Disturbing numbers have just come out showing that young American Men are being left behind on their road to adulthood. Those numbers include… 1 – As of August of this year, employment in men aged 25 to 34 was down to 89%. That’s 700K fewer young men than were employed in 2004. More women of […] The post America’s Young Men Are Becoming Jobless, Living At Home, And Floundering appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

Last March, the Service sent out a nebulous communication about abusive trusts. The actual text can be found at the following link. https://www.irs.gov/businesses/small-businesses-self-employed/abusive-trust-tax-evasion-schemes-facts-section-i In the communication, the IRS details the following schemes being targeted… 1 – Reduction or elimination of income subject to tax 2 – Deductions for personal expenses paid by the trust 3 […] The post IRS Targeting Abusive Trusts appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

Back in the 1960’s, the IRS had a plan to create what is known as a Digital Silo. This is a database that contains all of the 154M income tax returns that are filed annually. The concept is that if all of them are housed in the same place, they’ll be easier to access. This […] The post IRS Tardy Once Again appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

Lenders are seeing an alarming rise in credit card balances and delinquencies on auto loans. This sign that Americans are struggling with their bills is setting off alarms all over the economy. Interest rates have been elevated for the past two years. In that period, the average rate charged by credit card companies has increased […] The post US Households Fall Behind On Their Bills appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

I get a lot of questions about what to do with the unused portions of a 529 College Savings Plan. This happens more than one would think when a child receives a scholarship, chooses a less expensive school, or decides not to attend a university at all. What does a parent now do with what’s […] The post College Savings Plans Can Now Become Roth IRA’s appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

If you want to know how people feel about their economy, you look at their pocketbooks. Are they fatter or have they gone on a diet? Family finances are multifaceted. Some of the more important aspects include… 1 – US Incomes rose 4% after adjustments for inflation last year. This was the first time that […] The post America’s Pocketbook And The Need For Unity appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

If there’s one common attribute I’m seeing with all of the financial statements that leave my office daily, it’s that insurance costs have gone through the roof. Whether its health, auto, or other casualty coverage, the increases are ridiculous. For many, these expenses have jumped 15% to 20% in the last year alone. The increases […] The post Skyrocketing Insurance Hurts All Entrepreneurs appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

Non-Competition Agreements that are signed by workers to protect the assets and customers lists of the companies that employ them, were banned by the Federal Trade Commission (FTC) last May. In a 3-2 ruling, the Commission said that the agreements were an unfair restraint on trade that violated US Antitrust Laws while suppressing worker’s wages […] The post Federal Judge Reverses Ban On Non-Competes appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

This oldest of adages, or what economists more commonly dub “Foot Voting”, is again proving to be true. The phrase refers to citizens moving from a higher tax domicile to one with lower taxes. Recently California alone saw an outflow of 24,670 taxpayers with an adjusted gross income (AGI) averaging $1.3M. New York lost 12,040 […] The post Voters Vote With Their Feet appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more

About a year ago we noticed a massive influx of IRS Letters coming in from our clients that made no sense whatsoever. We assumed that sooner or later, the problem would correct itself. Instead of getting better, it’s become worse. As part of the increased funding the IRS received from the Inflation Reduction Act, they […] The post IRS AI Letter Ridiculousness appeared first on Chicago CPA, Accountant, Tax, Audit, Small Business Accounting Services ..read more