Illinois Governor Offers Tax Relief Due to Severe Weather
August 01, 2023Illinois Taxpayers Receive Tax Relief Due to Severe Weather Gov. JB Pritzker announced a Disaster proclamation. This will provide tax relief for individuals and businesses devastated by the severe weather and tornadoes on June 29th through July 4th. Twenty-one counties across Illinois are affected. Taxpayers may request waivers of penalties and interest on state taxes… Read more »
Common Business Disputes
July 14, 2023In the vibrant city of Chicago, known for its fierce winds and dynamic business landscape, the smooth sailing of corporate operations is sometimes stirred by unexpected gusts of disputes. Every business, whether a startup or a well-established firm, might have to face these testing times. At Anthony J. Madonia & Associates, Ltd., we understand these… Read more »
New Business Structures
July 07, 2023How a New Business is Structured When you think about the world of business, it’s easy to picture a static landscape, with classic structures such as sole proprietorships, partnerships, and corporations forming the backbone of the economic landscape. However, just like our personal lives, the business world is in a constant state of evolution. In… Read more »
IRS Lags on Amended Returns from Last Tax Season
June 26, 2023Overall Performance Improved but Only Slight Improvement for Amended Returns and Taxpayer Correspondence The report is in. The Internal Revenue Service improved its performance during this year’s tax season. They caught up on much of its backlog. Yet, they still are behind on dealing with all the amended returns and correspondence it received this year,… Read more »
New Hire Reporting — What You Need to Know
June 22, 2023Illinois Requires New Hire Reporting Businesses need to remember that state and federal laws require all employers to report each new and rehired employee to a state Directory of New Hires. Congress and the states adopted these laws to increase child support collections on both state and national levels and reduce fraudulent unemployment and worker’s… Read more »
Balance Due Notices from IRS to Start Up Again
June 06, 2023IRS Begins Sending Balance Due Notices Again After a year of suspended notices, an estimated 5 million to 8 million taxpayers will begin receiving notices that they owe money to the IRS. The Internal Revenue Service has restarted mailing out the automated collection notices that it paused last year while it tried to catch up… Read more »
Practicing Financial Wellness
June 01, 202310 Steps on How to Practice Financial Wellness What financial wellness is? Wellness is a “hot topic”. When you hear about it you probably think of yoga, matcha tea, retreats by the ocean, etc. There’s another side of wellness that can go overlooked in the hustle and bustle of life, but it’s just as important… Read more »
What is the Role of AI in the Legal Field?
May 30, 2023The legal field is one of many pondering the use and application of ChatGPT in the future. Law is one of several professions that appears to be on the cusp of being transformed by ChatGPT, which takes a whole lot less billable hours to whip up documents, but the chatbot isn’t prepared to have its… Read more »
Let’s Look at Mergers-Acquisitions
May 12, 2023When it comes to mergers and acquisitions, also known as M&A, there can be unparalleled benefits for all parties involved. However, many people may not know what exactly M&As are. It is important for business owners and other executives to take the time to learn more about mergers and acquisitions. This will ensure that all… Read more »
Name a Pet Guardian for National Pet Month
May 09, 2023What to Know About Pet Guardianship Pet owners will tell you that they consider their pet to be a member of their family. So, shouldn’t those beloved furry friends be part of your Estate Planning conversation? We think yes. Pet Guardianship, implementing a pet custody plan or a pet-nup ensures your pet will be cared… Read more »