News Updates
Tax Law Changes Enacted by 2019 Illinois Legislature
The Illinois legislature recently completed its 2019 session and a significant number of tax law changes were enacted. Below is a summary of the tax bills that passed. Please contact a member of your Miller Cooper & Co., Ltd. team if you would like to discuss how...
SIMPLE, SEP or Safe Harbor?
Measuring “Fair Value” for Financial Reporting Purposes
The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in a litigation or mergers and...
Making the Best of Bad Debt
Predicting Future Performance
CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future. Prospective Reporting Options There are three types of reports to choose from when predicting future performance: Forecasts. These...
Got Google on the Phone?
IRS Updates Rules for Personal Use of Employer-Provided Vehicles
The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and...
Put a QOE Report to Work for You
An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It’s important for both buyers and sellers to look beyond the quantitative information provided by the selling company’s financial statements. Quality Matters There’s a...