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Recently Published
Alerts
- New proposed electronic deposit mandates for most federal business taxes effective January 1, 2011.
- Illinois EFT deposit requirements effective October 1, 2010
- Illinois Tax Amnesty
Articles
- 加快并购美国公司的步伐
- IVCA Profile Q&A: Mark J. Blumenthal, Partner at Blackman Kallick
- Excess Capacity - Tax Advantage or Disadvantage?
Business Surveys
- Survey of Chicago Area Business Leaders, September 2009
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- Survey of Chicago Area Business Leaders, February 2009
Construction Edge
- Managing Indirect Costs Calls for a Keen Eye ... and a Plan
- An Escalation Clause Can Help Curtail Materials Cost Woes
- Four Ways Dishonest Employees Can Steal Your Money
Insurance Edge
- Senator Dodd's Financial Reform Bill Includes Provisions for Regulation of Reinsurance and Surplus Lines
- Preparing Your Organization for Risk, Threats and Opportunities: The Importance of Enterprise-Wide Risk Management (ERM) Education
- Benefits of Membership in the Federal Home Loan Bank System
Legal Talent
- Varying Rates for Contract Attorneys: Caveat Emptor!
- Top 10 Reasons to Hire Temporary Help in a Down Economy
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- Lean, Six Sigma and ERP - Working Together
- How Much Is Your Business Worth?
- Capital Spending: Treat It Like An Investment, Because It Is
Not-for-Profit Edge
- Effective Dashboards for Not-for-Profit Boards
- Nonprofits Need Innovative Thinking to Survive the “New Normal”
- Online Donation Portals Ease Contributions, Receipt Process
Articles with the keyword "tax"
25 result(s) displayed (1 - 25 of 241):
Not-for-Profit Webinar: Practical Strategies for Addressing UBIT and Executive Compensation
Date: Wednesday, September 29, 2010Time: 11:00am CT1 hour of CPE credit will be given.Register here.Not-for-Profit organizations have traditionally experienced a reduced level of scrutiny by the IRS relative to for-profit companies; that is changing. As the IRS continues to search…
New proposed electronic deposit mandates for most federal business taxes effective January 1, 2011.
Beginning January 1, 2011, the IRS is discontinuing their federal tax deposit coupon program and requiring businesses to pay all federal tax via the Electronic Federal Tax Payment System (EFTPS).These federal business taxes include all of the following:Nonpayroll taxes including…
Illinois EFT deposit requirements effective October 1, 2010
Starting October 1, 2010, Illinois will require all businesses that have an aggregate tax liability of $20,000 or more to make income tax deposits via electronic funds transfer (EFT) though the Illinois WebFile and Pay or ACH credit. This $20,000…
Illinois Tax Amnesty
On Monday, August 16, Governor Pat Quinn signed SB 377 and established Illinois tax amnesty. The bill establishes a tax amnesty program that runs from October 1, 2010 to November 8, 2010.What liabilities are eligible for amnesty? The bill certainly…
Chicago Ranked '6th Most Global City' by Foreign Policy
From ForeignPolicy.comIn this second collaboration between Foreign Policy, A.T. Kearney, and the Chicago Council on Global Affairs, below are the world's top 10 most global cities:New YorkLondonTokyoParisHong KongChicagoLos AngelesSingaporeSydneySeoulFor more on how the index was put together, click here.…
Tax Relief for Victims of July 22 Storms in Illinois
From irs.gov. IL-2010-34, Aug. 20, 2010WASHINGTON — Victims of severe storms and flooding beginning July 22 in parts of Illinois may qualify for tax relief from the Internal Revenue Service.The President has declared the following counties a federal disaster area:…
IRS Unveils Major Proposed Changes to Section 382 Rules
On June 11, the IRS released Notice 2010-49. The notice is proposing significant changes in the rules governing when a corporation has an ownership change pursuant to Section 382. If adopted, these new regulations will result in fewer companies being…
Proposal Would Require Most Leases to Appear on the Balance Sheet
From Journal of Accountancy.FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting.The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes,…
Partnerships May Aid Your Estate, but the I.R.S. Is Watching
From NYTimes.com.The wealthy have long had two big concerns: making sure their family’s interests remain in sync when they’re gone and protecting their estate from a high tax bill. Yet with the wealthy reviewing their plans in this year of…
Final Regs Released for Payment Card and Third-Party Network Information Reporting
