Matter & Substance

Insights from our industry
to help businesses and individuals

October 13, 2022

Understanding the Expanded Electric Vehicle Tax Credits

On January 1, 2023, the Electric Vehicle Tax Credits will be distributed under new rules. With the passage of the Inflation Reduction Act (IRA), more than $300 billion will be invested in energy and climate reform, making it the...

October 4, 2022

Fraud Caution to Clients Pursuing the Employee Retention Credit

In recent months, we have seen in increase in bad or inadequate actors soliciting work related to the Employee Retention Credit. Due to the lack of IRS guidance on the subject, some are taking a very liberal interpretation or...

September 29, 2022

How the Fed’s Rate Hike Affects Your Expenses

No matter their income level, most Americans have felt the effects inflation is having on the cost of living. Despite predictions to the contrary, the annual inflation rate in August was 8.3% — down only slightly from the month...

September 13, 2022

Businesses Can Still Apply for the Employee Retention Credit

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s employee retention credit. Navigating and interpreting the complicated details of the legislation is necessary to determine eligibility and calculate an accurate ERC. However, the requirements...

September 6, 2022

Recent IRS Notice Provides Relief from 2019-2020 Late Filing Penalties

On August 24th, 2022, a notice released by the IRS indicated penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. This notice also provides an opportunity to certain parties to avoid penalties if...

August 18, 2022

Business Clients Can Benefit from the Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act. The effects of this bill are aimed at reducing some of the burden of inflation in the longer-term, supporting small businesses, and impacting climate change. Below is a...

August 11, 2022

Illinois Residents May Qualify for Tax Rebates

This fall, Illinois residents could see checks in the mail or deposits in their bank accounts thanks to Gov. JB Pritzker’s Illinois Family Relief Plan. Both Individual Income Tax Rebates and Property Tax Rebates are scheduled to begin Monday,...

August 9, 2022

How the Inflation Reduction Act Affects You

After weeks of negotiations, the Inflation Reduction Act (IRA) was passed in the Senate. The effects of this bill are aimed at reducing some of the burden of inflation in the longer-term. The bill hopes to achieve this with...

August 5, 2022

Reporting Partners’ Income on Tax Returns

If you are a partner in a business, you may have come across a situation that’s puzzling: in a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which...

July 27, 2022

Preparing for a Recession

Recessions—defined as two consecutive quarters of economic decline—are often caused by unexpected economic shifts. And in the past few years, we have had a lot of them: the global COVID-19 pandemic, the war in Ukraine, the Great Resignation, and...

July 12, 2022

Why an Outsourced CFO Partner Is Beneficial to Any Organization

Authored Content by Matt Schoenholtz, Client Accounting Services Partner In working with clients, I like to use the term “The ART of Accounting” to explain to them exactly why having an accounting partner is so important. If you are...

July 7, 2022

What Does a Bear Market Mean for Me?

You have all heard the terms “bull market” and “bear market.” These two states of the market are named as such because the attack patterns of these predators match the trends for which they represent: bulls attack upwards with...

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Matter & Substance

Insights from our industry to help businesses and individuals

Insights from our industry
to help businesses and individuals