Tax

CARES Act Overview: The Impact on Taxpayers and Businesses

Cares Act Overview

On March 27, 2020, President Trump signed into law the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief for businesses, employees, and families in an effort to maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly… Read more »

New, Easier W-4 Form

The IRS released a new easier W-4 form to simplify the process of determining how much income tax needs to be withheld from an employee’s paycheck. The new form is now only 5 steps and aligns with your filing status, standard deduction, and tax rate. Even being a simpler form, there are some considerations to… Read more »

Sales Tax Implications with Your Service-Based Business

Multi-State Tax Filing Requirements

What is Service Occupation Tax? In Illinois, the Service Occupation Tax applies when a service professional, such as a doctor, dentist, plumber, or mechanic, transfers tangible personal property during a service. These types of professionals are referred to as “servicemen”. For instance, a plumber provides services and will sometimes transfer personal property such as a… Read more »

How Entity Type Affects Tax Planning for Owner-Employees after the Tax Cuts and Jobs Act

Business people in office

Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2018 filing or planning for 2019 and beyond, it’s important to be aware of the challenges that apply to your particular situation…. Read more »