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Submitted by Richard Allen, EA, AFSP The IAAI was among the first sources to publicize the following information We are recently given an update by IDES’ Fraud Investigation Unit. The Continue reading “WARNING: New Fraud Involving IDES Debit Cards Update”…
Month: July 2020
Cook County Board Approves Two Month Interest Deferral on August Property Tax Bill
Submitted by Richard Allen, EA, AFSP Directly from the Cook County Treasurer: In May, the Cook County Board of Commissioners approved an ordinance declaring that no interest will accrue on Continue reading “Cook County Board Approves Two Month Interest Deferral on August Property Tax Bill”…
WARNING!! New Fraud Involving IDES Debit Cards
Submitted by Richard Allen, EA, AFSP Local ABC News is reporting on a new scam involving Keybank debit cards actually authorized by the Illinois Department of Revenue (IDES). Details below. Continue reading “WARNING!! New Fraud Involving IDES Debit Cards”…
Amended Returns
Submitted by Joel Shabsin, CPA For many years we’ve all been complaining that amended returns could not be filed electronically with the IRS. And for years the IRS has told Continue reading “Amended Returns”…
Update on IRS & IDOR Processing During COVID-19
Submitted by Richard Allen, EA, AFSP For most of the last several months, IRS and IDOR (Illinois Department of Revenue) employees have been furloughed or been working remotely on-line during Continue reading “Update on IRS & IDOR Processing During COVID-19”…
Minimum Wage Changes
Submitted by Joel Shabsin, CPA July 1st each year brings in a new minimum wage for the state of Illinois, Chicago and Cook County. After increasing by $1.00 per hour Continue reading “Minimum Wage Changes”…
Take a Good Look at Business Expenses
Submitted by Richard Allen, EA, AFSP Starting with 2018 tax returns, the Tax Cuts and Jobs Act (TCJA) eliminated most business itemized deductions on 1040 Schedule A. TCJA eliminated all Continue reading “Take a Good Look at Business Expenses”…
Illinois Department of Commerce and Economic Opportunity Grants
Submitted by Joel Shabsin, CPA The Illinois Department of Commerce and Economic Opportunity (DCEO) announced a Business Interruption Grant program that will provide $60,000,000 to certain businesses experiencing losses or Continue reading “Illinois Department of Commerce and Economic Opportunity Grants”…
Retirement Plan Withdraws
Submitted by Joel Shabsin, CPA On June 18th, the IRS issued guidance with Notice 2020-50 related to the CARES Act provisions for retirement plan withdrawals. The CARES Act allows individuals Continue reading “Retirement Plan Withdraws”…
