Illinois’ newly enacted state budget includes the Digital Asset Tax Act (DATA), a transactional tax regime aimed at certain digital asset activities. DATA is scheduled to take effect January 1, 2027, and would impose a 0.2% tax that covered service providers must collect, separately state, report, and remit to the Illinois Department of Revenue. The…
You filed an extension expecting to owe nothing, then a penalty notice shows up in the mail anyway. If this has happened to you, you are not doing anything wrong on purpose, you are just running into the U.S. estimated tax system. The core idea is that taxes in America are on a pay-as-you-go system….
For a Federally Qualified Health Center, the HRSA Operational Site Visit (OSV) is one of the most consequential compliance reviews in the grant cycle. Unlike a financial statement audit, the OSV evaluates whether the organization complies with the Health Center Program requirements that support its Section 330 funding. HRSA generally conducts an OSV once each…
For many plan sponsors, the definition of compensation seems straightforward. If everyone is paid a salary, determining compensation can be simple. However, in practice, compensation is one of the most critical and complex elements of plan administration. It is the foundation for participant deferrals, employer matching contributions, nonelective and profit-sharing contributions, forfeiture allocations and a…
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