What’s the difference between an audit and a review? An audit and a review have similarities, but they are different types of assurance engagements. “An assurance engagement” is an engagement in which a practitioner obtains sufficient appropriate evidence in order to...
Mid-Year Tax Planning The mid-way point of the year is here and it is a good time to take a moment to do some mid-year tax review to help you to plan for the 2022 tax season. Planning ahead can help you to avoid unexpected tax bills and allow you to make changes if...
Explaining Illinois’ SALT Workaround Legislation At the end of August 2021, Illinois Governor J.B. Pritzker signed S.B. 2531. That new law provides a pass-through entity workaround to the recently introduced federal limits on state and local taxes (SALT)....
Your Guide to Qualified Charitable Distributions Planning your IRA withdrawal strategy can feel complicated. There are some pretty strict guidelines to follow and sometimes it can feel like it’s just too difficult to withdraw the needed amount each time. Enter...
Understanding RMDs Retirement plans like IRAs and 401Ks are great ways to prepare for your future and save for your life after work, but like everything when it comes to invested money, there are rules and guidelines to follow. For retirement plans, you must follow...
When should you adjust your withholdings? Tax season is here, and it might be time to take another look at your withholdings. There are a lot of different reasons to adjust your withholdings. From getting married or welcoming a child to your family, or getting a new...
