Category Archives: Uncategorized

Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. This site will contain helpful articles, tips, ideas and help with your startup or growing your already established business. We would love for … Continue reading

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IRS Telephone Scam Prevalent in Illinois Now

Over the years, the IRS has been warning taxpayers and tax professionals about scams where someone calls, allegedly from the IRS, that they had a balance due and needed to pay their balance by a certain date or they would … Continue reading

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Reimbursement of Individual Health Insurance Premiums No Longer Qualify for Non-Taxable Reimbursement

On November 6th, 2014, the Department of Labor issued new guidance that clarifies how the Affordable Care Act is changing the tax treatment for the reimbursement of individual health insurance premiums. Previous to this new legislation and clarifications, employers were … Continue reading

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IRS Reminder: April 1 is Key Date for Taxpayers with IRAs and Qualified Plans

In a news release, IRS has reminded taxpayers who turned 70 1/2 during 2013 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans (i.e., 401(k), 403(b), and 457 … Continue reading

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Planning Pension Distributions

Article Highlights •Except for distributions from Roth IRAs, pension distributions are generally taxable. •Pension distributions can increase the tax on your Social Security benefits. •Pension distributions can increase your marginal tax rate. •IRA-to-charity transfers are allowable in 2013. An individual … Continue reading

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Fake Affordable Care Act Websites Target Consumers for Identity Theft

This alert was issued today by the Better Business Bureau today: CHICAGO, IL – October 30, 2013 – Computer hackers are creating phony Affordable Care Act (ACA) websites and are asking for consumers’ personal information, such as social security and … Continue reading

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IRS Suspends Refunds During Government Shutdown

Because of the federal government shutdown, the IRS will be unable to issue tax refunds until the stalemate in Congress is over, but the agency reiterated that all taxpayers should continue to meet their normal tax obligations. Much of the … Continue reading

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What’s Your “Hole in the Board”?

Have you ever thought about what it is that you actually sell?  I mean REALLY thought about it?  For example, does a construction contractor just sell houses? Does a dentist just fill cavities? Does a chiropractor just do adjustments? This … Continue reading

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Healthcare Reform Reporting Requirement Deadline October 1, 2013

Are you aware of the healthcare reform law that goes into effect on January 1, 2014? Did you know that as an employer, you are required to send a marketplace notice to your employees by October 1, 2013? Effective January … Continue reading

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Congress Puts Lid On Health Flexible Spending Arrangements

As part of the Patient Protection and Affordable Care Act (new health care law), employee contributions to health flexible spending arrangements (health FSA) are now being limited to a maximum pre-tax contribution of $2,500. Employers are able to establish what … Continue reading

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Using a 529 Plan to Help Buy an Investment Property

This is a recent question that came my way: “We are in the process of purchasing an investment property where my daughter goes to school.  Our intent is to use this as a rental.  It is located near our daughter’s … Continue reading

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Illinois Sales Tax for Optometrists

Illinois sales tax is handled differently for optometrists who sell products as part of their practice, than it is for retailers who only sell product. The issue is more complicated for Illinois optometrists because of the nature of their practice. … Continue reading

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America’s Worst Charities

Charitable contributions are a large tax write-off for many. But do you know whether your donations are actually ending up in the hands of those who need it? Check this list of America’s Worst Charities. Most on this list pass … Continue reading

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QuickBooks services for version 2010 to be discontinued May 31, 2013

On May 31, 2013, access to QuickBooks add-on services such as payroll, online banking and QuickBooks email will be discontinued unless you upgrade.  Click here for the full QuickBooks support article on this topic. If you are using QuickBooks 2010 … Continue reading

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Top 6 Reasons You Should NOT File for An Extension on Your Tax Return

Well, it’s crunch time. Your return is either done, or you’re scrambling like mad to get the return done, or calling your tax professional with last minute changes. Here is a fun look at the top 6 reasons why you … Continue reading

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