04.17.20

New Tax Strategies for Charitable Donors
Thomas Kosinski

The passage of the Tax Cuts and Jobs Act (TCJA) changed or eliminated some tax benefits for many taxpayers who frequently itemize deductions. However, tax-saving strategies may still be available. One solution is “bunching,” or donating twice as much in alternate tax years, to take advantage of itemizing in one year and then claiming the […]

04.09.20

Eight Ways to Get Creative With Cash Flow in a Crisis
Chris Arndt

Does the COVID-19 crisis have you strapped for cash? In this quickly-changing COVID-19 landscape, the restrictions to your cash flow come hard and fast. In a crisis, restricted cash flow can be a double-edged sword. To stay afloat, a business must improve liquidity for fluctuating priorities. While inevitably, many will focus solely on cutting costs, […]

04.03.20

Related Parties’ Property Exchange Does Not Qualify as Like-Kind
Tamara Partridge

Like-kind exchanges under Internal Revenue Code Section 1031 provide a valuable tool for taxpayers to defer taxes on capital gains. The exchanges are subject to some strict rules that are intended to prevent tax avoidance scams. In a recent U.S. Tax Court case, the parties to a like-kind exchange ran into one of those restrictions […]

03.31.20

How to Establish a Rainy Day Fund in the Middle of a Crisis
Chris Arndt

Unprecedented ideas in unprecedented times We have entered an unprecedented time in market disruption across industries. Now, more than ever, is the perfect time to enact the rainy day fund. Either start building it or call on it.  As a business owner or executive, it likely feels imperative to get in front of this disruption […]

03.26.20

Key Changes to the Data Collection Form

All entities that expend $750,000 or more annually in federal awards must perform a Single Audit and complete Form SF-SAC (the Form) for every fiscal period during which they meet the reporting dollar threshold. The Federal Auditing Clearinghouse is the federal entity that collects the forms and reporting packages and maintains a database of completed […]

03.25.20

Donor-Advised Funds Offer a Low-Cost Alternative to Private Foundations
Adam J. Pechin

Charitable givers sometimes establish private foundations to manage their philanthropic activities. But foundations are costly to set up and subject to excise taxes, minimum distribution requirements and other regulatory requirements. If you are looking for a more cost-efficient vehicle for leaving a charitable legacy, consider a donor-advised fund (DAF). Tax Cuts and Jobs Act provides […]

03.18.20

Work Opportunity Tax Credit Extended Through 2020

2020 may be a good year for hiring, since the Further Consolidated Appropriations Act extended the Work Opportunity Tax Credit (WOTC) through 2020. This federal income tax credit is available to businesses that hire members of certain “targeted” groups. Let’s examine how the credit can benefit your business. Reviewing the basics The WOTC encourages businesses […]

03.17.20

LLCs: How Limited Is Your Liability?
Adam M. Levine

Many real estate investors hold title to their investment properties through a limited liability company (LLC). While LLC rules vary by state, this structure protects real estate investors from personal liability beyond the member’s equity investment. The administration of an LLC is fairly uncomplicated and, in addition, may offer potential tax benefits; however, there are […]

03.13.20

Onboarding New Clients: What Makes Our Process Unique
Segdrick P. Byrd

We get it. Your business is your baby and it is no small thing to hand over your books to a new financial daycare. But, we are here to walk you through the process and promise that once it’s done, you will be  happy you did. It is a process we have finely tuned over […]

03.10.20

Is Your Restaurant Required to Participate in the Illinois Secure Choice Savings Program?

The Illinois Secure Choice Savings Program is a simple and convenient state-sponsored retirement savings program for employers who do not already offer a qualified plan. With Illinois Secure Choice, employers can help their hard-working employees save for their retirement. Under the Illinois Secure Choice Savings Program, covered employers do not contribute to employees’ accounts or […]