Latest News and Information

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences.

Quick rundown of the rules

Renting

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for

On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023 into law. This massive year-end “omnibus” spending package includes an important new law: the Setting Every

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing

Effective August 2, 2021 our address will be:

CJG Partners LLP
Centennial Center
1900 E. Golf Road
Suite 425
Schaumburg, IL 60173

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during

In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age —

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As

There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021.

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during

The Consolidated Appropriations Act (CAA) includes a wide variety of provisions that address the ongoing economic hardships caused by the COVID-19 pandemic. There are so many provisions, in fact,