The State of Illinois has increased the income tax rates beginning on July 1, 2017. For individuals, trusts, and estates, the Illinois Income Tax is increasing from 3.75% to 4.95%. For corporations (excluding S corporations), the Illinois Income Tax is increasing from 5.25% to 7%. There is no change in the Illinois Replacement Tax rate…. …Continue Reading
2017 Standard Mileage Rate
The 2017 standard mileage rate for business drops to $0.535 per mile. The rate was $0.54 in 2016.
2017 Illinois Withholding Income Tax Change
The State of Illinois made changes to withholding income tax for employers effective January 1, 2017. All withholding taxpayers are required to file quarterly tax returns. There is no option for filing annually any longer. Taxpayers will be assigned to pay the Illinois withholding on a monthly or semi-weekly schedule. Those that withhold $12,000 or… …Continue Reading
Ineligible Shareholders of an S Corporation
Ineligible shareholders in an S corporation are corporations, partnership, many Limited Liability Companies (LLC), Limited Liability Partnerships, ineligible trusts, and nonresident aliens. Certain single-member LLCs can be eligible shareholders of an S Corporation. See our blog on Eligible Shareholders,
Nexus 1N Stick “Call Your Shot”
Watch Jonathan Toews and Auston Matthews make havoc at their video shoot for the BAUER NEXUS 1N Stick! You Tube NEXUS 1N Stick
DOL New Overtime Regulations are on Hold
On November 22, 2016, a U.S. District Court granted an Emergency Motion for Preliminary Injunction and thereby enjoined the Department of Labor from implementing and enforcing the Overtime Final Rule on December 1, 2016. The rule updated the standard salary level and provided a method to keep the salary level current to better effectuate Congress’s… …Continue Reading
Business’s Loss Was Misstated
PROBLEM: A financial consultant colleague approached us about a client of hers that was unable to get traditional bank financing because the company’s financials showed a $800K loss last year. The company had invested $1.2MM in proprietary software that would help them grow their business from $27MM in revenue to $100K within a few years… …Continue Reading
Benchmarking Best Practices
By comparing your company to others in the same field you can easily evaluate your performance and maintain a path towards business success. Benchmarking helps you understand when you might need to adapt a new strategy to put your business on top of the market. With industry comparison, analysis of your business’ performance becomes more easily managed…. …Continue Reading
Strategies to Improve Cash Flow
Cash is often referred to as the lifeblood of a business because it is the primary indicator of business health. Without cash, the business will die. Four strategies for improving the cash flow in your business are to manage assets, manage accounts receivable, manage your suppliers, and manage trade volume. In a recent article for the… …Continue Reading
Sales Tax on Transportation and Delivery Charges
PROBLEM: Our client was uncertain if they were required to collect sales tax from their customers on the transportation charges they invoiced when products were sold and delivered to the customer. They had read conflicting information when they researched this on their own. They knew that some of their vendors did not collect sales tax when… …Continue Reading
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