Is Build Back Better Born Again?
August 03, 2022Looking at Build Back Better – Part 2 In a surprise to most everyone, Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-West Virginia, announced the Inflation Reduction Act of 2022 (or is it Build Back Better Redux), a proposed reconciliation bill. Manchin is known for blocking previous attempts to pass Build Back… Read more »
Investors Nearing Retirement Can Unlock Real Estate Wealth
July 13, 2022Unlocking real estate wealth for investors nearing retirement Individuals or investors nearing retirement face the challenge of having wealth trapped in investment properties with no real strategy to maintain their wealth and create passive income. These individuals need a plan to ease the steep taxes on capital gains when their investment properties are sold. There’s… Read more »
IRS Simplifies Extend Time for Tax Exclusion
July 13, 2022Extend Time for Tax Exclusion Updated The Internal Revenue Service has posted a revenue procedure to give widows and widowers the ability to file for an extension of time on a tax exclusion beyond the fifth anniversary of their spouse’s death. Revenue Procedure 2022-32, released Friday by the IRS, provides a simplified method for certain… Read more »
Welcome Ben Hurwitz, CPA to AJM&A, Ltd.
June 24, 2022AJM&A, Ltd. Welcomes Ben Hurwitz, CPA Our commitment to better serve our clients shows as we add friend and colleague Benjamin A. Hurwitz as a CPA to our team. Adding a CPA enables us to provide an additional level of expertise for individuals and businesses in areas of accounting, tax planning and compliance. A CPA… Read more »
Getting Ready for College with the Right Legal Documents
June 24, 2022Legal Documents – Are you Ready to Send Your Child to College? If you have a student going off to college for the first time or already living away at school, be sure you have certain important documents in place. Specifically, a medical power of attorney and a HIPAA release for college students. These key… Read more »
Is the IRS Auditing More Wealthy Taxpayers?
June 24, 2022The Internal Revenue Service issued a statement that it is auditing tax returns for the highest-earning taxpayers much more aggressively than it has in the past decade. Reports on IRS auditing comes amid sharp criticism from Congress over lagging audit numbers. There seems to be a disconnect between the IRS reports and the Government Accountability… Read more »
IRS Backlog Update for 2022-Returns are being processed!
June 24, 2022IRS Backlog Update for 2022-Returns are being processed! The IRS is still digging through millions of unprocessed tax returns. The IRS backlog, created by years of budget cuts, understaffing, pandemic-related office closures and added duties, should be resolved before December according to IRS Commissioner Charles Rettig. In a statement issued June 2022, the IRS said… Read more »
The Time to Update Your Will is Now
June 22, 2022Can’t remember the last time you reviewed yours-time to update your will! Do you even have a will prepared? Changes in tax law and in your personal life mean that most likely you need to update your will. Use this quick checklist to see if you need to update your will: • You drew it… Read more »
Business Start-Up Essentials
May 20, 2022As “The Great Resignation” continues, more people have considered how to start a business in Chicago. An average of 500,000 individuals apply to start a new business each month. As a result, there are a lot of questions about essential business structures. The staff At Anthony J. Madonia & Associates is here to help you… Read more »
Avoiding Business Contract Disputes
May 13, 2022What are Common Business Contact Disputes? Many businesses have contractual agreements. A contractual agreement is a legally binding agreement between two parties. The contract’s terms and conditions will require the parties to either do or refrain from doing specific actions. A contractual agreement is legally enforceable Moreover, companies may have several kinds of contracts with clients,… Read more »
