Expect IRS Delays This Season

U.S. Treasury officials are warning of longer processing times of tax returns and responses to taxpayer inquiries for the upcoming tax season (January 24 – April 18). The Treasury Department’s concern is based on the enormous backlog of 2020 returns that need special processing due to errors stemming from the various COVID relief legislations, as […]

Miller Cooper Joins the HLB Global Network

Miller Cooper has joined the HLB global network of independent advisory and accounting firms. HLB numbers more than 32,000 partners and staff across the globe, bringing together professionals to share technical expertise, operational best practices and business development insights to help clients reach their organizational goals both in domestic markets and overseas. Miller Cooper’s membership […]

Coming Soon: New Accounting Rule on Government Assistance Disclosures

On November 17, the Financial Accounting Standards Board (FASB) issued a new accounting standard on disclosing certain types of government incentives that businesses receive to set up shop in a locality. The standard comes at a time when investors have been clamoring for more detailed information around incentives businesses get — some to the tune of […]

Employee Retention Credit Cancelled for the Fourth Quarter 2021

On Friday, November 5th, Congress passed the Infrastructure Investment and Jobs Act. The bill is currently awaiting President Biden’s signature but is expected to be signed this week. A notable provision contained in the Act is the termination of the employee retention credit as of October 1, 2021. As such, the credit will no longer […]

Ten Financial Statement Areas to Watch for COVID-Related Effects

The COVID-19 pandemic is still adversely affecting many businesses and nonprofit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply […]

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 […]