Finance & Accounting

Tax Bite: Watch Out for the Wash Sale Rule

If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2014 tax liability. But if you want to minimize the … Continue reading

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Tax Bites: Careful tax planning critical for RSU’s — and other stock-based compensation

If you’re an executive or other key employee, you might be compensated with more than just salary, fringe benefits and bonuses: You might also be awarded stock-based compensation, such as restricted stock or stock options. Another form that’s becoming more common is … Continue reading

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Tax Bites: How to Protect Yourself from Underpayment Penalties

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the minimum payment rules. Your estimated payments and withholding must equal at least … Continue reading

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Illinois Sales Tax Changes for Manufacturers

Manufacturer’s Purchase Credit The long standing Illinois Manufacturer’s Purchase Credit (MPC) expires on August 31, 2014. This credit has been extended multiple times in recent history, with a brief period of expiration from July 1, 2003 to September 1, 2004. The most … Continue reading

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Tax Bites: Is your business ready for play-or-pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into effect in 2015.Under transitional relief the IRS issued earlier this year, for … Continue reading

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