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Sunday, 20 January

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How Auditors Assess Risk When Preparing Financial Statements

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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

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Take Caution When Including Employees in Your Estate Plan

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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

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Assessing the effectiveness of internal controls

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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

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Extended Due Date Of Illinois Tax Return Announcement

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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,

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Partner in Empowering Lives Award Presented to Tighe, Kress & Orr, P.C.

Anna Wollin

By: Anna Wollin

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

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Which employees are truly your MVPs?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 23, 2018 / No comments

Every year, when baseball season finally ends, a most valuable player (MVP) is named in each league. Not everyone agrees on the choice; in fact, it’s something fans love to argue about. But eventually the two players receive their awards and their names go into the record books. Can you name your organization’s MVPs? (You

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Selling your business? Defer — and possibly reduce — tax with an installment sale

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 22, 2018 / No comments

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned from all of the time and money you’ve put into it.

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Tenancy-in-common: A versatile estate planning tool

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 19, 2018 / No comments

If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use and enjoy the entire property. TIC in action An individual TIC

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Consider All the Tax Consequences Before Making Gifts to Loved Ones

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 19, 2018 / No comments

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple

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Tax-Free Fringe Benefits Help Small Businesses and Their Employees

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 9, 2018 / No comments

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance

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