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07.01.15
Chicago Minimum Wage Increases as of July 1, 2015
As of July 1, 2015, the minimum wage in Chicago increases to $10.00 per hour. The minimum wage for tipped workers in the city also increases to $5.45 per hour. These increases are part of an ordinance that will see the minimum wage increase gradually to $13.00 per hour by July 1, 2019. All employers […]
04.28.15
FASB Proposes Accounting Standards Update
On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.
01.06.15
2014 Tax Extenders Act
Many popular but temporary tax incentives have been extended again by the Tax Increase Prevention Act of 2014 (the Act). This one-year retroactive extension allows you to claim individual and business tax incentives that expired on December 31, 2013 on your 2014 tax return.
01.05.15
Standard Mileage Rates Will Change Slightly in 2015
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced last month, with the business use rate going up and the medical and moving rate going down (Notice 2014-79). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For […]
12.10.14
How Will the Minimum Wage Increase Affect Chicago’s Restaurants?
As if rising health care and food costs weren’t troubling enough, now Chicago restaurants can add higher payroll expenses to the list. On December 2, 2014, the Chicago City Council voted to raise the City’s minimum wage to $13 per hour by 2019, which is up from the current rate of $8.25 per hour.
12.04.14
2015 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2015 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Retirement Plan Limits Although several limitations are changing in 2015, one key limit will not change. The IRA contribution limitation remains the same. Notable 2015 annual limitations as compared to 2014 are as […]
11.25.14
2014 Changes to Capitalization of Tangible Property Costs Will Impact Many Taxpayers
During 2014, final rules and regulations became effective for handling the acquisition, repair, improvement and disposition of real estate and tangible personal property. Many types of expenditures are covered in the final regulations, and they will likely affect all taxpayers that acquire, produce or improve tangible property.
02.11.14
Affordable Care Act Delayed Until 2016 for Mid-Size Businesses
CHICAGO -- On February 10, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations implementing the employer responsibility provisions under the Affordable Care Act (ACA) that take effect in 2015.
02.03.14
Financial Checkup for February 2014
As you pull together your tax information for the preparation of your 2013 income tax returns, keep these things in mind.
01.20.14
2014 Employee Benefit Plan and Transportation Limits
The Internal Revenue Service (“IRS”) recently announced the 2014 cost-of-living adjustments for retirement, health and welfare plans and transportation programs.