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Reducing Risk with Forensic Accounting

When you hear the term forensic accounting, images of perpetrators in handcuffs and espionage may come to mind. In reality, it’s not always a CSI moment. Forensic accounting is not only important when taking steps to prevent crime, it’s also vital among day-to-day operations and decision-making within your business.

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New Sick Leave Laws to Take Effect July 1

Both the City of Chicago and Cook County have enacted new sick leave ordinances which require employers to provide employees with up to 40 hours of paid sick leave per year. The two ordinances mirror each other with the primary difference being the geographic area covered by the laws.

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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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Your Accountant’s Hidden Impact on Workplace Culture

Today, many headlines for hiring and retention articles reference “workplace culture”. As competition across all industry sectors is on the rise, companies are realizing that workplace culture plays a significant, although often undetected, role in the success of their business. However, it’s often overlooked as day-to-day operating needs take precedence over building a strong workplace environment. Yet, strengthening workplace culture is not as overwhelming as it may seem. Be sure your company benefits from ways your accounting firm can add value to your company culture.

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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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Top Business Valuation Myths

All business owners speculate about the value of their companies. But like most compelling questions, the easy answers are typically not the worthwhile ones. The many myths in the world of business valuation can misguide business owners. Following are the top myths that lead many business owners astray.

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Upcoming Tax Deadlines

Be sure to mark your calendar and allow time to prepare for these upcoming tax deadlines, some of which have changed for 2017.

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