Newsletter

Fall 2017

September 25, 2017
  • Mowery & Schoenfeld, LLC, based in Lincolnshire, Illinois, United States, is honored and excited to have been named one of Inside Public Accounting's 2017 Best of the Best Firms! This designation indicates that of the 587 firms surveyed, Mowery & Schoenfeld ranked within the top 50 on metrics relating to performance, including specific areas of management and operations. "This recognition...
  • The Tax and Assurance Departments at M&S are proud to announce that we have promoted five of our employees to Manager this summer! "We congratulate all of these talented accountants on their achievement and wish them continued success at the Firm. We would not be the Firm we are today without them," said Jeff Mowery when proudly announcing the promotions.  Learn more about our new Managers...
  • Section 529 plans have become one of the most popular tools used by parents to save for their children’s college education. One reason they’re so “in” is their favorable tax treatment: If the funds are used to pay for qualified education expenses, the earnings accumulate tax-free. However, some common misperceptions have arisen about Section 529 plans since they were first introduced in 1996....
  • The IRS has reissued proposed partnership audit regulations, withdrawn earlier this year as part of the Trump administration’s regulatory freeze. The proposed Centralized Partnership Audit Regime regulations (Reg-136118-15) — reportedly identical to the withdrawn regulations — apply to partnership tax years starting after December 31, 2017. But partnerships can elect to apply them for partnership...
  • Establishing an employer-sponsored retirement plan is an attractive way to save for your own retirement and help your employees do the same. As a plus, your business may enjoy tax advantages for setting one up. Not Too Late The good news is that it may not be too late to set up and fund a retirement plan for 2017. While a 401(k) or other plan may be of interest, some businesses are dissuaded by...
  • If you generate a side income from a passion like cooking, woodworking or bookselling — or anything else — you should be aware of the tax implications of earning this money. These will vary depending on whether the activity is treated as a hobby or a business. The bottom line: The income generated by your activity is taxable. But different rules apply to how income and related expenses are...