Submitted by Joel Shabsin, CPA On August 4, 2020 the SBA and Treasury released a 10 page document answering numerous frequently asked questions regarding loan forgiveness for the PPP. Because Continue reading “More on PPP Loan Forgiveness”…
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Take a Look at PMI in Itemized Deductions
Submitted by Richard Allen, EA, AFSP Adding Value to Your Tax and Accounting Services Private mortgage insurance (PMI) provides a lender 10 percent of the cost of the loan should Continue reading “Take a Look at PMI in Itemized Deductions”…
News From Recent IRS Practitioner Meeting
Submitted by Richard Allen, EA, AFSP On July 24 2020, the IRS held a virtual meeting with about 40 tax practitioners in the Midwest. IAAI representatives were Heather Johnson EA, Continue reading “News From Recent IRS Practitioner Meeting”…
Reporting Cash Transactions
Submitted by Joel Shabsin, CPA To help the government combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities, the IRS requires any person in a trade Continue reading “Reporting Cash Transactions”…
WARNING: New Fraud Involving IDES Debit Cards Update
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”…
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”…