Illinois Tax Payers Should Learn About EITC on the State and Federal Level
February 07, 2024Take Advantage of Illinois’ Expanded, Earned Income Tax Credit All taxpayers should know about the Illinois Earned Income Tax Credit (EITC) is a benefit that helps lower to moderate income workers get a tax break. What is the Illinois Earned Income Tax Credit? The Illinois EITC is a benefit of up to $1,486 for working… Read more »
Huge Penalty Increase for IRS Underpayment
January 16, 2024IRS Raises Penalty for Underpayment Self-employed workers and independent contractors are at risk of underpayment penalties of 8% if they fail to pay what the Internal Revenue Services (IRS) thinks they owe. The new penalty will apply to next spring’s tax filing system and more than doubles the previous penalty of 3%. People who are… Read more »
Corporate Transparency Act Reporting Starts
January 16, 2024Let the Reporting Begin! FinCEN Registry Corporate Transparency Act Reporting Starts On January 1, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports on their online registry. This mandatory reporting is part of the Corporate Transparency Act. It is designed to deter shell companies from engaging in money laundering, drug… Read more »
Paid Leave for All Workers Act Now in Effect
January 10, 2024All Illinois Workers Now Eligible for Paid Leave Workers in Illinois will begin earning paid time off on January 1, 2024. This Paid Leave for All Workers Act allows workers to earn up to five (5) days or 40 hours of leave from work each year. Workers can use paid leave for any reason. Employers… Read more »
New Illinois Laws for 2024
January 03, 2024New Laws Hit the Books in Illinois Over 300 new laws hit the books Jan. 1, 2024 in Illinois. Some of the most interesting ones include laws applying to book banning, fentanyl, carjacking, same-sex marriage, vapes, fertility and poking bears. Get a PDF of all the new laws here the full list. Contact us if you… Read more »
Hey Seniors, Take your RMDs
December 22, 2023IRS Reminds Senior Citizens to Take RMDs from IRAs The Internal Revenue Service is warning taxpayers born before 1951 to look into taking required minimum distributions (RMDs) from IRAs and other retirement plans by Dec. 31. RMDs are considered taxable income, and taxpayers may be subject to penalties if they don’t take them in time…. Read more »
Our Strategic Technology Partner is Version2
November 10, 2023Our Strategic Technology Partner is Version2 In this world of new and evolving cyber security threats, AJM&A is proud to use the full suite of managed IT services and security solutions of Version2. Our goal in sharing their story is to help improve your IT security and technology experience in your business. We use their… Read more »
Don’t Let it Be Fantasy Team -Assemble Your Estate Planning Team
November 08, 2023Who’s on the Roster of Your Fantasy Estate Planning Team? Go Team! Not just your favorite sports team, your estate planning team. In the long run, they might be the most important team you have. Estate planning is a team effort, and you want an impressive lineup of individuals and professionals for your team…. Read more »
Relief for Cook County Taxpayers Affected by Severe Weather and Flooding
October 31, 2023State Offers Relief for Cook County Taxpayers Harmed by Recent Severe Weather On October 31, 2023, Gov. JB Pritzker offered assistance to individuals and businesses impacted by the severe weather and flooding in Cook County on September 17. These residents and businesses may request waivers of penalties and interest on state taxes. Taxpayers should do… Read more »
Estate and Gift Tax Exclusions Set to Soar With Inflation
October 20, 2023Estate and gift tax exclusions often undergo amendments, significantly affecting how assets can be passed down or given away. Changes from 2022 to 2023 promise an upward trend, fueled by inflation adjustments. Individuals and families should note these modifications to avoid unexpected tax consequences. This article shows what estate and gift tax exclusions entail, their… Read more »