IRS Launches Paperless Processing Initiative
August 18, 2023Paperless Processing Becomes the Rallying Cry at IRS The Internal Revenue Service hopes to process all the tax correspondence, notice responses and nontax forms it receives digitally (electronically) in the next two years. To do so, they have launched the “paperless processing initiative.” Now, taxpayers will have the option to go paperless for IRS correspondence… Read more »
Reminder on Beneficial Ownership Reporting
August 17, 2023Fact Sheet on Beneficial Ownership Reporting The Corporate Transparency Act of 2021 requires corporations, LLCs, and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) to report their beneficial ownership to FinCEN — the Financial Crimes Enforcement… Read more »
August Is National “Make a Will” Month
August 17, 2023Celebrate National “Make a Will” Month August is National “Make a Will” Month, and it’s a great annual reminder to update your will if needed and create a will if you don’t have one already. A will is an important estate planning document that can help you transfer your assets with ease. Having a proper… Read more »
Americans have More Savings than Before the Pandemic
August 01, 2023Americans have More Savings than Before the Pandemic According to New Report A recent report from The Washington Post based on data released by JPMorgan Chase Institute finds American savings accounts are up. Despite the challenges posed by inflation, Americans are in a better financial position now compared to before the pandemic. Recent data indicates… Read more »
Taxpayers to Receive Transition Relief for RMDs
August 01, 2023IRS Adds Transition Relief for RMDs There is ongoing confusion about required minimum distributions (RMDs). Therefore, the IRS has found it necessary to give limited transition relief to both IRA owners and beneficiaries. The SECURE 2.0 Act of 2022 included many changes in retirement planning. Starting in 2023, these changes take effect including moving up… Read more »
Warning Hot Summertime IRS Scams
August 01, 2023IRS Scams on the Rise Like the Summer Heat The IRS recently announced a surge in tax scams this summer. The scams are coming to taxpayers via email and text messages. They promise tax refunds and quick fixes to tax problems. They are all illegal and dishonest. One of the more prominent email scams… Read more »
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 »