Illinois Enacts SALT Cap Workaround

On August 27, 2021, Governor Pritzker signed into law the Optional Pass-Through Entity Tax, a state and local tax cap (“SALT Cap”) workaround for partnerships and S corporations for tax years 2021 – 2025. (Please see our prior release.) The SALT Cap workaround allows the partnership or S corporation to elect to pay income tax […]

Are You on Track to Meet the 2022 Deadline for the Updated Lease Standard?

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and nonprofit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude of […]