Accounting Solutions Ltd.

06/17/2026

Florida To Eliminate Most Property Taxes

The proposed Florida law, known as the “Save Our Homes from Excessive Property Taxes” plan, is a constitutional amendment headed to the November ballot. It seeks to shield primary residences from the majority of property taxes and sets a framework for their eventual total elimination. The propos...

06/14/2026

Three Sundays Ago, I Saved A Man's Life

Three Sundays Ago, I Saved A Man’s Life I went to church in Lincoln Park, and then to Belmont Harbor where my 30′ sailboat sits in a slip on D Dock. I took her out by myself for about three and a half hours. We had winds out of the Southeast at five to ten […]

06/11/2026

Inflation Jumps To Three-Year High

Consumer prices rose 4.2% in May from a year earlier. This was an increase from 3.8% in April. That was the highest year-over-year reading since April 2023. It’s a sign that high energy costs stemming from the war with Iran continue to accelerate pricing pressures. However the month-over-month rat...

06/08/2026

Illinois' New Social Media Tax Is A Nightmare For All

This tax which was signed into law with the new budget is a tax on “the number of Illinois users from whom the social media platform collects data within a month.” This is based on a monthly report showing the “average number of monthly users of the platform located in the State of Illinois......

06/06/2026

Firings At The IRS And Treasury To Continue

It’s very difficult to fire a Federal Employee because of the unions. Federal Union Contracts classify employees into personnel categories. Depending on their category, the contracts make it either easier or more difficult to terminate a Federal Employee. The President signed an Executive Order on...

06/01/2026

Illinois Passes A New Budget With New Tax Increases On Businesses
https://accountingsolutionsltd.com/chicago-cpa/illinois-passes-a-new-budget-with-new-tax-increases-on-businesses/

05/28/2026

Hawaii Is Latest To Add "Millionaire's Tax"

The Land of Coconuts and Outrigger Canoes recently raised its top marginal income tax rate from 11% to 13%. This is a new tax bracket for single filers earning more than $500,000 annually. Local lawmakers are calling it a “Millionaire’s Tax,” even though they’re only off by half. This nearly...

05/28/2026

AI Systems Are Being Used To Incorrectly Choose State Audit Targets

Older forms of AI like machine learning have been used by tax departments for decades. Often called Automated Decision Systems, these systems are used by tax administrators to evaluate returns and identify red flags. The machine learning model is trained to look for certain features that could indic...

05/22/2026

Remembrances This Memorial Day

Back in 1982, I was an actively precocious sophomore at the Latin School of Chicago. Latin has something called Project Week, where students take a week out of the busy school year, go off campus, and spend time doing something completely different hopefully learning from the experience. One of the....

05/21/2026

State And Local Tax Collections Continue Their Meteoric Rise

The US Census Bureau releases total state and local tax collections figures, as well as tax collections broken down by tax type. In addition to individual and corporate income taxes, state and local governments collect sales, property, excise, and other taxes. The results were surprising. The one pl...