COVID-19 pandemic has changed how we all operate. At Fox Valley Tax Solutions
we are committed to giving you the most up to date and responsive tax service
while keeping our clients and staff safe.
Changes in tax legislation to provide relief have been unprecedented in size and scope. As usual, our team is on top of the changes and we collaborate frequently to digest the latest interpretations and real-world implications. Visit our COVID-19 webpage for an overview of what may impact you or your business. We encourage our clients to reach out to us if they have any questions on how the changes impact their tax situation.
Even though our office is closed to clients we are still preparing tax returns. In fact, clients we work with remotely have not even noticed a difference. Read more about our remote tax preparation service.
Harry’s latest tax presentation is entitled Business Taxes: The Good, The Bad & The Ugly. All are welcome for this free event at the St Charles Library on December 5th at 7:00 PM. Join Harry to evaluate where we are at with one full year of implementation and interpretations of the Tax Cuts and Jobs Act. This is a no cost way to get some great end-of-year tax tips. Bring your tax questions! Feel free to drop in or click hereto sign up for the event.
We know changes are coming to Illinois Tax but this opportunity is not to be missed if you are behind in filing or paying Illinois tax – Illinois Tax Amnesty Program. Illinois is waiving the penalties and interest for taxes that are paid late and will not pursue any civil or criminal prosecution related to those taxes.
pay tax in full (and file if needed) between 10-1-2019 and 11-15-2019
for 2011 – 2017 tax years
also a similar program for unpaid business franchise tax.
think you could take advantage of this please give us a call and we can confirm
you qualify and talk more on how to proceed.
Everyone is welcome to hang out with us for a free tax presentation at the St Charles Library on January 9th at 6:30 PM. Harry is the guest speaker and the event is sponsored by the St Charles Chamber of Commerce and SCORE. This is a no cost way to get caught up on tax changes this year. Bring your tax questions! Feel free to drop in or click here to sign up for the event.
Good news for all our business where meals with clients are an important part of marketing. Tax reform last year was unclear on this but the IRS just put out Notice 2018-76 that says meals with clients are still 50% deductible. Carry on and continue dining!
For years, we have been advising clients about the benefits of the ‘Backdoor Roth’ strategy. Lack of IRS guidance had clouded the issue with many. Congress has finally put it’s finger on the scale with a few footnotes in the recent Tax Reform Bill.
Please join us to celebrate the new home of Fox Valley Tax Solutions at 605 West Main Street in Saint Charles. The open house will begin at 3:30 p.m. on Feb. 13 and will be attended by Mayor Ray Rogina who will officiate the ribbon cutting. Drinks and light snacks will be served following the ceremony.
We would like to express sincere appreciation to our valued clients for helping our business grow. It is always a pleasure serving your tax needs.
Tax reform has both added and removed tax reduction opportunities for businesses in 2018. While the resulting tax code writing and interpretation will go on for quite some time, it is never too early to bounce the changes off of how you operate your business.