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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Understanding Audits for Nonprofits (Part 2)
Now that you have determined the need for a nonprofit financial statement audit, it is time to select an accounting firm and begin the process. This can be an overwhelming experience, but it doesn’t have to be. With the right team on your side and all the documentation you need prepared ahead of time, you’ll be ready to execute a successful audit.
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Can I Work While Receiving Social Security Benefits?
For various reasons, many people continue to work while collecting Social Security retirement benefits. Some people need the additional income while others simply enjoy keeping busy. In 2016, Associated Press reported that more than 4 in 10 Americans over 50 years of age begin taking Social Security benefits before retirement age. Whatever the reason, there are important tax implications to consider should you choose to work while receiving Social Security benefits.
Read More >> Understanding Audits for Nonprofits (Part 1)
Going through an audit can be a very daunting experience. That goes for both independent audits of your financial statements as well as those necessitated by the IRS. Even though an independent audit has a completely different purpose than an IRS audit, the process can feel equally stressful if you don’t know what to expect. So, how do you know if you need a financial statement audit? When should you begin?
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2017 Midyear Nonprofit Updates
At Cray Kaiser, we’re always looking for ways to stay up-to-date on the ever-changing nonprofit policies. It’s especially important now since many organizations are beginning a new fiscal year on July 1. This month, we attended the 36th Annual Conference for Not-For-Profit Organizations hosted by Chicago-Kent College of Law. The conference provided several takeaways that will directly impact our nonprofit clients. If any of these issues raise questions for your organization, please do not hesitate to contact us today.
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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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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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