CPA Practice

JUNE 13, 2024

By designating a trust as “intentionally defective,” the grantor separates the income tax responsibility from the estate and gift tax implications. This allows the assets within the trust to grow tax-free because of the grantor’s payment of the income taxes, which further reduces the estate size indirectly.

Real Estate 124

Real Estate Tax income tax Illinois 124

CPA Practice

JANUARY 31, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 64

Tax Illinois tax return cpas 64

CPA Practice

JULY 19, 2024

IRIS works with thousands of CPA firms in North America, including 52 of the top 100 CPA fi rms in the US, and provides innovative solutions to serve accountancy customers in the North American market, making IRIS the go-to partner for CPAs. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

MARCH 14, 2023

This article was provided by the Illinois CPA Society. Tax season may be in full swing, but there’s still time to make a smart money move that often goes overlooked by taxpayers eager to file their tax returns and pocket their refunds: saving for retirement. Here’s what to know.

Tax 52

Tax Illinois CPA income tax 52

Nancy McClelland, LLC

APRIL 9, 2024

We still want folks to make quarterly payments (see my related IRS & Illinois posts for how to do it online), but for the first quarter, at least, we’re asking everyone to use “safe-harbor” calculations. However, times have changed. Why Use 1Q Safe-Harbor Calculations Instead of Annualizing?

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. Rahill, CPA/PFS, JD, LL.M., There is no deadline for converting nondeductible IRA contributions to the Roth IRA.

Tax 115

Tax Illinois CPA income tax 115

CPA Practice

OCTOBER 16, 2023

Short-term capital gains are taxed at ordinary income tax rates, which can be significantly higher compared to long-term capital gains. Long-term capital gains typically benefit from preferential tax rates of 0%, 15%, or 20%, depending on your client’s taxable income and filing status. Rahill, CPA/PFS, JD, LL.M.,

Sales 122

Sales Real Estate Tax tax planning 122

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes.

Tax 52

Tax tax preparation tax return income tax 52

CPA Practice

AUGUST 19, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. Rahill, CPA/PFS, JD, LL.M., There is no deadline for converting nondeductible IRA contributions to the Roth IRA.

Tax 52

Tax CPA Illinois income tax 52

CPA Practice

FEBRUARY 1, 2023

Illinois CPA Society member Daniel F. Rahill, CPA/PFS, JD, LL.M., He is also a former chair of the Illinois CPA Society Board of Director and is a current Board Member of the American Academy of Attorney-CPAs. CGMA, is a Managing Director at Wintrust Wealth Management.

Illinois 96

Illinois Start-ups Tax CPA 96

Going Concern

OCTOBER 9, 2023

Both CPAs, Mike Gibson is a retired audit partner and his wife Kristy worked at EY too, now she runs a recruiting firm. million Bellevue, WA home, full listing at Kritsonis Lindor The PwC tax scandal has eroded the public trust and is leaking over into the already quite untrusty audit sector. The tax was due from U.S.

accountant 69

accountant Account accounted Iowa 69

CPA Practice

JULY 12, 2023

Rahill, CPA/PFS, JD, LL.M., He’s also a former chair of the Illinois CPA Society Board of Directors and a current board member of the American Academy of Attorney-CPAs. CGMA, is a managing director at Wintrust Wealth Management.

Tax 98

Tax tax return Illinois payroll tax 98

Going Concern

FEBRUARY 16, 2024

This is according to the Illinois CPA Society (ICPAS), which surveyed 449 employers and 433 accounting and finance employees last summer and released its results last month. Bousselot said letting state agencies hire private CPA firms for audits might address the shortage of CPAs in Iowa and encourage more to enter the profession.

Real Estate 105

Real Estate Iowa audit CPA 105

Going Concern

FEBRUARY 23, 2024

Attorney Damian Williams, George Sanossian agreed to conceal clients’ personal incomes and the wages they paid their employees, to reduce federal income taxes and payroll taxes. Illinois, where four of the last ten governors have gone to prison. That is in the 19-story KPMG Plaza.

CPA 105

CPA Illinois auditor Iowa 105

Going Concern

JANUARY 5, 2024

CPA Tom Janney Announces Retirement [ WJLE ] Local stories like these are so cute. Longtime local CPA Tom Janney has announced his retirement from the tax and accounting side of Janney & Associates, CPAs, PC, a business he started in 1992 but sold to another firm fourteen months ago. Happy trails, Tom!

tax return 111

tax return Virginia accounting and finance audit 111