White House releases fiscal year 2025 proposed budget

President Joe Biden’s proposed FY 2025 budget unlikely to spur action in current Congress but will set course for tax policy discussion Read More

Enhanced Retirement Landscape: Exploring Secure Act 2.0’s Impact on Tax-Favored Plans

The legislative landscape surrounding retirement plans has undergone a significant transformation with the introduction of the Secure Act 2.0. Nestled within Division T of H.R. 2617, known as the "Consolidated Appropriations Act, 2023," this legislation brings forth substantial changes to tax-favored retirement accounts. Read More

Bipartisan Tax Deal Would Expand Credits for Businesses, Children, and Low-Income Housing

Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024. Read More

The Present & Future of CAS for Accounting Firms

More than 20 of the profession’s thought leaders met for the Accounting Meta Influencers roundtable discussion on the present and future of CAS, and what this evolving phenomenon will mean for firms, for professionals, and for clients. Read More

3 Tax-Smart Tactics for Clients With $1 Million or More in Tax-Deferred Investments

Here are some tax planning strategies on how you can keep more of that $1 million for yourself and away from Uncle Sam. Read More

Higher interest rates spark interest in charitable remainder trusts

In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the gain. Read More

Decoding the Difference: Tax Planning vs. Advisory

How are these two functions different and how do you clarify them to ensure you're maximizing your planning and returns? Read More

How to Get the Most Tax Benefits from a Roth IRA

Under the “ordering rules” established under IRS regulations, most of the payout of a nonqualified Roth distribution may be tax-free anyway—maybe even all of it. Read More

Should You Elect to Forgo Preferential Tax Treatment on Capital Gains and Dividends?

Depending on your situation, you might elect to forgo preferential tax treatment on certain long-term capital gains and qualified dividends in favor of deducting investment interest expenses. Read More

5 Ways to Gift Yourself Tax Savings This Holiday Season

The Illinois CPA Society offers five money moves to make before the end of the year to create some tax-time savings now and in the year ahead. Read More

Let's Talk

Thanks for stopping by! We're here to help, please don't hesitate to reach out.