Illinois’ Midyear Tax Hike Surprise

Last week the Illinois Senate and House passed the state’s budget bill. Part of the new budget requires the individual and corporate tax rates to be raised. The state also made some changes to credits, deductions and additions to income. Below you will find some highlights of the new rules.

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Trump Tax Reform: To Be or Not to Be in 2017

In the last seven months, the 2016 presidential election results brought optimism to many closely-held business owners who foresaw the promise of lower taxes from the new administration. However, that optimism is turning into impatience as the government’s summer recess looms.

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Update: Illinois Tax Rate Change Effective July 1

Effective July 1, 2017, certain locations in Illinois will be changing their local sales tax rates. As a result, computer systems, cash registers and other systems used to compute sales tax should be updated to accommodate these changes. Please be sure to review the list to see if your location will be affected.

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Five Midyear Tax Moves for 2017

It doesn’t quite seem possible that we are nearly halfway through 2017! We are often so busy during the summer months that the last thing we are thinking about is taxes. However, the midpoint of the year is a great time to assess your tax situation as you still have plenty of time to adjust and review your planning for a positive impact. Here are five timely tax moves that you should consider now.

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Tax Talk

The IRS is now using outside collection agencies to collect unpaid tax obligations. This could create an opportunity for collection agency scams with thieves masquerading as IRS-endorsed suppliers. How do you know if a collection effort is real or a scam?

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New Foreign Asset Reporting Guidelines

If you hold foreign assets or have signature authority over foreign assets such as bank accounts, stocks, bonds, retirement plans, or sometimes real estate, you may need to report this information to the IRS. The consequences for not reporting are costly, so be sure to take note of deadlines, which have changed since last year, and allow time to prepare.

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Perplexing Nexus

State taxes used to be simple. You have a store in Chicago; you pay Illinois tax. You have a warehouse in Indianapolis; you pay Indiana tax. But what if you have sales people visiting Denver? Or you work with an online reseller with a location in Denver? Do you need to pay Colorado tax? The tax term used when determining in which localities a business must pay tax is called nexus. How nexus works often stumps even the most tax-savvy business owners, especially with the impact of online sales and constantly changing rules. By understanding and correctly determining nexus, you can avoid unnecessary penalties.

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