News
Are You Ready For The 2021 Gift Tax Return Deadline?
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it...
Connect With MMA This Tax Season
We strive to provide the best client service possible. Knowing that many of our clients have busy lives and time is a precious commodity, we offer numerous efficient ways to connect with our team. Meetings – Video conferencing is...
Smooth Sailing: Tips to Efficient Processing and to Avoid Hassles This Tax Season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are two quick tips to help speed processing and avoid hassles. Tip 1. Gather all documents needed to prepare an...
IRS Requires ID.me Account to Access Online Accounts
On November 17, 2021, it was announced that the IRS would be implementing a new verification process for taxpayers to access their online accounts. To help better protect taxpayer privacy and reduce fraud, the IRS has teamed up with ID.me, a third-party verification...
Celebrating Our Staff
On Thursday, December 16, Helen Demsher was presented with the G.R.I.T. President's Award by Wheaton Chamber of Commerce President Vickie Austin. This award is presented to an individual who helped support and shape the presidency of the Wheaton Chamber President. "As...
Standard business mileage rate to go up in 2022
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business...
Increase Coming for Illinois Minimum Wage
The minimum wage in Illinois is set to increase another dollar on Saturday, January 1, 2022. The new wage will be $12 an hour. Governor JB Pritzker signed legislation in 2019 putting the state on the path to a $15 an hour minimum wage by 2025. There have been three...
Remember to use up your flexible spending account money
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An Account for Health Expenses A pre-tax contribution of $2,750...
Employers: The Social Security Wage Base is Increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold...