News

IRS to Phase Out Paper Refund Checks

The IRS and Treasury Department announced that paper refund checks for individual taxpayers will begin phasing out on September 30, 2025, following an executive order signed by President Trump earlier ...

Final Paychecks and Company Equipment

Question: An employee recently resigned and hasn’t returned company equipment. Can we hold their final paycheck until we get everything back?

The short answer: No, you cannot hold or delay a final ...

Since We’re Talking Retirement Plans...

You should review your retirement plan’s forfeiture account and ensure any forfeited amounts are used or allocated promptly, in accordance with your plan document. In most cases, unallocated funds in ...

Submitting 401(k) Deferrals: The Rules

If your small business sponsors a 401(k) plan, one of your key responsibilities is making sure that employee deferrals are deposited into the plan timely and accurately. The IRS and Department of ...

Summer Activities That Can Affect Your Tax Return Next Year

While summer is a time for fun, it’s never the wrong time to be thinking about taxes (even though you may disagree). Some summer activities can have an impact on your tax returns. Here are a few ...

What to Know about Tax Deductions for Business Travel

Business travel deductions are available for certain people who travel away from their home or main place of work for business reasons. A taxpayer is traveling away from home if they are away for ...

Illinois Sales Tax Changes

Effective July 1, 2025, certain taxing jurisdictions have imposed a local sales tax or changed their local sales tax rate on general merchandise sales. The following taxes are affected:

• Business ...

Welcoming New Employees

You're all set — your candidate accepted the offer and their start date is fast approaching! The first few days on the job are crucial; they shape how your new hire sees your organization and lays the ...

Reminder: 2nd Quarter Estimated Taxes due 6/16/25

It’s June! So that means it’s almost time for….

Were you going to say “summer”? Sure – that, too. But as all good accountants would, we are here to remind you that second quarter estimated taxes ...

Retirement Savings Lost and Found Database

As part of the SECURE 2.0 Act, the Department of Labor has recently established a “Retirement Savings Lost and  Found  Database.”  The  purpose  of  the  database  is  to  help  people  find  lost  or ...