Chunowitz, Teitelbaum & Mandel’s TaxTips Newsletter

Since 1982, we’ve been publishing this PDF newsletter, full of industry news and timely information. Here you can read past issues or sign up to receive TaxTips in your inbox.

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  • December 2011

    Tax Flash: If the "Shoe Fits".....Your Small Business May Be Eligible

    IF THE “SHOE FITS”…..YOUR SMALL BUSINESS MAY BE ELIGIBLE FOR THE NEW
    SMALL BUSINESS HEALTH CARE CREDIT.

    THE MAXIMUM CREDIT FOR 2011 IS 35% OF PREMIUMS PAID (25% FOR ELIGIBLE
    TAX-EXEMPT ORGANIZATIONS) - FOR SMALL BUSINESSES WITH 10 OR FEWER FULL
    TIME EQUIVALENT EMPLOYEES AND AVERAGE ANNUAL WAGES OF $25,000 OR
    LESS.
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  • September 2011

    Tax Flash: Obama Offers Tax Incentives to Spur Economy; GOP Says Plan Will Not Work

    President Obama unveiled a $447 billion stimulus plan Sept. 8 that includes $253 billion in tax cuts for individuals and businesses that he said were designed to create jobs and stimulate the nation's sluggish economy.
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  • September 2011

    Tax Flash: Somebody Finally Gets It.....Both Houses of Congress Vote to Repeal PPACA Employer Mandate

    Beginning in 2014, the Patient Protection and Affordable Care Act (PPACA - AKA Obamacare) requires employers with 50 or more full time employees to provide ‘AFFORDABLE” health insurance to all employees. If it is deemed that just one of those employees takes advantage of available government provided tax credits through the new health insurance exchanges, the employer will be hit with a $2,000 penalty per employer (first 30 employees are exempt).
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  • April 2011

    Tax Flash: New 1099 Filing Requirements

    The Senate joined the House of Representatives in voting to repeal the onerous new 1099 filing requirements that were part of the new health care reform act – aka Obamacare.
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  • January 2011

    TaxTips - ATTENTION ILLINOIS RESIDENTS

    New for 2010 returns…. Gotcha!

    Illinois now requires every taxpayer to report the amount of use tax (6.25% on the amount of the items purchased) due on their forms 1040 each year. This tax is due if:

    1.You made purchases on the internet, through mail order catalogs, etc. and did not pay any sales tax. (Use tax due = 6.25% on those purchases.)

    2. You purchased something in another state, paid that state’s sales tax which is lower than Illinois – for example 4%. (Use tax due = 2.25% on that purchase which is the difference between 6.25% in Illinois and 4% in that state.)

    3. You purchased food (i.e. cheeses from Wisconsin) or non-prescription drugs or medical appliances ordered through the internet or a mail order catalog. (Use tax due = 1%).
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  • January 2011

    TaxTips - WHAT’S BEING SERVED UP AND DISHED OUT FOR 2011 IN A (LARGE) NUTSHELL:..

    The year 2010 was a year of political maneuvering, back-room deals, massive spending and taxpayer insecurity. The estate tax had been allowed to expire, some were considering letting Granny expire, tax rates in place for the last 10 years looked like they were going to be allowed to expire and those of us who foot the bill were left in limbo as to future planning.
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  • December 2010

    NewsFlash: Grandfathered Group Health Plan

    Many of you have recently contacted our office concerning the new health care reform law. Specifically, we have been asked to explain the “Grandfather Plan Rules” as they pertain to your health insurance plans. While this is an extremely complicated topic, we are going to provide you with a brief overview to help you understand some of the basic elements of “grandfather status.”
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  • December 2010

    CONGRESS AGREES ON SOMETHING...AT LAST!

    Talk about last minute…..phew! In an attempt to give the American taxpayer and the American economy some certainty as to the tax law going forward, our exalted elected representatives and senators have finally given us some tax law that will allow taxpayers to plan their lives and businesses to plan their investments without being concerned as to whether or not the tax rates are going up, down or sideways. Something permanent. Something we can count on going forward. NOT!
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  • December 2010

    TaxFlash - Health Insurance Non-Discrmination Rules Deferred

    The non-discrimination rules for non-grandfathered health insurance plans have been deferred until all the related departments can agree on how the regulations for this provision are to be written. (This should be an interesting process…) This means that businesses will not have to worry about providing the same level of benefits/employer paid coverage to all employees or facing a confiscatory penalty of $100 per day per employee discriminated against….yet. According to the departments involved, it will not be required until a “specified period” AFTER the new regulations are issued -and nobody knows when this will be. Lately – being in limbo with regard to the tax laws has become the rule rather than the exception. Only in America!


