The IRS has ruled that an individual who receives a retirement distribution check from a qualified plan is taxed in the year of receipt even if the check is not cashed. In addition, the employer&rsquo...
The IRS has launched the "Tax Withholding Estimator," an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. It replace...
The IRS announced that it will automatically waive the estimated tax penalty for more than 400,000 eligible taxpayers who have already filed their 2018 federal tax returns but did not claim the waiver...
The IRS has sent letters to taxpayers who may have potentially failed to report income from their virtual currency transactions, urging them to review their tax filings, amend past returns and pay bac...
The IRS has urged taxpayers to resolve their significant tax debts and avoid putting their passports in jeopardy by contacting the IRS to avoid delays in their travel plans.Under the Fixing America&rs...
The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage for plan years beginning after 2019. The percentage ...
A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued by the IRS. The rates are used in computing the special use value of farm real proper...
The IRS has recently released an updated draft 2019 Form 1040, U.S. Individual Income Tax Return, with fewer schedules than the 2018 form. The draft of the widely-used return is the second major overh...
The IRS has released an updated, newly named draft Form W-4 for 2020. Once finalized, the revised form is expected to become effective on January 1, 2020.Evolution of the W-4Following enactment of the...
Illinois adopted new rules for withholding personal income tax from employees. This includes a threshold based on the number of working days that employees spend in Illinois.Current Withholding RulesE...
Indiana personal taxpayers were required to include canceled debt on their 2015 individual income tax return for the discharge of debt on a qualified principal residence. In this matter, the Indiana D...
For personal income tax purposes, the Michigan Department of Treasury (department) reminds disabled individuals of all ages and their families that they may be eligible to open savings accounts under"...
The current Wisconsin withholding tax rates will continue for 2019 and 2020. Notice, Wisconsin Department of Revenue, August 20, 2019...
Craig & Associates, LLC was incorporated August 1, 1980. We have been serving individuals and businesses for over 30 years and offer a variety of services: income tax preparation, strategic tax planning, financial planning, estate planning, retirement planning, insurance planning, investment review, auditing & accounting services, recordkeeping & reports, payroll & sales tax services, pension & profit sharing plan services and incorporations & partnerships. We work with several types of businesses including Corporations, S-Corporations, Partnerships, Condominium Associations, Municipalities, Not-for-Profit Organizations and HUD properties.
Employed with our firm are ten to twelve staff members, depending on the season, including six Certified Public Accountants and two Degreed Accountants. We are a proud member of the American Institute of Certified Public Accountants and the Illinois Certified Public Accountants Society and have successfully participated in quality peer reviews of accounting and auditing practices since 1997.
We'd like the opportunity to meet you and discuss your accounting needs.
TAX PLANNING AND PREPARATION
Craig & Associates, LLC prepares all required tax returns to assure you are paying the lowest tax possible. We monitor tax law changes that will affect you as well as recommend tax savings strategies.
We advise you on how to maximize your after-tax return and act as a sounding board for your investment ideas.
FINANCIAL AND ESTATE PLANNING
As your financial consultant, Craig & Associates, LLC works with you to increase your net worth and we plan with you to minimize your estate taxes. We can give an analysis of net worth, investment review, family gifting, trusts and retirement plans to assist you in maximizing benefits for you and your heirs.
RECORDKEEPING AND REPORTS
Craig & Associates, LLC designs accounting to fit your business and personal financial affairs. We prepare payroll reports, journals, general ledgers, reports to state and federal agencies, as well as other financial records and reports.
FINANCIAL STATEMENTS & AUDITS
Craig & Associates, LLC can meet your needs in preparing financial statements by providing compilation, reviewed or audited statements on a yearly, quarterly or monthly basis. Helping you to use the statements in managing your business and increasing your profitability is an important aspect of our service to you.
CPAs at Craig & Associates, LLC must meet high education and experience standards for the accounting profession, must pass a rigid nationally-uniform examination, and must meet state licensing and continuing education requirements.
We are proud to be a member of the Illinois Certified Public Accountants Society and to have successfully completed a quality review of its accounting and auditing practices.
The staff at Craig & Associates, LLC is committed to excellence and dedicated to giving you the personal attention you deserve!
- Income Tax Preparation
- Strategic Tax Planning
- Financial Planning
- Estate Planning
- Retirement Planning
- Insurance Planning
- Income Tax Preparation
- Auditing Services
- Accounting Services
- Payroll Tax & Sales Tax
- Pension & