In a year full of tax law changes, the Illinois CPA Society has highlighted potential hidden savings for all types of taxpayers this tax season. Below are some of the steps savvy taxpayers can consider to cash in on some extra tax-time savings.
With 2020 coming to a close, the Illinois CPA Society reminds taxpayers now’s the time to give their financial health a check-up. These smart money moves can help ease tax burdens and boost tax refunds for a financially healthier 2021.
Taxpayers who attached or indicated they attached a Form 8996 to their return may receive Letter 6250, Self-certifying as Qualified Opportunity Fund (QOF). This letter lets them know that if they intended to self-certify as a QOF they may need to ...
The solution offers step-by-step instructions on how to resolve each notice with the ability to track progress and easily populate each needed form.
More than 70% of cyberattacks are aimed at businesses with 100 or fewer employees. Thieves may be targeting credit card information, the business identity information or employee identity information.
This past year has been a busy one on the tax legislation front with the following tax bills passed by Congress: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act; Setting Every Community Up for ...
It’s harvest time again. Traditionally, at the end of the year investors realize or “harvest” capital losses or gains from sales of securities to secure tax advantages. And, with the tumultuous times we’ve experienced in 2020, there are more ...
The coalition points out in the letter that “...for many Americans, the global pandemic has created obstacles preventing many taxpayers and their advisors from timely filing returns or making timely payments despite their best efforts.