News Updates
Treasury Rules Clarify Deferral of Gains from Opportunity Zones
On Friday, October 19, 2018, Treasury issued much anticipated proposed guidance on Opportunity Zones. The documents define the type of gains that are eligible for deferral, specifics on various timelines, and many other relevant issues. This first round of guidance...
Miller Cooper Promotes Three New Principals
As of October 1, Miller Cooper has three new principals: Jennifer Cataldo, Phil Johnsen and Nathan Summers. Below is a brief biography of each and a link to their full bios. Congratulations to all! Jennifer Cataldo is a member of the firm’s Assurance and Accounting...
Qualified Business for Purposes of the Qualified Business Income Deduction
Back in December 2017, the President signed into law the 2017 Tax Cuts and Jobs Act amid much fanfare. Included in that legislation was the highly anticipated provision for a Qualified Business Income Deduction (QBID), which allows owners of sole proprietorships, S...
Jeff Watson Receives ICPAS Distinguished Service Award
Jeff Watson is one of the recipients of the 2018 ICPAS Distinguished Service Award for his work on the ICPAS Accounting Principles Committee. It’s the third time Jeff will be receiving the ICPAS’ distinguished service award (2018, 2011 and 2009) for his work on the...
Miller Cooper Celebrates Nexia Day 2018
Choosing the theme, “Forming Enduring Relationships,” Miller Cooper celebrated Nexia Day – July 25 – with several events, including volunteer opportunities for our principals and staff, “Jeans for a Week” for donations to Youth Business International and lunch served...
Overview of the Research and Development Tax Credit
The federal government and many states provide tax credits to encourage innovation and job creation. Congress intended to incentivize an increase in research spending beyond what a company would otherwise spend with the Regular Credit (or “Traditional Credit”) in IRC...
Accounting for M&A: Business Combination v. Asset Purchase
One common challenge in accounting for a merger or acquisition is how to record the transaction on the buyer’s financial statements. The first step is to determine whether the buyer has acquired a business or simply purchased a group of assets. The Financial...
Daphne McCoy Appointed Secretary/NAWBO Chicago Board Member
Miller Cooper is proud to announce that Miller Cooper principal Daphne McCoy has been appointed as Secretary and Board Member for the National Association of Women Business Owners (NAWBO) Chicago. Ms. McCoy is a Tax Principal for Miller Cooper, working primarily with...
Landmark Supreme Court Decision in Sales Tax Nexus Case
The U.S. Supreme Court handed down its decision in South Dakota v. Wayfair – the case that challenged the imposition of sales taxes on remote sellers that lacked a physical presence in state. Until today’s ruling, states were prohibited from imposing sales and use...
2018 UnGala Supporting Chicago Innovation
Miller Cooper was the proud table sponsor of the 2018 UnGala on June 20 benefiting Chicago Innovation. "A cool and innovate event," according to MCC Managing Principal Kristen Fitzpatrick. Standing, from left, Ross Pearlstein, MCC Chair; Kristen Fitzpatrick; Hamilton...