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Dear Tax Payer, Recently the IRS release several small business related tax relief revenue procedures for 2014 and 2015. Please read the article below and consult with your tax advisor or give us a call at 630-841-9675 if you wish to discuss any of these in detail. Sincerely, Dean Holland, CPA President Recent Small Business…
Dear Client, On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014” (TIPA, or “the Act”), which the President recently signed into law. As explained in this Special Study, the Act extends through 2014 a host of depreciation and expensing provisions for businesses that had expired at the end of 2013, including…
Dear Client, On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014” (TIPA, or “the Act”), which the President has recently signed into law. As explained in this Special Study, the Act extends a host of tax breaks for businesses, including the research credit, the new markets tax credit, the employer wage…
Dear Client, Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end…
Dear Tax Payer, If you are faced with retirement and/or separation of employment prior to your normal retirement age (65 or 66 for most of us) and have a situation where you must acquire health insurance prior to being eligible for medicare and have a 401 (k) rollover opportunity, then the article below may be of interest…
Dear Tax Payer, If you are lucky enough to be offered the opportunity to take a job overseas, there are some important tax rules for the exclusion of income and living expenses that you should be aware of that can have a determining effect on your decision. Please read the following article that explains these…
Dear Business Owner, As an employer, have you have considered offering your employees a pre-tax Cafeteria Plan as an employee benefit? If so, then read the article below to learn more about this tax saving employee benefit that is relatively inexpensive to set up and administer. Sincerely, Dean R. Holland, CPA President Holland…
Dear Tax Payer, The new year brings the enactment of over 200 new Illinois laws that go into effect on January 1, 2014. These new laws include increasing the state’s speed limits, legalizing medical marijuana, greater transparency and scrutiny of the expenditures of government grants, and the banning of cell phone use while driving. The…
Dear Business Client, The IRS just released the new mileage rates for business use, medical and charity use. The business use rate will decrease from 56.5 cents per mile to 56 cents per mile effective January 1, 2014. Below is an article related to the 2014 mileage rate changes and how it may affect your business. …
Dear Business Tax Payer, As year-end approaches, corporations could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for 2014, deferral of certain advance payments to next year, and fine-tuning bonuses to make the most of the Code Sec. 199 domestic production activities deduction. The following…