Kemper CPA Group LLP

11/04/2024

If you receive this email or text, absolutely do not click on that change password link. This is a phishing attempt.

The only indication that this is MyTaxIL is the website listed at the bottom. This is NOT the MyTaxIL web address. Plus there are grammar errors.

You should only change your password from within MyTaxIL and never follow a link in an unsolicited email.

03/18/2024

If you have an entity and have to comply with the new BOI or Corporate Transparency Act, please be aware of this scam.

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Scammers have already found a way to exploit the new requirement under the Corporate Transparency Act for Beneficial Ownership Interest (BOI) reporting. The Indiana CPA Society shared an example form that businesses are receiving. The form (deceivingly labeled Form 4022) appears to be from the government and requires a $117 filing fee. Because the ill-intended form doesn’t request personally identifiable information for the owners, it does not appear that the scammers are attempting to steal identities. Rather, it appears the purpose of the form is to collect $117 from as many businesses as possible and have them believe that they’ve met their BOI reporting requirement.

01/04/2024

2024 HSA contribution limits for those with high deductible health insurance plans are as follows

$4,150 for single
$8,300 for family

$1,000 catch up for those 55 and older

01/04/2024

Here are your 2024 retirement contribution limits

401k - $23,000
401k - $30,500 for over 50

Simple IRA - $16,000
Simple IRA - $19,500 for over 50

Traditional IRA - $7,000
Traditional IRA - $8,000 for over 50

01/04/2024

If you need assistance with the requirements of the new Illinois PTO law, please call in.

https://www.venable.com/insights/publications/2023/04/new-illinois-any-reason-paid-leave-law-takes?fbclid=IwAR050fPc99MOl3APGAuXn0B-fXX4EoZF8uVoUBCKtpeJta27WEIVZ2n4kFM_aem_AdhMiF1Ca75mlvVDxhgpM32Kd0vmOg9Q24XV130cUGNgnT_HPh0QPC881fX-DQ7xU8U

On March 13, 2023, Illinois Governor J. B. Pritzker signed the Paid Leave for All Workers Act (the Act).[1] The Act is the first statewide paid leave law in Illinois; it mandates paid leave "for any reason" for employees. The new Act, including the leave accrual requirements, will take effect on Jan...

10/10/2023

Illinois Secure Choice now requires that employers with 5 employees during any quarter in 2023 register or offer retirement to their employees.

If you receive a letter, you are required to register or offer your own plan. You must respond to the letter even if you already have a plan.

If you need assistance, please call in so we can assist.

09/15/2023

05/10/2023

If your small business has employees, a new Illinois law that will be effective January 1, 2024 is something you should begin planning for.

All employers must offer PTO to all employees regardless of status (i.e. full time, part time, temporary, etc). PTO is to accrue at 1 hour per every 40 hours worked up to 40 hours per year.

Employers should be working with Human Resources to draft policy and with their payroll provider for implementation so that you can transition smoothly into 2024.

On March 13, 2023, Illinois Governor J. B. Pritzker signed the Paid Leave for All Workers Act (the Act).[1] The Act is the first statewide paid leave law in Illinois; it mandates paid leave "for any reason" for employees. The new Act, including the leave accrual requirements, will take effect on Jan...

10/22/2022

2023 retirement deferrals have been released

401k - $22,500
Simple IRA - $15,500

Traditional IRA - $6,500

08/30/2022

We are seeing clients receiving cold call letters from organizations claiming to be able to get them up to $26,000 per employee in Employee Retention Credits (ERC). They charge up to 35% of the calculated credit then you are required to amend the returns yourself or hire representation to prepare the amended returns.

Before calling the organization or signing an engagement letter, call your tax representation and/or your payroll provider.

12/28/2021

We have a client who received a letter from the IL Dept of Revenue that states multiple IL-1040 were filed. We had never filed an amended return or two returns for the same year. We called the IDOR and the agent informed me that a bad batch of letters were erroneously mailed to taxpayers 12-9-2021 through 12-13-2021 and that follow up letters would be sent out informing the taxpayers to ignore the letters. Just a heads up.

12/09/2021

As 2021 winds down, the 2021 tax season is ramping up. We have additional information that will be important to many taxpayers.

For those taxpayers with Economic Impact Payments or Advance Child Tax Credit, you can not file your tax return until you receive Letter 6475 for EIP or Letter 6419 for the CTC. These letters will be mailed January 19 and you will need to provide these letters to your tax preparer.