The rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes will go up to 58.5 cents per mile for the 2022 tax year, an increase of 2.5 cents per mile over the 2021 rate. Taxpayers may use the business standard mileage rate for their use of an automobile as an ordinary and necessary business expense. Or they may claim actual allowable expense amounts if they substantiate the expenses. The Tax Cuts and Jobs Act (TCJA), suspen
Michelle Mosby-Scott was recently recognized by Family Lawyer Magazine for 2022. Family Lawyer Magazine and their sister publication, Divorce Magazine, have been offering guidance to separated and divorced individuals since 1996. They represent some of the most successful and well-respected family lawyers and financial and mental health professionals in North America, and it is an honor to be recognized by this publication. Congratulations to Michelle!
You can now phone it in! Effective January 1, 2022, Illinois law now allows corporations to hold fully remote or partially remote shareholder meetings, so long as certain criteria are met. Unless prohibited by the articles of incorporation or by-laws of the corporation, and so long as the corporation implements reasonable measures to ensure each person participating remotely is a shareholder and remote shareholders have reasonable opportunity to participate in the meeting and
The Internal Revenue Service has announced annual inflation adjustments for tax year 2022. The new details on tax rates can be found on Revenue Procedure 2021-45 released on November 10, 2021 https://www.irs.gov/pub/irs-drop/rp-21-45.pdf. The new amounts for retirement contributions can be found on IRS Notice 2021-61 released on November 4, 2021 https://www.irs.gov/pub/irs-drop/n-21-61.pdf. If you have any questions on these new amounts, please contact the Attorneys at Alli