Key Takeaways: When Your Non-Profit’s Debt-Financed Income Is Subject To Tax If your non-profit has investment income, dividends, interest, rents and annuities, they’re generally excluded when calculating unrelated business income tax (UBIT). However, income from debt-financed property typically is taxable. So it’s important to segregate income from such property and include it in UBIT calculations to […] The post When Debt-Financed Income Triggers Tax for Your Non-Profit appeared first on KRD, Ltd ..read more

By: Paige Moricz, PHR Key Takeaways: Illinois has joined a growing group of states that have enacted so-called “pay transparency” laws, and effective January 1, 2025, Illinois employers will be required to include detailed information about pay and benefits in all job postings. Having enacted the Illinois Equal Pay Act in 2024, Illinois joins 12 […] The post Employers Must Comply with Illinois Pay Equity Law Starting January 1, 2025 appeared first on KRD, Ltd ..read more

By: Jamie Baker, CPA Key Takeaways: • The COVID-19 pandemic significantly increased remote work, which many employees prefer to continue. This shift has allowed employers to save on office costs and hire qualified workers from diverse locations.• Remote work introduces complexities in state tax rules. Employers must navigate varying income tax withholding requirements and potential […] The post Tax Implications of Remote Work: What Employers Need to Know appeared first on KRD, Ltd ..read more

Earlier this year, businesses across the country were introduced to a new regulatory requirement under the US Corporate Transparency Act. This act mandates that companies disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The goal is to increase transparency and combat financial crimes. In this article, we’ll provide an overview of the […] The post Beneficial Ownership Information Reports Due December 31, 2024 appeared first on KRD, Ltd ..read more

By: Rob Eisenstadt, CPA Key Takeaways: • Recent changes in accounting standards, particularly in lease accounting (ASC 842) and revenue recognition (ASC 606), along with evolving bank oversight practices, have complicated the M&A due diligence process for smaller and medium-sized businesses.• Key Areas of Change: Lease accounting now requires leases to be listed on the […] The post Understanding the Impact of M&A on Financial Reporting appeared first on KRD, Ltd ..read more

KRD proudly congratulates Mark Mirsky! SCHAUMBURG, ILLINOIS, Sept. 9, 2024 – KRD, a leading accounting, business, and financial advisory firm, announced today that Mark Mirsky, tax partner, has been selected by Crain’s Chicago Business as a Notable Leader in Accounting, Consulting & Law. The list recognizes top leaders in accounting, consulting, and law in Chicago. […] The post KRD Tax Partner Mark Mirsky Recognized as a Notable Leader in Accounting by Crain’s Chicago Business appeared first on KRD, Ltd ..read more

Key Takeaways: You may be familiar with the distinctions between non-profit and for-profit accounting systems, but what about your newest employees and board members? While non-profits and businesses share similarities, such as the need to meticulously track transactions and produce accurate, timely financial statements, there are significant differences between the two. These differences might necessitate […] The post Key Differences Between Non-Profit and For-Profit Accounting appeared first on KRD, Ltd ..read more

The IRS has launched a second Employee Retention Credit (ERC) Voluntary Disclosure Program to enable businesses to resolve incorrect ERC claims without penalties or interest. The second Voluntary Disclosure Program (VDP) will run through November 22, 2024, and allow businesses to correct improper payments at a 15% discount and potentially avoid future audits, penalties and […] The post IRS Reopens Voluntary Disclosure Program for ERC Claims appeared first on KRD, Ltd ..read more

By: Jamie Baker, CPA Key Takeaways: Understanding Entity Structure and Tax Ramifications Moves the Process Along Starting a business in Illinois is much like starting a business in other locations, but it comes with some steps that are unique to Illinois and are key to getting up and running as quickly as possible. Below is […] The post Starting a New Business in Illinois: Know the Rules appeared first on KRD, Ltd ..read more

By: Paul Wilkin, CPA Key Takeaways: Business owners can deduct vehicle expenses using either the actual expenses method (tracking all car expenses) or the standard mileage rate (a flat rate per business mile). For 2024, the standard mileage rate is 67 cents per mile. Accurate and contemporaneous mileage tracking is crucial for both deduction methods. Technology such as mileage tracking apps can assist, and detailed records of expenses like gas, oil, repairs, and insurance are necessary if using the actual expenses method. Only business miles, not commuting miles, are deductible. For business ..read more