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Monday, 26 August

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A few basics of safe harbor 401(k) plans

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 10, 2019 / No comments

A few basics of safe harbor 401(k) plans Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One potential solution may be to set up a

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Reporting discontinued operations

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 9, 2019 / No comments

Reporting discontinued operations Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting in 2015, the rules changed, limiting the

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Non-Home Rule Municipal Retailers’ Occupation Tax

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 8, 2019 / No comments

The nonhome rule municipal retailers’ occupation tax sunset date has been extended. The sunset date went into effect on July 12, 2019. The nonhome rule municipal retailers’ occupation tax for expenditures on municipal operations, public infrastructure or property tax relief is extended from Dec. 31, 2020 to July 1, 2030.

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The tax implications of being a winner

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 6, 2019 / No comments

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported

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Summer: A good time to review your investments

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted August 5, 2019 / No comments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the

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IRS wheels out additional guidance on company cars

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted June 3, 2019 / No comments

The IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 includes different limits for purchased automobiles that are and aren’t eligible for bonus first-year depreciation, as well as for leased automobiles. The role

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Tighe, Kress & Orr, PC Promotes Mohamed Nurmohamed, CPA to Tax Manager

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Mohamed Nurmohamed from Tax Senior to Tax Manager within the firm. Mo provides advisory and planning services for a wide variety of business and individual clients. Additionally, he works extensively with

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Tighe, Kress & Orr, PC Promotes Wade Arthur, CPA to Audit Manager

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

ELGIN, IL (Wednesday, May 22, 2019) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Wade Arthur from Audit Senior to Audit Manager within the firm. Wade provides attest, advisory and planning services for a wide variety of businesses, governmental agencies and non-for-profits.  He also assists

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IRS updates rules for personal use of employer-provided vehicles

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 23, 2019 / No comments

The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new values reflect vehicle-related amendments in the Tax Cuts and Jobs

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Make health care decisions while you’re healthy

Tighe, Kress & Orr.

Posted By: Tighe, Kress & Orr.

Posted May 9, 2019 / No comments

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is

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