The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November 8, 2010. Under the terms of the amnesty, upon payment by a taxpayer of all [...]
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In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for some family members to find work, even if only temporarily until [...] Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. Because they are pass-through entities, Sub Chapter S corporations are especially prone to the misclassification of income attributable to a misunderstanding [...] On November 5, 2009, the House of Representative passed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009″. The measure was OK’d by the Senate on November 4, so it is cleared for the President’s expected signature. If you have not yet filed your 2008 tax returns, you are quickly running out of time! Corporate filing deadlines come in September, and personal filing deadlines arrive in October. After that you are subject to stiff fines from both the IRS and Illinois Dept of Revenue. September 15, 2009 for calendar year-end corporations, [...] IRS has issued a news release to remind eligible small businesses (ESBs) that time may be running out for them to elect a longer net operating loss (NOL) carryback under the American Recovery and Reinvestment Act of 2009 (ARRA, P.L. 111-5) Eligible individuals have until Oct. 15 to make the election; eligible calendar-year corporations have [...] |
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