Jeffrey W. Little, CPA

10/08/2026

https://open.substack.com/pub/gtax/p/aca-rebate-checks?utm_campaign=post-expanded-share&utm_medium=web

No guidance has been issued yet, but general tax principles provide an answer

09/08/2026

Estimated Tax Payments are due on the 15th of September. Remember, they must be done electronically. If you elected to have these scheduled and automatically withdrawn, this serves as a reminder the funds are coming out of your bank account. If you decided to not schedule these and pay them yourself, now is the time to get them scheduled. In scheduling mine today, it appears Illinois is having some difficulty on their portal. If you run into this, just try again later.

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09/01/2026

Fair Warning: It is September 1st, some income tax extensions are due September 15th, some are October 15th. IF you have your income tax on extension, its time to get those records together and to the accountant. We have commitments that consume our evenings and weekends, so the longer you wait the greater the chance your work won't get done on time. Additional extensions are very difficult to obtain. It would have to be a very unusual circumstance for my office to consider trying for an additional extension. Its been 8 months since 2025 ended. That has been long enough for most.

08/14/2026

Will Delete Information Previously Reported by U.S. PersonsWASHINGTON––Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership ...

06/04/2026

We have seen a number of letters coming out of the IRS for a variety of reason, some not making sense. Based on a call to the IRS today, we are finding the implementation of A.I. is not going well and they are quickly becoming aware of many of the issues. So, if you receive a letter, don't panic. Get the letter to the person that prepared your income tax return. If we did not prepare the return, don't call us about your letter. We typically handle these issues free of charge for our clients. The amount of time this is taking has become overwhelming.

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05/28/2026

I don't think we have anyone currently impacted, but please be aware of the triggering of the "Employment of Illinois Workers on Public Works Act" due to the Illinois unemployment rate reaching 5%. A general understanding is that if you contract a job that involves public works projects, 90% of the workers must be Illinois residence. I understand this includes any supervisors, maintenance workers, sub contractors, or repair technicians at the job site. We have not spent time studying the details of this act. Just know that if you are taking on a public works project that you may need to be careful about where your workers, sub contractors, repair technicians, consultants, engineers, and such reside 30 days before, during, and after the project.

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04/15/2026

Another tax season has past. We will be closed April 16th and 17th. Will open again on Monday April 20th.

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04/02/2026

Typical tax season post. If the IRS is in chaos, what do you think is happening in all the private tax offices? It's easy to blame a single person, but know this kind of mess takes a collective effort of Congress, regulators, and courts.

With tax filing ending on April 15, the IRS acknowledged that "many employees may have already filed their returns," raising fears around federal compliance.

03/18/2026

If you are about to enroll in Social Security or Medicare, let me share something I recently learned the hard way. If your Social Security Card has a variation of your name that is not exactly as your name appears on your Birth Certificate, then you are better skipping the online application and schedule an appointment with the local Social Security Office. I tried the online approach and it wasted 49 days to find out that "Jeff" on my SS Card is not the same as "Jeffrey" on my birth certificate. I never thought to look, but this is a big issue. You will need to have an appointment and take your Certified Birth Certificate as well as another form of photo ID to the office.

How does this happen? For my generation, social security cards were not issued at birth as they are today. It appears that I applied for my card when I was age 15, in 1976. I vaguely remember doing this, but I don't recall why. Someone thought I was getting a job, but I started detasseling corn and doing other farm work when I was 12. I remember as I was the youngest person working on the crew. It could have been to get a Driver's License since there was a time that the SSN appeared on the Driver's License. Regardless of the reason, it was an application completed by a 15 year old and a 15 year old doesn't realize the importance of "Legal Names". I know, why didn't my parents do this for me? Well, my parents thought it was best that I learn these things on my own and I count those blessings everyday. You learn by doing and some lessons take 50 years to learn.

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01/30/2026

Taxpayers need to be aware, when tax returns are filed, the IRS wants a bank account. If that return has a refund and no bank account for direct deposit, we are told the procedure at the IRS is as follows: In approximately 30 days the IRS will mail a letter requesting bank information or a reason you can not provide one. You must respond to the letter. No response equates to no refund. Once you respond with a reason for no bank deposit, the process can take several more weeks, if not months, to receive a refund check. You want to make sure you have provided your accountant with up to date bank information. If you provide bad information or no information, there is little we can do. It could be worse if your address changed and you fail to provide the new address. Then you may not receive the letter. We have a questionnaire that covers all these details. Please don't skip over it. It is important.