Tax Updates

Listed below are some important Tax Updates from the Internal Revenue Service and the Illinois Department of Revenue. We strive to keep you informed with relevant and vital content. Please contact us if you have any questions.

IRS Smartphone App

The IRS has created an app for your smartphone! - IRS2GO

This will allow you to check your refund status and receive tax updates.
It's available at the Apple App Store or at Android Marketplace

IRS Tax Credits

Hire a Hero Credit
Hire a Veteran and receive business credit. You must hire the person between November 22, 2011 and January 1, 2013.

Saver Credit
Qualifying taxpayers can get the credit by putting money into an IRA or 401(k) plan.

Energy Credit
Certain energy credits have been restored for 2011 - exterior windows, doors and insulation. The amount to deduct is limited. Please contact us for more information.

2012 Mileage Rates

2011 Mileage Rates

Information from IL Department of Revenue

• Beginning January 1, 2012 you will no longer be able to pay IL sales tax using the Telefile system. All sales tax reporting must be done online. Here is the link to use the IL free WebFile: www.revenue.state.il.us/ElectronicServices/Businesses/WebPay
• Check January 1, 2012 to see if your IL sales tax rate has changed. Here is the link: www.revenue.state.il.us/app/trii

IRS Updates

• IRS is targeting S-corps that pay little or no salaries to owners and take profits as dividends without paying payroll taxes on the dividends.
• New SUV /Pick- Up Truck bonus depreciation tax break for with GVW over 6000 pounds . 100% of business use can be taxed but vehicle must be new not used and heavy use pick up truck's must have a bed length of at least 6 feet.
• Remember all W-2's and 1099's must be sent out to employees by January 31, 2012.