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  • October 2010

    Tax Flash: Small Business Bill Passed and Signed

    Congress has extended and expanded some tax breaks for businesses, just 90 days before the end of the year. For the first time in a long time, business owners should have a smile on their collective faces. Here’s what’s happening...
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  • July 2010

    NewsFlash: Closing Deadline Extended to Sept. 30 for Eligible Homebuyer Credit Purchases

    The Homebuyer Assistance and Improvement Act of 2010, signed by the President today, extended the closing deadline from June 30 to Sept. 30 for any eligible homebuyer who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. The new law addresses concerns that many homebuyers might be unable to meet the original June 30 closing deadline.
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  • April 2010

    HEALTH CARE REFORM…THE GOOD, THE BAD AND THE UGLY…

    They did it. They’re giddy with power and can’t wait to tell you all the good things that are now going to happen. At least that part is true. There are some good things going to happen. But – at what cost? It’s difficult to make everyone entitled to everything without someone paying for it in one way or another.

    Nonetheless – there are some good things in this bill...
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  • March 2010

    News Flash: From the IRS

    Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers
    WASHINGTON — Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.
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  • January 2010

    We the People... Morphed into We the Government

    The ongoing circus in Congress is scary on more than one level. The debate (if you can call it that) on Health Care Reform is being carried on behind closed doors. Our elected representatives seemed to have forgotten that they were elected to represent us - we the people - not to connive, manipulate, and ram their opinions down our throats. In the face of growing opposition from all areas (including organized labor), they persist in maneuvering to fill their own coffers at the cost of "we the people".
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  • October 2009

    New and Continuing Tax Credits and Changes

    In addition to the massive tax increase being pushed down the pipeline along with the proposed "health care reform" bill, there are some "stimulus" credits and law changes available to individuals for 2009 and in some cases 2010 returns.
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  • August 2009

    Heath Care Reform and Your Taxes

    You might ask – what does the health care reform bill have to do with my taxes? The answer is – way more than meets the eye. Here are some points to ponder... 1. The government will be running out of Social Security/Medicare funds in 15-20 years (or so we have been told over and over again). This bill adds almost $1 trillion dollars to the cost of health care in this country. Where do you think that's going to come from? The national debt as of 7/31/09 is $11.6 trillion. The current budget deficit is stands at $1.3 trillion, increasing by $181 billion in July alone. (Just fyi...the deficit in 2008 reached $455 billion – the highest it had ever been until now.)
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  • June 2009

    The Estate Tax – Now You See it... Now You Don't... / Health Care Update / Non-filers to Become Felons / Mandatory E-filing

    If you're thinking of jumping off a building, the smart move would be to wait until January 1, 2010 when the estate tax is supposed to be repealed for one year only. On January 1, 2011, this tax is scheduled to return to its' earlier version of a $1,000,000 exemption and a top bracket of 55%. Obviously, dying would be most cost effective in 2010. If you or a loved one are on life support at the end of 2009 - be sure to leave instructions to stay plugged in until January 1, 2010. If you or a loved one are on life support at the end of 2010 - be sure to leave instructions to pull the plug before December 31st.
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  • February 2009

    Congress Passes Massive Stimulus Bill. What's in it for You?

    Congress has been busy figuring out how to jump start the economy. And the answer is...almost a trillion dollars of taxpayer dollars flowing into the government tills will be redistributed in ways and directions the administration feels will create more jobs, update our infrastructure (sorely needed) and generally put more cash in the hands of those who will spend it. We have all been watching the banks as well as Wall Street firms to see what they would do with the hundreds of billions they already received aside from multi-million dollar bonuses to the very people who caused our current fiscal predicament.
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  • January 2009

    Our Elected Representatives have been Busy Little Bees Lately... / IRS Taxpayer Advocate Calls for Change / More on the Drawing Board

    Along with the billions Congress has been doling out to the companies that caused the recent financial meltdown, our elected representatives are working feverishly to jump start the economy by offering some temporary (1-2 years) tax cuts for small businesses and us ordinary folks. We now have a laundry list of changes in our tax law. Some for 2008 only. Some for 2008 and 2009. And they're not done yet. There's more coming down the pipeline any day now (that is if they can get by the inauguration and officially seat the new junior senator from Illinois). Here's a sampling of what "we the people" (at least some of us) will be enjoying (?) -- so far...
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  • November 2008

    The Economic Roller Coaster... The Symptoms, The Diagnosis, The Prescription and the Prognosis

    Most of us thought the economy and the market were on a never ending, one way street – going UP. However, as "they" say, what goes up usually has to come down, especially when the "up" has been artificially inflated. The technology bubble burst several years ago after the real numbers caught up with the "hoped for" numbers. Some people who had invested large amounts of cash in companies, which had never made a dime in profit and more likely had huge losses on their books, made a bundle. They rode those stocks up until the smoke and mirrors dissipated. Those who got out before reality set in made money. A whole lot of people missed that boat and lost their shirt.
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