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2020 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted January 23, 2020 / No comments

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31

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Cents-per-mile rate for business miles decreases slightly for 2020

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 21, 2020 / No comments

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the

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Can you deduct charitable gifts on your tax return?

Timothy King

Posted By: Timothy King

Posted January 21, 2020 / No comments

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are

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Cannabis Tax Revised

Timothy King

Posted By: Timothy King

Posted January 18, 2020 / No comments

The imposition date of the local cannabis tax has been revised. The Illinois Dept. of Revenue (IDOR) is informing municipalities and counties that they may begin imposing the local cannabis retailers’ occupation tax beginning July 1, 2020, instead of Sept. 1, 2020, as long as a proper ordinance is filed with the IDOR on or

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What are the responsibilities of an audit committee?

Stephen Leazzo

Posted By: Stephen Leazzo

Posted January 17, 2020 / No comments

Before you jump headfirst into the year-end financial reporting process, review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information. Recent SEC statement Under Securities and Exchange Commission (SEC) regulations, all public companies must have an independent audit committee or have the full board of directors act as

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The U.S. Department of Labor finalizes the new overtime rule

Robert Tighe

Posted By: Robert Tighe

Posted January 15, 2020 / No comments

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more

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Help protect your personal information by filing your 2019 tax return early

Timothy King

Posted By: Timothy King

Posted January 14, 2020 / No comments

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax

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New rules will soon require employers to annually disclose retirement income to employees

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 13, 2020 / No comments

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the

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Keeping the faith in a reverse mentoring program

Keith Orr

Posted By: Keith Orr

Posted January 10, 2020 / No comments

In a reverse mentoring program, a younger and usually less experienced employee mentors an older one, who’s typically in management or even an executive or business owner. The general idea is for the older employee to “get hip” to the latest technology or a new trend while the younger one gains experience and becomes better

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Factor 2020 cost-of-living adjustments into your year-end tax planning

Robert Tighe

Posted By: Robert Tighe

Posted January 9, 2020 / No comments

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs

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