Login
Create Account
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”…
Author: admin
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”…
Form 3508EZ and other PPP Forgiveness Changes
Submitted by Joel Shabsin, CPA For those of you who were at the June 16th Chris Bird Webinar on the PPP forgiveness program, most of what he speculated on in Continue reading “Form 3508EZ and other PPP Forgiveness Changes”…
EIDL & PPP LOANS ARE STILL AVAILABLE
Submitted by Joel Shabsin, CPA Today, June 16, 2020, the SBA reopened the EIDL loan for businesses that are affected by the Corona virus. As the SBA received loan applications Continue reading “EIDL & PPP LOANS ARE STILL AVAILABLE”…
Even More PPP Loan Forgiveness Changes
Submitted by Joel Shabsin, CPA Congress has been busy trying to further define the rules for PPP Loan Forgiveness. As we all know, the CARES Act provided billions of dollars Continue reading “Even More PPP Loan Forgiveness Changes”…
IRS Updates – June 2020
The Internal Revenue Service has a number of liaisons who work with practitioner groups. They have a monthly conference call on the first Thursday of each month. Here is updated Continue reading “IRS Updates – June 2020”…
How to Join Zoom Meetings for Professional Education
Submitted by Richard Allen, EA, AFSP This Covid-19 emergency situation has significantly changed how we live many portions of our lives. The IAAI has a long history of providing live Continue reading “How to Join Zoom Meetings for Professional Education”…
IDOR Bulletins
Submitted by Joel Shabsin, CPA It looks like the Illinois Department of Revenue is beginning to issue Bulletins related to the Corona Virus pandemic and tax regulations. On May 20th Continue reading “IDOR Bulletins”…
Illinois Unemployment Issues – Looking at Both Sides
Submitted by Richard Allen, EA, AFSP In Illinois, over 1.3 million unemployment claims have been processed since March. This includes many employees whose businesses have been curtailed under Illinois shelter Continue reading “Illinois Unemployment Issues – Looking at Both Sides”…
