Entries by sarah.wells@scheffelboyle.com

Proudly Introducing…

We are pleased to introduce our two newest employees to our amazing team, Kristine Schaeffer, CPA and Zeke Cassidy. Kristine has stepped into a Manager role in our Highland office after spending more than 30 years in public accounting, and Zeke completed our FOCUS Internship Program this past Spring and joins us as our newest […]

IRS to Stop Sending Past Due Notices Due to Backlog of Unopened Mail

The Internal Revenue Service is one of many agencies still feeling the effects of office closures due to COVID-19. Like many businesses, the IRS shut its doors this Spring due to the pandemic. As a result of the closure, a large backlog of unopened mail for the agency has accumulated. Even though many IRS employees […]

Madison County CARES Act Relief Provides Funds for Local Businesses

Madison County will open an application process on Monday, August 17,  2020 to grant $1.75 million in CARES Act relief funds to businesses and public service agencies located in the County that were impacted by COVID-19. Funds will be distributed through the Community Development Block Grant (CDBG) as a result of the CARES Act, with […]

Trump Signs Executive Order Deferring Payroll Taxes

On August 8th, President Trump signed a total of four Executive Orders to provide further Coronavirus relief. The orders provided enhanced unemployment payments, student loan payment relief, eviction suspensions, and, most notably, a deferral of payroll taxes. Payroll tax, or more frequently known as employment tax, is comprised of 6.2% Social Security tax and 1.45% […]

Welcome to the Team!

We are excited to announce that we have added six new staff accountants to our team. Our new employees include graduates of Saint Louis University, McKendree University, Lindenwood University, and Southern Illinois University Edwardsville. We are excited to have you all!    

SBA Will Start Accepting PPP Forgiveness Applications From Lenders on August 10, 2020

The Small Business Administration (SBA) has set a date of August 10th for lenders to begin submitting forgiveness applications for Paycheck Protection Program (PPP) loans. On July 23rd, the SBA issued a procedural notice (linked here) to lenders outlining the process of applying for forgiveness for their borrowers. The SBA has created a forgiveness platform […]

Watch Out for Illinois Department of Employment Security Scams

A warning has been issued to Illinois residents regarding unemployment fraud and identity theft in response to several complaints to the Illinois Department of Employment Security (IDES). Illinois Attorney General Kwame Raoul recently issued an alert stating that if you received an IDES debit card but did not apply for unemployment, you may be a […]

IRS Updates FAQs on CARES Act Employee Retention Credits and Payroll Tax Deferrals

The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal […]

Keep Your Stimulus Payment Notice for Your 2020 Taxes

In mid-April, Economic Impact Payments, also known as Stimulus Payments, began hitting bank accounts of taxpayers across the U.S. If you were an eligible recipient of a stimulus check and received your payment, you should have also received Notice 1444 following the disbursement of your payment. Notice 1444 detailed the amount of the payment, how […]