Tighe, Kress & Orr, PC recognized by the Illinois CPA Society
Posted November 2, 2018 / No comments
The Illinois CPA Society formally recognized Tighe, Kress, & Orr PC as being one of the first participating firms in the state of Illinois to have 100% of their fulltime CPA staff as members of the Society. This demonstrates Tighe, Kress & Orr, PC’s commitment to both their staff and clients as they value the
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 MoreResearch Credit Available To Some Businesses For The First Time
Posted October 30, 2018 / No comments
The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities,” but several TCJA provisions have an indirect impact on the credit. As a result, the research credit may be available to some businesses for the first time. AMT reform Previously, corporations subject to alternative minimum tax (AMT) couldn’t
Read MoreCould “bunching” medical expenses into 2018 save you tax?
Posted October 29, 2018 / No comments
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into
Read MoreStarting Slow with a SIMPLE IRA
Posted October 26, 2018 / No comments
For certain employers, particularly small businesses, introducing a retirement plan for employees may seem like a daunting task. The company owner may feel that providing a full-blown 401(k) plan is his or her only choice, but that’s far from true. There are other options to consider that are relatively easier to administer and usually less
Read MoreHow Auditors Assess Risk When Preparing Financial Statements
Posted October 26, 2018 / No comments
Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box
Read MoreTake Caution When Including Employees in Your Estate Plan
Posted October 25, 2018 / No comments
If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift or
Read MoreAssessing the effectiveness of internal controls
Posted October 24, 2018 / No comments
Strong internal controls can help prevent and detect fraud. That’s why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the effectiveness of internal controls over financial reporting. And Sec. 404(b) requires the company’s independent auditors to provide an attestation report on management’s assessment of internal controls. Some smaller
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 MorePartner in Empowering Lives Award Presented to Tighe, Kress & Orr, P.C.
Posted October 24, 2018 / No comments
On Saturday, October 20, 2018, Tighe, Kress & Orr, P.C. was the proud recipient of the Partner in Empowering Lives Award presented by the Renz Addiction Counseling Center. This award, presented at The Center’s Annual Gala, was given to Tighe, Kress & Orr, P.C. in thanks for their outstanding support related to Renz Center’s and
Read More