September 23, 2020 Hold On! We understand that Paycheck Protection Program (“PPP”) forgiveness is the foremost topic for small business owners, but we encourage owners not to rush to apply for relief. The Small Business Administration (“SBA”), FAQ -August 4, 2020, Question #3, states that the deadline for submitting forgiveness application is 10 (ten) months after the covered period. The covered period will vary for each business, but after 10 months, the PPP funds officially…

This year, there are several outside factors that have affected the entire tax bureaucracy. Some of these have caused great consternation for wage earners, investors and businesses alike. We know that the filing date this year has changed, but it is also true that many people needed expected tax refunds in order to get through the loss of wages because of COVID-19. Read on to learn more about how professional tax services in New Lenox IL may help with filing and tax preparation…

August 12, 2020 Our nation has been rattled with uncertainty – from mass school closings to stay-at-home orders. Long gone are the days where going to the bank or the grocery store without a mask is permitted. Infections and death tolls are on the rise, and Americans are afraid for their safety. With these uncertainties, the pandemic known as the Coronavirus has affected the way we live our lives and conduct business. In response, our federal officials have created The Coronavirus…

Whether you own a business or are getting ready to start one, you may wonder whether you need to enlist the services of a certified public accountant (CPA) or when. Hiring a CPA in New Lenox IL is beneficial for various reasons and you can hire the professional on a part-time or full-time basis. Here are some of the reasons you should hire a certified public accountant. Hiring a CPA from a reputable company such as Barbee Tax Consulting, LLC is important when starting a business. We can help…

On March 20, 2020, the IRS issued Notice 2020-18 announcing that federal income tax payments and payments due on April 15th may be deferred until July 15th. Many states are expected to follow suit with the IRS, but as of March 20, 2020, many have not, including Illinois. The AICPA is keeping track of state tax developments. To determine whether your state is extending please follow the AICPA COVID-19 State Extensions tracker.