Illinois Enacts SALT Cap Workaround
Illinois Governor Priztker recently signed the FY22 budget bill which includes new stipulations that could help small business owners save money on their taxes. Signed into law, bill SB2531 provides…
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IMPORTANT: IRS Extended Deadline Does Not Apply To All
On March 17, 2021, the IRS announced that the 2020 income tax filing due date (including 2020 payments due) has been extended from April 15, 2021, to May 17, 2021.…
American Rescue Plan Act of 2021
On March 11th, the president signed into law the American Rescue Plan Act. Also called the COVID-19 Stimulus Package, the purpose of the bill is to speed up the nation’s…
Second Draw PPP Loans: What You Need to Know
The recently approved coronavirus stimulus bill includes a second round of the Paycheck Protection Program, designed to help small businesses hit hardest by the pandemic. Also known as the “second…
The Consolidated Appropriations Act of 2021: Key Highlights
On December 27, 2020, Congress signed the Consolidated Appropriations Act for 2021. This new law provides a range of benefits to individuals and businesses who have been adversely affected by…
Changes to Form 1099: What You Should Know
During the 2020 tax year, significant changes were made to Form 1099 that will affect how to report nonemployee compensation and certain miscellaneous payments. Please review the important details below…