Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

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Going Concern

SEPTEMBER 25, 2023

Attorney General’s Office for Northern Illinois announced on Wednesday. The long-running TPB investigation found that Mr Carter lodged false BAS and amendments for unwitting clients and lied about their tax returns and debts that did not exist. Palos Hills Accountant Indicted In $7.8M and House of Furniture and Mattress, Inc.,

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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Nancy McClelland, LLC

APRIL 9, 2023

The IRS “Direct Pay” landing page, There are multiple options for paying personal quarterly estimated taxes. You can: have your tax preparer create vouchers that you then print and mail with a check; prepare your own vouchers and do the same; or pay online. IRS “Direct Pay” Step 3 of 5, part one.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. Yet we often see this benefit overlooked on tax returns, especially when S-Corp shareholders pay for their insurance through work.

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Going Concern

JANUARY 5, 2024

Law & Order From the Crime Desk, December 2023 [ Thomson Reuters ] Just one of the many cases listed here: Former Illinois resident, Erica Early, a postal worker who also worked as a tax preparer, was sentenced to 14 months in prison for willfully preparing false tax returns on behalf of her clients.

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