HOW TO STEER CLEAR OF TAX ISSUES RELATED TO SHAREHOLDER LOANS Owners occasionally need to borrow funds from their businesses. If your business is structured as a corporation and it has extra cash on hand, a shareholder loan can be a convenient and low-cost option — but it’s important to treat the transaction as a […]
DO YOU NEED THE PROTECTION OF A D&O INSURANCE POLICY? Your efforts toward ensuring your financial security might be focused on building up your assets through wise investing or growing your business. But protecting the assets you already have is just as important. And if you serve as a director or officer of a company, […]
SHOULD YOU CONVERT FROM A C CORPORATION TO AN S CORPORATION? Many private business owners elect to incorporate, turning their companies into C corporations. But, at some point, you may consider converting to an S corporation. This isn’t necessarily a bad idea, but it’s important to know the ramifications involved. Similarities and differences S and […]
The Illinois House recently followed the Senate’s lead in overriding Governor Rauner’s veto of the Illinois budget. Senate Bill 9 raises around $5 billion of new permanent income taxes. The individual income tax rates increased from 3.75% to 4.95%, while the corporate rates rose from 5.25% to 7.0%. These rate increases were effective on July 1, 2017. […]
The Illinois House recently followed the Senate’s lead in overriding Governor Rauner’s veto of the Illinois budget. Senate Bill 9 raises around $5 billion of new permanent income taxes. The individual income tax rates increased from 3.75% to 4.95%, while the corporate rates rose from 5.25% to 7.0%. These rate increases were effective on July 1, 2017. […]
WHY YOU SHOULD (OR SHOULDN’T) PURSUE AN ACQUISITION Like so many aspects of the national and global economies, merger and acquisition (M&A) activity tends to wax and wane. Nonetheless, billions of dollars continue to change hands annually, and an acquisition can be a great way to grow a business. So if one of these deals […]
IN DOWN YEARS, NOL RULES CAN OFFER TAX RELIEF From time to time, a business may find that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss (NOL). In such cases, companies (or their owners) may be able to snatch some tax […]
Our employees have once again teamed up to raise funds for Big Brothers Big Sisters (BBBS) of Southwestern Illinois at the annual Bowl for Kids’ Sake fundraiser. This year our teams raised over $5,400 for the agency through their efforts, which will all be donated directly to BBBS of Southwestern Illinois. Scheffel Boyle’s two bowling […]
COULD A COST SEGREGATION STUDY SAVE YOUR COMPANY TAXES? If your business has acquired, constructed or substantially improved a building recently, consider a cost segregation study. One of these studies can enable you to identify building costs that are properly allocable to tangible personal property rather than real property. And this may allow you to […]
VIEWING YOUR COMPANY’S BUY-SELL AGREEMENT If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to […]
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