CARES ACT – HOW DO SMALL BUSINESSES GET THEIR PIECE OF $2.2 TRILLION

In a historic piece of legislation the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was put into law to help combat the economic havoc that Coronavirus is doing….

COVID-19 – PAID LEAVE & TAX CREDITS

Whether you call it COVID-19 or Coronavirus, there is no deny that this global pandemic has begun impacting all of our lives in ways predictable and unpredictable. One predictable impact….

New 2020 Illinois Laws

Every New Year brings a bevy of new state laws into effect, and 2020 is no different with over 250 new Illinois laws taking effect. The vast majority of these….

Self-Employment Tax

Many people operate their own businesses. Many of those businesses are sole proprietorships, partnerships or LLC’s. Separately, many businesses are looking to get their workers “off the payroll” by treating….

Hobbyist Versus Businessperson

When the neighborhood kids set-up a lemonade stand on the corner, no one expects to see an IRS agent stop by for a drink, let alone on official business. Do….

Excise Tax

In the first issue the IICLE “Tax Law Explained” FlashPoints (May, 2009) I showed how the Federal Tax laws are designed to encourage or discourage certain behaviors, not just raise….

Tax Aspects of Divorce

My wife, Maurine, and I will be “celebrating” our 25th wedding anniversary next month, in October, 2010. In honor of this milestone, I decided to explore the Federal Income Tax….

Type of Forms (Part 2 of 2)

Information Returns (Part 2 of 2) Common Information Returns were discussed in the October, 2010 edition of Tax Law Explained . This is the second part of that discussion and….

Type of Forms (Part 1 of 2)

Information Returns The Federal Income Tax system depends upon voluntary compliance. That is, the government depends upon taxpayers to prepare complete and accurate tax returns and then go on to….