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Could “bunching” medical expenses into 2018 save you tax?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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

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Starting Slow with a SIMPLE IRA

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

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

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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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