From Journal of Accountancy.The IRS on Friday issued final regulations (TD 9496) regarding the new information reporting requirement under IRC § 6050W for payment card and third-party network transactions. Starting Jan. 1, 2011, banks and similar transaction settlement entities must…
Rulemakers plan global overhaul of lease accounting
From uk.reuters.com. U.S. and international accounting rule makers are planning to propose an overhaul of lease accounting as soon as Tuesday, in a move expected to affect some $1.2 trillion (768.7 billion pounds) in leased assets.Traditionally, accounting rules have given…
Congress Votes to Limit Use of Foreign Tax Credits
From Journal of Accountancy.The House of Representatives on Tuesday interrupted its August recess and passed H.R. 1586 by a vote of 247–161, sending the bill to President Barack Obama. The president signed the bill into law the same evening. The…
Convergence Milestone
From Journal of Accountancy.Revenue recognition among proposals released as FASB, IASB commit to new timeline.FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they…
More wealthy migrate south to avoid tax hikes
From InvestmentNews.com.Specter of higher federal and state burdens hastens exodus from NorthFor years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.“We haven't had…
How to Use Your IRA to Fund Your Business
From OpenForum.com.If you own a business or are thinking of starting one, raising capital continues to be key challenge. Lending requirements remain stringent, home equity is no longer a quick source of cash and equity investors continue to be very…
IRS Changes Name of LMSB Division, Expands Focus
From Journal of Accountancy.On Wednesday, the IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance (IR-2010-88). Starting Oct.…
Potential Refund Available for FICA and FUTA taxes on Severance Payments
A recent Western Michigan district court case determined that certain severance payments are NOT “wages” for FICA (Social Security/Medicare) and FUTA (Federal Unemployment Tax). This case breathes new life into the matter even after the IRS won a victory in…
Update on Section 529 Plans
A section 529 plan is a program established and maintained by states or instrumentalities of the state that allows taxpayers to contribute to either a prepaid educational service account (i.e., prepaid tuition account) or an education savings account (which is…
Taxpayer Loses Full Amount of Charitable Deduction, IRS & Court Rule Appraisal “Not Qualified”
Taxpayers are allowed a charitable deduction for the fair market value of certain noncash property donated to charity. As the taxpayers in a recent court case found out, there are stringent rules that determine what an appraisal must contain in…
The Foreign Account Tax Compliance Act
From Journal of Accountancy.A key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act (FATCA). In an interview in February this year with the…
Small businesses see a weak 2011 - but they’ll survive
From Finance-Commerce.com.Small business owners expect the recession to continue into 2011 but they’re confident about their own businesses’ prospects, according to the 2010 U.S. Bank Small Business Annual Survey.Specifically, nine of 10 small-business owners feel the economy is currently in…
Tax Issues with the IRS? 5 Outcomes to Expect
From OpenForum.com.Dealing with the IRS is rarely something a small business owner looks forward to. Whether it's a notice requiring a tax audit or another specific tax issue, the uncertainty of the outcome often makes the process scary.Border7 Studios recently…
Is the Nonprofit Boom Right for Your Business?
From OpenForum.com.Can you see it? Right now, big things are changing in the landscape of the business world. Both large businesses and small businesses are changing their entire business structure and marketing efforts around one simple idea:They're becoming nonprofits.Instead of…
The Coming 1099 Revolution: Are You and Your Clients Ready?
From Journal of Accountancy.Health care reform act provision vastly expands information reporting requirements.Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care…
Small businesses: Measuring their power and their problems
From The Washington Post.He may be locked in combat with Wall Street and the Business Roundtable, but President Obama spoke nostalgically last week about the virtues of small business."Helping small businesses, cutting taxes, making credit available," Obama said Wednesday after…
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