Finance & Accounting

Tax Updates part 1 of 2

At CDH, it is not uncommon for us to receive several requests for information on the latest and greatest tax legislation on tap. Unfortunately, our legislative system makes this difficult to provide until bills are in their final stages ready to be … Continue reading

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State & Local Tax Perspective: Construction Contractors Beware in Illinois

The Illinois Department of Labor requires that construction contractors file on or before January 31 of each year a report of all payments made to an individual, sole proprietor, or partnership that performs construction services for the construction contractor and is not … Continue reading

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Tax Bites: The manufacturers’ deduction: It’s not just for manufacturers

The manufacturers’ deduction, also called the “Section 199″ or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income.  The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are … Continue reading

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State & Local Tax Perspective: The New Illinois Sales Tax Rate Lottery

Illinois is a state that has numerous “local” sales and use tax rates. While the state “base” rate is 6.25%, there is a multitude of counties, cities, transportation districts, water districts, etc., which can impose additional sales tax rates in increments of … Continue reading

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myRA – New Business Retirement Plan Developments

In the latest Illinois tax news, Pat Quinn signed a new mandatory retirement plan adoption bill prior to his departure. The bill requires businesses operating for at least 2 years that also have at least 25 employees to offer a retirement plan … Continue reading

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