Account-Ability Inc.

12/16/2024

As of December 2, 2024, FinCEN received 10 million reports out of the anticipated 32.6 million this year. I envision potential last-minute post-holiday chaos trying to meet the January 1, 2025 deadline. Don't wait if you need help with this form. Call the office at 630-250-1251

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11/19/2024

Reminder to call the office and make your appointment to BOIR form filled out timely - Due date 12-31-24 (630-250-1251)

What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.

Key Points About the BOIR:
Required by the Financial Crimes Enforcement Network (FinCEN)
Applies to most U.S. businesses
Deadline for filing is January 1st, 2025
Failure to file can result in penalties of up to $500 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:

Full legal name
Date of birth
Current residential or business address
Unique identifying number (e.g., passport or driver's license number)
Why is the BOIR Important?
The BOIR helps:

Prevent money laundering and other financial crimes
Improve corporate accountability
Assist law enforcement in investigations

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10/22/2024

FYI

The IRS has announced new federal income tax brackets and standard deductions for 2025.

12/28/2023

PAID LEAVE FOR WORKERS ACT IN ILLINOIS

In case you are not aware but starting on Monday, if you are an employee in Illinois, full or part time - does not matter, you accrue 1 hour of paid time off for every 40 hours you work up to 5 days paid time off of work without having to give your employer a reason for the time off. If you are part time, I suggest you keep a calendar of your hours so you know when you are owed a day off. You can begin using your earned time off starting March 31, 2024.

Teachers - Public schools are exempt from this law so there are no extra days off with pay for you, but all other schools are required to accrue the time off for their employees.

Illinois is the 3rd state to require this benefit for workers.

05/12/2022

FYI - If something has not been processed in a long while by the IRS it may be time to resubmit documents.

01/18/2022

The government will send you 4 free at home Covid test kits order at - https://special.usps.com/test
They must be order to a residential address.

COVID Home Tests | USPS

01/10/2022

he Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24th, 2022. That’s when the IRS will start accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper.

We are scheduling appointments - Call the office if you need one. 630-250-1251

03/18/2021

INDIVIDUAL INCOME TAX SEASON HAS BEEN EXTENDED TO MAY 17 for both Federal and IL State If you have a question about a particular state please reach out and we will get you that information. Texas, Oklahoma and Louisiana have a federal filing deadline of June 15.
Income Tax Season Announcement
Springfield — Gov. Pritzker announced today that his administration is extending the individual income tax filing and payment deadline from April 15 to May 17. The Illinois Department of Revenue (IDOR) will continue to process tax refunds for those filing ahead of the deadline.
The filing extension does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15 and can be based on either 100% of estimated or 90% of actual liability for 2021, or 100% of actual liabilities for 2019 or 2020.

03/04/2021

For your listening pleasure!

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01/21/2021

ARE YOU BEING PAID MINIMUM WAGE OR ABOVE IN ILLINOIS? IT IS THE LAW!
Illinois' state minimum wage rate is $11.00 per hour. This is greater than the Federal Minimum Wage of $7.25. You are entitled to be paid the higher state minimum wage. The minimum wage applies to most employees in Illinois, with limited exceptions including tipped employees, some student workers, and other exempt occupations.†

The Illinois minimum wage was last changed in 2008, when it was raised $3.25 from $7.75 to $11.00.

The Illinois minimum wage is $11.00 per hour. Minors under age 18 may be paid a minimum wage of 8.50 per hour. An employer may pay tipped employees $6.60 per hour. New employees (first 90 days of employment) over the age of 18 may be paid up to 50 cents less per hour. Beginning, January 1, 2020, if a worker under 18 works more than 650 hours for the employer during any calendar year, they must be paid the regular (over 18 wage). Tipped employees may be paid 60% of the hourly minimum wage. Certain employees must be paid overtime, at time and one-half of the regular rate, after 40 hours of work in a workweek. LOCAL MINIMUM WAGE Chicago: Has a current minimum wage of $14.00 per hour (Large employers of 14 or more) with an anticipated increase in July 2021 TBD. For business' that employ 4 to 20 employees it is $13.50 per hour. C00k County: Has a current minimum wage of $13.00 per hour with an anticipated increase in July 2021 TBD.

Illinois supports a number of exemptions to the minimum wage besides the two mentioned above, such as special exemptions for disabled workers employed in sheltered workshop environments.

Illinois employers may not pay you under $11.00 per hour unless you or your occupation are specifically exempt from the minimum wage under state or federal law.