Accountant in Chicago

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Revolving Business Credit Is Important For Your Business

By |December 14th, 2019|Small Business Accounting|

Although positive cash flow is a must to run a successful business, it isn't always easy to come by. Between clients taking a month or longer to pay their invoices and all the expenses you must incur to operate your business, having cash on hand for emergencies or to pursue business growth isn't always realistic. [...]

Make Sure You Understand TCJA Rules Before Deducting Business Meals

By |November 15th, 2019|Business Expenses|

In October 2018, the Internal Revenue Service (IRS) released information about changes to business meal expenses that it passed under the Tax Change and Job Act (TCJA) of 2017. The TCJA effectively eliminated the ability for businesses and individuals to deduct expenses related to entertainment. This includes such things as sporting events and theater productions. [...]

Ensure Compliance with Tax Laws by Using Same Guides as IRS Auditors

By |October 29th, 2019|Uncategorized|

Auditors with the Internal Revenue Service (IRS) use publications called audit technique guides (ATG) to help prepare them to conduct a tax audit. Under IRS regulations, businesses can use the same guides to check for compliance. The IRS offers ATGs in multiple categories such as type of business and special situations. Common examples of the [...]

Beware of These Fraudulent Payroll Schemes

By |October 15th, 2019|Payroll Fraud|

According to recent information published by the Association of Certified Fraud Examiners (ACFE), payroll fraud occurs in approximately 30 percent of American businesses each year. Around half of the payroll fraud victims are small businesses that cannot afford such a loss. ACFE also states that the typical business in the United States loses five percent [...]

Make Sure to Deduct the Cost of Business Meals Correctly on Your Tax Return

By |September 13th, 2019|Business Expenses|

Even though the Internal Revenue Service (IRS) changed the law regarding the deduction of business meals almost one year ago, some people still feel confused about what they can and cannot deduct. According to the IRS's own publication, the Tax Cuts and Job Act (TCJA) of 2017 eliminated the opportunity for taxpayers to deduct expenses [...]

How to Make and Follow a Budget for Your Small Business

By |August 15th, 2019|Small Business Accounting|

Every dollar counts when you're a new small business owner. With little to go around, creating and sticking to a budget is essential. While you might see budgeting as a dreaded chore, it provides several benefits for your small business compared to the time and effort you put into making it. For example, business budgets [...]

Proactive Tax Planning Critical to Your Overall Business Strategy

By |July 11th, 2019|Small Business Accounting|

Whether you're a new business owner filing your first tax return or someone who has filed many times but still feels overwhelmed by the process, we at Chicagoland CPAs can help. That is because we take a proactive approach to business tax planning rather than attempt to deal with issues after they have created complications [...]

How Unpaid Invoices Impact Your Business Growth and Profitability

By |June 14th, 2019|Small Business Accounting|

It's common for businesses to offer attractive repayment options to attract new customers. Options may include making an invoice due in 30 days to 90 days. Whether it's due to forgetfulness or deliberate stalling tactics, businesses often deal with late invoice payments even when they give the customer a reasonable time to pay. Unpaid invoices [...]

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