Best Practices for Reporting Business-Related T&E Expenses

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for companies to implement formal T&E policies to ensure reporting is detailed and legitimate. Substantiating Expenses Traditionally, […]

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 […]

President Biden Details His Tax Proposals for Individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the […]