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Illinois Increases Income Tax Rates

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In early July, the Illinois Senate and House overrode Governor Rauner’s veto and passed its first state budget since fiscal year 2015. This bill included a large increase in the individual and corporate income tax rates retroactive to July 1, 2017. Individual, trusts, and estate income tax rates were increased from 3.75% to 4.95%. The

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Can You Deduct The Cost Of Your MBA?

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The Masters of Business Administration or MBA degree is the most popular graduate degree in the U.S. The growth of distance education programs and the increased accessibility of postsecondary education coupled with the appeal of the degree amongst working professionals promise to keep a steady flow of taxpayers who want to deduct the cost of

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Indiana Tax Changes to Fund Highway & Bridge Infrastructure

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Indiana roadways and bridges are a crucial part of Indiana’s economic success. Access to major highways, minimal traffic congestion, increased highway safety and lower auto repair costs are often a business priority. To address these issues, Indiana Governor Eric Holcomb signed Indiana House Bill 1002 which impacts motor fuel storage businesses, motor carrier operations and

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Fireworks Public Safety Fee in Indiana

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Are you ready to light up the sky this Fourth of July? For many Americans, Independence Day is celebrated with family, friends, backyard cookouts and most of all … fireworks! Items detonated or burned to produce a visible or audible effect are considered fireworks. These items may include: Firecrackers Roman candles Missile-type rockets Wire sparklers

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Seasonal Business? Optimize Your Operating Cycle

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Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls. A High-Growth Example To illustrate: Consider a manufacturer and distributor of lawn-and-garden

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IRS Provides Relief for Missed Portability Elections for Certain Estates

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The IRS issued Rev. Proc. 2017-34 effective on June 9, 2017 to provide a simplified method to certain estates to make the portability election. This simplified method is available to estates who would otherwise not be required to file a Form 706. Based on the Rev. Proc. 2017-34, estates for decedents passing after December 31,

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Illinois Department Of Transportation Changes Are Coming

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At the most recent Illinois ACEC Membership Meeting on May 8, 2017, Priscilla Tobias, the Director of the IDOT Office of Program Development provided an update on the Consultant Compensation Working Group of ACEC/IDOT. The working group has been able to get the following approved by the Secretary of Transportation: Salary caps have gone from

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What Are Estimated Taxes?

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The Indiana income tax system is a “pay-as-you-go” system. Taxes are automatically taken out of our paychecks. However, if you have income from non-wage sources, such as from dividends, interest, farm income, contract work , or rental income, no taxes are withheld. The “pay-as-you-go” requirement still applies. If you have income not subject to withholding

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Distinguishing Between Tips and Service Charges

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The IRS has issued a fact sheet to remind employers that so-called “automatic gratuities” and any amounts imposed on the customer by the employer are service charges, not tips. Some examples of service charges include automatic gratuities for large dining parties, bottle service charges at nightclubs and restaurants, and banquet event fees. The amount of

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House Passes AHCA Bill in First Step to Repeal and Replace the ACA

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On May 4, 2017, the U.S. House of Representatives passed the “American Health Care Act of 2017” or “AHCA,” which will now be sent onto the Senate. Employers should not take any actions based on the current language and instead continue to monitor the inevitable ongoing iterations of the bill. The major provisions in the

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