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Matter & Substance

Insights from our industry
to help businesses and individuals

February 23, 2023

How the SECURE Act 2.0 Affects Your Employee Benefit Plan

The Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed by Congress on December 23, 2022 and signed by President Biden on December 29, 2022. The SECURE Act 2.0 is an expansion of the original SECURE...

February 15, 2023

Architects, Designers, and Engineers Can Benefit From the Expansion of the IRC 179D

The EPAct 179D Tax Deduction was introduced in 2005 with the intention to drive commercial building owners and designers of tax-exempt buildings to reduce their energy use. By enabling building owners to claim a tax deduction for installing qualifying...

February 2, 2023

What Is a Permanent Establishment?

A permanent establishment (PE) is an international tax treaty concept important for any business undertaking activities in foreign countries to understand. Ultimately, whenever a company has a PE in a different country, it effectively creates a taxable presence in...

February 1, 2023

It Pays to Think About How Taxes Fit into Your Retirement Planning

What type of plan should you invest in? When should you start taking distributions? What are the tax consequences? Whether you’re just starting to think about retirement planning, are retired already, or are somewhere in between, addressing the relevant...

January 24, 2023

An Alternate Valuation Date Can Reduce Estate Tax Liability

If you have money invested in the stock market, you’re well aware of potential volatility which can affect your net worth—thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability....

January 17, 2023

Important 2022 Tax Filing Deadlines

Penalties for late filing can be steep, and interest rates are climbing ever higher. Take the standard penalty for failing to file your annual tax return on time, for example, which costs you 5% of the amount due for...

January 13, 2023

Tips to Prepare for Tax Season

As you begin to compile your information for the 2022 tax filing season, consider some of the following steps you can take to ensure your tax return and refund don’t face delays. Organize your tax docs early Getting your...

December 27, 2022

Selling Your Home Next Year? Be Sure You Understand the Home Sale Gain Exclusion

If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review...

December 13, 2022

The Overlooked Benefits of HSAs

HSAs are now a key feature of many health-insurance plans, both for employees and individual buyers. For 2023, the maximum HSA contribution is $7,750 for a family and $3,850 for an individual, plus $1,000 for participants age 55 and...

December 8, 2022

Michael Deering Named Crain’s 2022 Notable Gen X Leader in Accounting, Consulting and Law

Mowery & Schoenfeld, LLC is proud to announce Michael Deering, Tax Partner and Director of Tax, was named one of the Crain’s 2022 Notable Gen X Leaders in Accounting, Consulting and Law. This award recognizes the top Chicago area...

December 6, 2022

Deferring a Tax Hit With a Sec. 1031 Exchange

Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. A possible solution may be to consider a Section...

December 1, 2022

Watch Out for the Pitfalls of First-Year Bonus Depreciation and Sec. 179 Expensing

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are...

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