Illinois Enacts Mandatory Paid Leave

Starting Jan. 1, 2024, Illinois employers must offer workers paid time off based on hours worked, with no need to explain the reason for their absence as long as they provide notice in accordance with reasonable employer standards. Read More

Common IRS Audit Triggers for Small Businesses: How to Avoid Them

As a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one.

Major Tax Sunset on the Horizon

Back in late 2017 Congress passed the Tax Cuts & Jobs Act of 2017 (TCJA) that made enormous changes to income tax laws as outlined below. However, most of the provisions of TCJA were only temporary changes that will expire after 2025.

Navigating the Tax Implications of Remote Work for Small-Medium Businesses: A Comprehensive Guide.

In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax implications, particularly for small and medium-sized businesses (SMBs). Read More

Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking?

As many begin to have their 2023 tax returns prepared, this is a reminder to avoid unethical “ghost” tax return preparers.

The purpose of Beneficial Owner Information Reporting (BOI) is to enhance transparency and assist in combating money laundering, terrorist financing, and other illicit financial activities by making the true ownership of U.S. businesses more transparent to regulatory and law enforcement agencies. Given the complexity of these regulations and the severe penalties for noncompliance, it is essential to understand your obligations and ensure your business adheres to these requirements. Read More

4 Ways Small Businesses Can Tackle Inflation

In our (not-so-imaginary) inflationary world, your customers are spending, which means you’re bringing in revenue. But inflation can still hit hard. Employees are likely to demand higher starting salaries, bigger raises and bonuses, and better benefits. Loans are expensive due to high interest rates. The prices of the resources you need to run your business have gone up—as they have for the partners in your supply chain. To help your small business cope with these factors, here are four broad strategies for managing your business during periods of inflation... Read More

Video: Childcare Credits for Working Parents

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