BLOGS

RESEARCH AND DEVELOPMENT (R&D) TAX CREDIT – REDUCE YOUR TAX LIABILITY

Has your business developed or designed a new product or process? Has it improved upon an existing prototype or software? Has your company in any way done research to develop a different product or method of production? If so, your company might be eligible to claim the federal Research and Development (R&D) Tax Credit. WHAT IS THE RESEARCH AND DEVELOPMENT (R&D) TAX CREDIT? ...
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THE ILLINOIS EDGE TAX CREDIT – DOES YOUR BUSINESS QUALIFY TO SAVE YOU MONEY?

The State of Illinois recently brought back the EDGE tax credit for companies that conduct business in Illinois, which means there is a chance your business could save a significant amount of money in the coming year. Find out whether your business is eligible, how much you can save, and the steps you need to take in order to apply. WHAT IS EDGE? EDGE stands for Economic Deve...
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A LOVED ONE HAS DIED – WHAT MUST BE DONE?

When your family suffers the loss of a loved one, emotions run high and it seems that everyone, or no one, knows what needs to be done with that person’s assets. Did they have a Will? Did they have a Revocable Living Trust? Was their home or their checking account titled jointly with someone? Did they have life insurance or IRA accounts? What should the named Executor or Trustee do now...
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HIGH TIMES AHEAD OF ILLINOIS – CANNABIS REGULATION AND TAX ACT

On June 25, 2019, Illinois became the 11th state to legalize recreational cannabis and the first state to do so via its legislative body (without using a public referendum). The Cannabis Regulation and Tax Act provides for the production, sale, regulation, testing, decriminalization and taxation of recreational cannabis in addition to providing for social equity and criminal justice reforms. LAWS ABOUT...
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WHEN TO EXPECT AN I-9 AUDIT AND THE AUDIT PROCESS

HOW DOES A BUSINESS OWNER KNOW WHEN THEIR BUSINESS IS GOING TO BE AUDITED? Businesses can be audited at any time. Employers will receive a Notice of Inspection (NOI) and are given at least three business days to produce the Forms I-9. The business employer may be requested to provide supporting documentation, such as a current employee listing, copy of their payroll, business licenses a...
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