Tax Bites: Is your business ready for play-or-pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into effect in 2015.Under transitional relief the IRS issued earlier this...

Illinois Sales Tax Changes for Manufacturers

Manufacturer’s Purchase Credit The long standing Illinois Manufacturer’s Purchase Credit (MPC) expires on August 31, 2014. This credit has been extended multiple times in recent history, with a brief period of expiration from July 1, 2003 to September 1,...

Tax Bites: How to Protect Yourself from Underpayment Penalties

You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the minimum payment rules. Your estimated payments and withholding must equal at least 90% of...