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News

News

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…

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News

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…

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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…

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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…

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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…

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Proposed Changes to the Self-Employment Tax Exemption

The recently published Green Book contains details on changes proposed by the Biden Administration that aim to rationalize the net investment income…

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