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The Illinois governor's comments follow months of speculation over how Chicago Mayor Brandon Johnson plans to raise revenue to tackle the city's embattled finances.
Julia graduated from Southern Illinois University – Edwardsville with a B.S. She is a treasurer for the International Association of Microsoft Channel Partners and is a member of the Computer Management and Information Systems Advisory Board for Southern Illinois University – Edwardsville. Learn more about Julia Deien.
Make sure you are considering the type of income when implementing state income taxplanning techniques. State Tax Rates States without personal income taxes allow taxpayers to significantly reduce their overall tax liability. In addition, some states have flat tax rates, such as Pennsylvania and Illinois.
In 1991, following the NBA Finals, California assessed state income taxes against the Chicago Bulls (including Michael Jordan), who played the Los Angeles Lakers in the NBA Finals that year. Illinois then enacted its law, “Michael Jordan’s Revenge,” to tax players who came to Chicago, and other states followed suit.
States with tighter schedules include Illinois and New York (up to 60 days) and Virginia (up to 15 days). Administrative considerations: If administrative or logistical challenges could cause delays, planning for a later filing date may provide the necessary time to address and overcome these issues.
About Ryan Huff Ryan began his accounting career at Anders in 2008 and has worked his way up to principal as a technical resource for the tax department. Ryan provides valuable taxplanning and compliance strategies for individuals, families and small businesses, including partnerships, S-corps and LLCs. He holds a B.S.
. • If you are anticipating a large refund, your CPA will likely try to get your extended return completed as soon as possible once all tax information is available. Your CPA may also want to discuss taxplanning opportunities with you so that, in future years, you don’t give the IRS an interest-free loan.
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As reported by Fortune, Vestager said in a statement that “the General Court judgment raises important legal issues that are of relevance to the Commission in its application of state-aid rules to taxplanning cases. The Commission also respectfully considers that in its judgment, the General Court has made a number of errors of law.
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?
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There are new tax laws and changes that could affect your business’s year-end taxplanning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. TaxPlanning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0
in Agriculture and Consumer Economics with a specialization in Accounting from the University of Illinois at Urbana-Champaign. As a Personal Finance Specialist (PFS) and a Certified Exit Planning Advisors (CEPA), he offers his clients a wide variety of tax and family wealth experience. Louis University and a B.S.
He has more than 35 years of public accounting and tax consulting experience in a wide variety of industries and has worked closely with top executives to help them optimize their taxplanning strategies. Dawn Brolin is The Designated Motivator for Accounting Professionals and the CEO of Powerful Accounting, Inc.
So So they’re, again, when they identify something in a tax return or a taxplanning opportunity looks like those letters are going to be potentially password protected. Tankersley, CPA.CITP, CGMA 16:07 they’re working on some E file updates, to do amended returns from Illinois and Rhode Island. So Brian F.
For taxpayers who find themselves in this situation, thoughtful taxplanning is essential. Here’s how this home sale strategy can help your clients be more tax savvy while navigating today’s real estate market. For example, a $4 million gain could easily result in a tax bill of $1.2 million or more.
Recent surveys by the CAQ and Illinois CPA Society have identified starting salaries, work environment (e.g., Cohen began its professional practice in 1929 and is highly regarded in the Philadelphia area for their experience in audit and taxplanning, and compliance. hours), and quality of work performed as leading barriers.
Gabe Rivers focuses on providing income taxplanning and tax compliance services to high-net-worth individuals and families, partnerships, S corporations, trusts, and private foundations.Gabe holds a Bachelor of Business Administration and a Master of Accountancy from the University of Tennessee.
This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate TaxPlanning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.
I served with Josh on the Illinois CPA Society Board of Directors and regularly attended the same accounting events. Joshua Lance, CPA, CGMA, founder and owner of the virtual firm Lance CPA Group, passed away Saturday after a nearly yearlong battle with cancer. He was 40 years old.
Meanwhile, Johnson’s plan to save money by cutting dozens of vacant Chicago Police Department jobs tied to implementing a federal consent decree could prove unworkable. Some initiated an effort Thursday to get money designated for acoustic gunshot detection technology into the budget.
529 College Savings Plans Contributions to a 529 college savings account can grow tax-free if used for qualified educational expenses. Many states also offer tax deductions or credits for contributions, including Missouri, Arkansas, Illinois, Iowa, Kansas and Nebraska.
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Hipaaline Ltd (Illinois) (2021). Whether you require a valuation for regulatory compliance, strategic advisory, taxplanning, financial reporting, or litigation support, Withums Healthcare Valuation Services Team is equipped with the requisite knowledge and experience to provide guidance that you can trust. [1]
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