AB CPA, Inc.

Full service CPA firm that offers consulting. accounting and tax services.

01/12/2026

It’s common for small businesses to work with friends, relatives and affiliated companies. After all, they can be loyal workers and trustworthy business partners. But if related-party transactions aren’t handled properly, they can distort financial results, affect loan eligibility and even trigger IRS scrutiny. We can help you identify and record these transactions at market terms. Proper documentation supports compliance and provides clearer insight into how these arrangements affect cash flow and profitability. Contact us at (708) 430-3232 to keep your books accurate and transparent.

01/09/2026

Not everyone is eligible to make tax-deductible contributions to a traditional IRA. For example, for 2026, deduction eligibility for single taxpayers who also contribute to a workplace retirement plan, such as a 401(k) plan, phases out with income between $81,000 and $91,000. For joint filers, the phaseout range for a spouse who contributes to a work-based plan is $129,000 to $149,000. For a spouse who doesn’t contribute to a work-based plan, the phaseout range is $242,000 to $252,000. Also for 2026, Roth IRA contribution eligibility phases out as follows: $153,000 to $168,000 for single filers, $242,000 to $252,000 for joint filers, and $0 to $10,000 for married separate filers. Contact us at (708) 430-3232 if you have questions.

01/07/2026

Business owners: 100% bonus depreciation is back. It had been scheduled to drop to 40% for 2025 and 20% for 2026 and to disappear for 2027. Also, the Sec. 179 expensing limit has doubled for 2025 and is indexed for inflation going forward. Eligible assets for both breaks generally include machinery, equipment, computers, furniture and certain qualified improvements to nonresidential real estate. These tax law changes could make a meaningful difference on your 2025 return and in your 2026 planning. Contact us at (708) 430-3232 to learn more.

01/06/2026

Many businesses today outsource one or more of their IT functions to save money. Yet if you don’t manage the risks involved, you could end up spending more and getting less in return. For example, slow support times or services that don’t match your objectives or employees’ needs can undermine productivity. Contact us at (708) 430-3232 for help evaluating a prospective IT outsourcing arrangement or assessing the ROI of an existing one.

01/05/2026

If you expect to owe tax when you file your return and don’t think you’ll be able to pay the entire amount due, it may be tempting to put off filing. But remember, filing for an extension doesn’t extend your payment deadline. So consider filing on time and paying what you can. If you pay at least part of what you owe on time, you can reduce the interest and late payment penalty you’ll owe because your unpaid balance after the April 15 deadline will be lower. Then set up a payment plan with the IRS. Both short-term and long-term plans are available. Contact us at (708) 430-3232 to get your return filed on time.

01/02/2026

For 2026, the federal gift and estate tax exemption increases to $15 million (up from $13.99 million for 2025). That amount will be adjusted annually for inflation for 2027 and beyond. Without tax legislation signed into law in 2025, the exemption would have returned to an inflation-adjusted $5 million for 2026. The generation-skipping transfer tax exemption amount also increases to $15 million for 2026 and will be annually adjusted for inflation after that. Contact us at (708) 430-3232 to discuss how these changes might affect your estate plan.

12/31/2025

Navigating tax law can be complex. But you don’t have to do it alone. Whether you’re filing as an individual taxpayer or running a business, we can provide solutions tailored to you. Contact us at (708) 430-3232 for help ensuring tax compliance and maximizing tax savings.

12/30/2025

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (708) 430-3232 to get started. We'll help you compare key financial metrics, highlight what you're doing well and uncover areas that need attention. From there, we’ll build a strategy to strengthen your financial footing, seize growth opportunities and minimize threats in an ever-changing market. Let’s turn your financial statements into action plans!

12/29/2025

You may want to offer employees a retirement savings plan, but they can be expensive and complex. What’s a small business owner to do? Consider a simplified employee pension (SEP). They’re easy to set up and administer. Requirements are minimal: All workers must be eligible to participate, and your contributions can’t discriminate in favor of highly compensated employees. In 2025, you can contribute up to $70,000 (or up to 25% of compensation) to a worker’s SEP account and deduct the contributions. Contact us at (708) 430-3232 for details about this and other retirement plan options.

12/24/2025

Starting in 2026, tax law changes could increase the risk of getting hit by the alternative minimum tax (AMT). This is especially true for high earners. At least some income-based phaseout thresholds for the AMT exemption will drop, and the exemptions will be phased out twice as fast as in 2025. Add to that the impact of larger state and local tax deductions (which aren’t AMT-deductible), and more taxpayers could face the AMT. Call us at (708) 430-3232 for help assessing your risk and finding strategies you can implement now to minimize your taxes.

12/23/2025

Does your company’s month-end close drag on for days, or even weeks? Speed matters. The longer it takes to post monthly journal entries, reconcile accounts, prepare internal financial statements and investigate variances, the harder it is to identify and respond to red flags and new business opportunities. These tips can help you close the month quickly. For more ideas on how to streamline your closing process without compromising financial accuracy, call us at (708) 430-3232.

12/22/2025

Did you receive an IRS audit notice but believe you did nothing wrong? Some audits are random, and some can be resolved by mail. Others are triggered by red flags that may put the IRS spotlight on your tax return. Keeping up with ever-evolving tax laws can be challenging, but one common red flag that may draw attention is a sudden, unexplained spike or drop in your reported income from one year to the next. While legitimate income changes do happen, it’s important to be prepared to justify them. Contact us for help with this matter at (708) 430-3232.

Address

9944 South Roberts Road
Palos Hills, IL
60465

Telephone

+17084303232

Website

http://www.abcpainc.com/

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