DBS Accounting & Management Services Inc

02/20/2017

The Oscars are coming! Did you know that every year since 1935 a team of CPAs spend an average of 1,700 hours prior to Oscar night counting the Academy Awards ballots by hand? When they are finished 2 accountants from the firm put on their best tuxedos and make an appearance during the live broadcast. How cool would that be! I think DBS should try to get that gig!

12/21/2016

DBS will be closed Friday December 23rd and Monday December 26th in observance of Christmas. Happy Holidays!

12/14/2016

Did you know that bubble gum was actually invented by an accountant? Yep! Walter Dimer invented it in 1928. Fascinating!

12/08/2016

Here is a little fun fact for your Thursday morning. Did you know that Ultimate Fighting champion Chuck “The Iceman” Liddell, WWE wrestler D-Lo Brown, jazz artist Kenny G and comedian Bob Newhart all began their careers as accountants or CPA’s? Goes to show that not all accountants are boring like some people think!

12/02/2016

The IRS penalty has increased this year for businesses who are late to file their 1099's. To ensure you are not penalized you need to get those out to vendors and submit the reports to the government no later than February 28th. If you would like a quote for DBS to prepare those for you just give our office a call at 815-877-4411.

11/23/2016

The first of the overreaching executive orders that may be reviewed given the results of the election. While a modification to the exempt amount is likely just, more than doubling it, and making it one size fits all was just too far reaching. While it still may be imposed at some point in the future, this at least delays it indefinitely until the new administration can review it. Simply decreasing this initial increase or creating different tiers for different cost of living areas would be a big improvement.

Business groups are cheering the injunction, which means they won't have to pay certain employees for overtime.

11/21/2016

http://tax.illinois.gov/Publications/Bulletins/2017/FY-2017-07.pdf

Beginning January 1st all IL withholding Income Tax filers will be required to file their IL 941 Quarterly. Previously employers with less than $1,000 in state withholding over a 12 month period were only required to file annually. For those of you who we process payroll and/or payroll taxes for, you won’t notice a change. We file those for you on-line and they do not require anything from you. Anybody else who is an annual filer will now be required to file this quarterly along with your IL Unemployment and Federal 941 reports. The other change is you will no longer be able to pay your withholding quarterly or annually. You will be required to pay monthly or semi-weekly. IDOR will be sending everyone a letter indicating what their frequency will be. If you would like a quote on payroll services so you don’t have to worry about changes like these please call our office and we will be happy to provide a free quote!

11/16/2016

https://www.dol.gov/whd/overtime/final2016/

Here is an article about the new legislation that may take effect December 1st. I say "may" because 21 states have filed a lawsuit in the United States District Court to challenge the ruling. We will keep you posted on this as we hear anything new.....

US Department of Labor: The Wage and Hour mission is to promote and achieve compliance with labor standards to protect and enhance the welfare of the Nation's workforce.

11/16/2016

02/21/2012

THE DROP BOX IS FINALLY IN!! That right, for all of you who would like to drop off your tax info after hours you now can. Just drive around to the north side of the building and you don't even have to get out of your car. One of the many perks of our new fabulous building!