conference yesterday, Treasury Secretary Steven Mnuchin announced a plan to extend the April 15 tax payment deadline for individuals and many businesses by 90 days.  You are still required to file your tax returns by April 15th unless you decided to extend your return. Official details have not been

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Message to our valued clients and friends of the firm about COVID-19

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted March 18, 2020 / No comments

To our valued clients and friends of the firm: Amid the rapid progression of the coronavirus (COVID-19) and the disruptions it has caused, Tighe, Kress & Orr, PC remains committed to providing highly responsive and exemplary service to our clients. In addition, safeguarding the health of our clients, our people, and the communities where we

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House passes bill to provide coronavirus relief; Senate expected to act this week

Robert Tighe

Posted By: Robert Tighe

Posted March 17, 2020 / No comments

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as

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Do you run your business from home? You might be eligible for home office deductions

Posted By: Amanda Glasby

Posted February 24, 2020 / No comments

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture

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