The state of Illinois began a new unclaimed property enforcement program around July 1, 2021, to identify noncompliant companies that…
Accounting for Shuttered Venue Operators Grants
By Tammy Ricciardella, CPA Background On Dec. 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act…
OMB Issues the 2021 Compliance Supplement
By Tammy Ricciardella, CPA On Aug. 12, 2021, the Office of Management and Budget (OMB) issued the 2021 Compliance Supplement…
Illinois Enacts Bill Allowing for PTE Tax Elections
Illinois on August 27, 2021 enacted S.B. 2531, which will allow pass-through entities (PTEs) to elect to be taxed at…
Employee Retention Credit (ERC) – Additional Guidance Released
On August 4, 2021, the IRS issued Notice 2021-49, which provides long overdue guidance for employers that have taken or…
Illinois Tax Changes: Fiscal 2022 Budget Legislation
As part of its fiscal year 2022 budget (FY 2022 Budget Implementation Act), Illinois enacted legislation (S.B. 2017) containing numerous…
