The Internal Revenue Service and the State of Illinois have officially moved the 2020 income tax filing deadline for individuals to May 17, 2021 from April 15, 2021.

In Notice 2020-23, the Internal Revenue Service has extended the payment and filing obligations for certain income tax returns and income taxes due...

Cook County is no exception, as many restaurateurs were aware of the proposed tax Cook County Board President Toni Preckwinkle wanted to impose on sugary drinks.

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement.

Diversification is a critical concept when assembling a risk-conscious investment portfolio.

The COVID-19 pandemic negatively affected many physicians' practices in 2020 — and even into 2021. As medical practices begin to rebound, this is an especially good time to evaluate your financial strategies0...

Never underestimate the power of a strong law firm brand. Law firms that invest in creating memorable brands enjoy many benefits, including increased awareness in the marketplace and among their peers.

Engaging in the online world of customer feedback is essential to any restaurant's marketing strategy.

With today's economic uncertainty, businesses, including not-for-profit organizations, are increasingly mulling so-called alternative investments. However, these investments can have unexpected tax...

To the chagrin of some law firms, alternative legal service providers (ALSPs) have become an important and growing player in the legal industry landscape.

In September 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities

In my recent Not-For-Profit newsletter, Questions and Concerns Board Members Should Consider in the Current Environment, I shared some items and questions that not-for-profit organizations should...

A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic.

The deduction limit for business interest expense can have a big impact on a real estate firm's tax bill and the limit is even more stringent starting in 2022.

Recent changes to the tax treatment of research expenditures are having a big impact on many manufacturers' tax bills. The most significant change took effect in 2022 pursuant to the Tax Cuts...

The "kiddie tax" was established in 1986 to discourage people from avoiding taxes by shifting income to their children in lower tax brackets.

Company culture is an essential part of any successful business. Often in the midst of developing or growing a business, enhancing company culture may be overlooked.

As investing in Bitcoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications.

There is always a degree of uncertainty when your organization is budgeting for the year.

IRS guidance and the Consolidated Appropriations Act (CAA) provide instruction and relief.