Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

August 24, 2023

Navigating Tax and Social Security Identification Numbers as a U.S. Immigrant

Content provided by Derek Morgan, Senior International Tax Services Manager For immigrants coming to the U.S.—whether they are here for temporary employment, permanent residency, or other similar situations—understanding the intricacies of the U.S. tax and social security systems is...

August 22, 2023

Jeffery Mowery Named to Accounting Today’s 2023 MP Elite List

Lincolnshire, IL – Mowery & Schoenfeld is proud to announce Jeffery L. Mowery, Mowery & Schoenfeld’s Managing Partner, has been chosen as one of the 2023 Managing Partner Elite by Accounting Today. The Managing Partner (MP) Elite report, presented...

August 17, 2023

Maximizing Tax Benefits Through Cost Segregation

Cost segregation is a strategic tax planning tool that allows businesses to accelerate the depreciation of certain assets, resulting in significant tax savings. By classifying assets into shorter recovery periods, businesses can deduct larger portions of their investments in...

August 10, 2023

Are You Required to Report Under FinCEN’s New Ruling?

In September of 2022, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a new beneficial owner reporting requirement for certain U.S. entities in an effort to clamp down on illicit finance and money laundering, pursuant to Congress’ Corporate...

August 3, 2023

El Efecto Dominó de la Rotación Contable

Contenido creado por Matt Schoenholtz, socio de Client Advisory Services Como grupo responsable de la salud financiera de la empresa, un departamento de contabilidad, ya sea sólo como registro de contabilidad o un Director Financiero, es vital para todas...

July 27, 2023

Maximizing Savings with Roth Conversions

Saving for retirement is a critical financial goal for every individual. Traditional Individual Retirement Accounts (IRAs) have long been popular choices, but Roth IRAs and conversions offer unique advantages that can significantly benefit taxpayers and their heirs. The major...

July 20, 2023

Preparing For the Sale of Your Business

For business owners, many succession plans ultimately lead to the sale of their business. How this looks can depend on your business structure, entity type, and ownership. Although preparing for the sale of a business can be a complex...

July 12, 2023

The Rippling Effects of Accounting Turnover

Authored Content by Matt Schoenholtz, Client Advisory Services Partner As the group responsible for the financial health of the company, an accounting department—whether it’s a single bookkeeper or a CFO—is vital to every organization. The accounting team is responsible...

June 22, 2023

Employee Retention Credit Fraud Continues to Grow

Although the money was meant to act as a lifeline for struggling businesses, the Employee Retention Credit (ERC) has become a hotspot for fraud as pop-up firms take advantage of business owners. Despite the IRS’s warnings and recent convictions,...

June 13, 2023

U.S. Tax Court Ruling May Affect U.S. Taxpayer’s International Tax Filing Requirements

A recent U.S. Tax Court ruling has significant implications for U.S. taxpayers who have been assessed penalties for late or omitted U.S. international tax filings or are currently delinquent with respect to such international tax filings. Case background The...

June 6, 2023

Tax Considerations for Retirees: Is Relocating to Another State the Right Move?

As retirement approaches, there’s a lot to consider. Many individuals contemplate a change of scenery and want to move to a different state in pursuit of a more relaxed and fulfilling lifestyle. While the allure of a new location...

May 30, 2023

Moving a Parent into a Nursing Home

If you have a parent entering a nursing home, there may be more things on your mind than how it will affect your taxes. Assisted living costs are expensive, and prices are continuing to rise every year—but some of...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals