The tax code is regularly changing with the passing of every year, and it can be time consuming to keep track of all the changes to the fine print. One specific provision that is essential for individuals and businesses to be aware of is the phasing-out of bonus depreciation. With the tax season upon us,…
With the tax season upon us, The Hechtman Group would like to remind you of some important tax changes that occurred in 2021 which may impact your return. Businesses Earlier in the year, Illinois passed an elective pass-through entity tax known as the SALT workaround. This is used for partnerships, LLC’s and s-corporations as a…
Illinois Governor Priztker recently signed the FY22 budget bill which includes new stipulations that could help small business owners save money on their taxes. Signed into law, bill SB2531 provides a workaround for the $10,000.00 state and local (SALT) tax cap. The SALT cap workaround provides IL partnerships and S-corporations the option to elect to…
On March 11th, the president signed into law the American Rescue Plan Act. Also called the COVID-19 Stimulus Package, the purpose of the bill is to speed up the nation’s recovery from the economic and health effects of the pandemic. The following summary of key provisions highlights what’s new for businesses and individuals, adjustments to…
The recently approved coronavirus stimulus bill includes a second round of the Paycheck Protection Program, designed to help small businesses hit hardest by the pandemic. Also known as the “second draw loans” here is what we know: The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply…
On December 27, 2020, Congress signed the Consolidated Appropriations Act for 2021. This new law provides a range of benefits to individuals and businesses who have been adversely affected by the coronavirus pandemic. The bill also outlines the intending funding to operate all areas of the government for the next fiscal year. We’ve highlighted some…
During the 2020 tax year, significant changes were made to Form 1099 that will affect how to report nonemployee compensation and certain miscellaneous payments. Please review the important details below regarding the changes made to the 1099 forms, reporting responsibilities, and potential penalties. About 1099-MISC and 1099-NEC Starting with the year 2020, the 1099-MISC form…
Last March, we sat down with The Hechtman Group client Gil Gibori to learn more about his company The House Tutoring Lounge. With over 20 years in education and entrepreneurship, Gil and his wife Carrie founded Chicago Academic in 2009 with one mission in mind – to help relieve the anxiety families have about their children’s…
On March 27, 2020, The Senate and House passed the Coronavirus Aid, Relief and Economic Security Act (CARES) which has now been signed into law and includes the following provisions: Individual Tax Relief Individual taxpayers will receive checks (known as stimulus checks) from the IRS in the amount of $1,200. Joint filers will receive $2,400.…