About Topel Forman
ALERTS AND ARTICLES
Stay up to date with the most recent industry news and what’s happening at Topel Forman
Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024
On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the "Tax Relief for American Families and Workers Act of 2024." The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee's Chairman Smith and the Senate Finance Committee's Chairman Wyden.
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).
Tax Planning: Charitable Giving
Charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly.
2024 Gift, Estate, and GST Inflation Adjusted Numbers
The IRS released the 2024 inflation-adjusted exemptions and exclusions for estate, gift, and GST tax.
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation ...
Topel Forman, LLC Recognized as a Top Workplace for the Second Consecutive Year
Topel Forman is thrilled to announce that we have been named a Top Workplace for the second consecutive year. This ...
Tax Planning: Timing Income and Expenses
Strategic timing of income and expenses can be a game-changer in tax planning. Will helps navigate the intricacies, offering insights for individuals looking to optimize their tax liability.
Illinois Electric Vehicle Rebate Program
The Illinois Environmental Protection Agency (IEPA) is offering a rebate of $4,000 to Illinois residents who purchase a new or used all-electric vehicle from an Illinois licensed dealer. The rebate is available for the purchase of any make or model of all-electric vehicle, including cars, SUVs, and trucks.
Plan now for year-end gifts with the gift tax annual exclusion
By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate within generous limits without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.
Topel Forman Recognized as a Best of The Best Firm
Topel Forman Recognized as a Best of The Best Firm
Chicago, August 2023 - Topel Forman is proud to announce ...
The Corporate Transparency Act
The Corporate Transparency Act (CTA) was passed in 2021. It requires certain entities to report information about their beneficial owners to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Reporting under the CTA will begin on January 1, 2024, and FinCEN is currently not accepting any beneficial ownership information reports until that date.
Solo business owner? There’s a 401(k) for that
With a solo 401(k), the self-employed can make large annual deductible contributions to a qualified (that is, tax-advantaged) retirement account. However, this prime nest-egg-building opportunity comes with some administrative complexity.
No results found.
Proposed Legislation: The Tax Relief for American Families and Workers Act of 2024
On January 19, 2024, the Ways and Means Committee of the House of Representatives successfully propelled HR 7024 forward, known as the "Tax Relief for American Families and Workers Act of 2024." The bill is the outcome of an agreement established earlier that week between the Ways and Means Committee's Chairman Smith and the Senate Finance Committee's Chairman Wyden.
The standard business mileage rate will be going up slightly in 2024
The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).
Tax Planning: Charitable Giving
Charity donation is one of the most flexible tax planning tools because taxpayers can generally control the timing, manner, and amount of their donations to meet their needs. For those charitably inclined, giving to charity provides not only the satisfaction of doing good but also valuable tax savings when leveraged properly.
2024 Gift, Estate, and GST Inflation Adjusted Numbers
The IRS released the 2024 inflation-adjusted exemptions and exclusions for estate, gift, and GST tax.
The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?
The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation ...
Topel Forman, LLC Recognized as a Top Workplace for the Second Consecutive Year
Topel Forman is thrilled to announce that we have been named a Top Workplace for the second consecutive year. This ...
Tax Planning: Timing Income and Expenses
Strategic timing of income and expenses can be a game-changer in tax planning. Will helps navigate the intricacies, offering insights for individuals looking to optimize their tax liability.
Illinois Electric Vehicle Rebate Program
The Illinois Environmental Protection Agency (IEPA) is offering a rebate of $4,000 to Illinois residents who purchase a new or used all-electric vehicle from an Illinois licensed dealer. The rebate is available for the purchase of any make or model of all-electric vehicle, including cars, SUVs, and trucks.
Plan now for year-end gifts with the gift tax annual exclusion
By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate within generous limits without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000.
Topel Forman Recognized as a Best of The Best Firm
Topel Forman Recognized as a Best of The Best Firm
Chicago, August 2023 - Topel Forman is proud to announce ...
The Corporate Transparency Act
The Corporate Transparency Act (CTA) was passed in 2021. It requires certain entities to report information about their beneficial owners to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Reporting under the CTA will begin on January 1, 2024, and FinCEN is currently not accepting any beneficial ownership information reports until that date.
Solo business owner? There’s a 401(k) for that
With a solo 401(k), the self-employed can make large annual deductible contributions to a qualified (that is, tax-advantaged) retirement account. However, this prime nest-egg-building opportunity comes with some administrative complexity.
No results found.
Subscribe
Stay in the know. Sign up to get our monthly newsletter for insights, updates, and helpful resources.
Subscribe
Stay in the know. Sign up to get our monthly newsletter for insights, updates, and helpful resources.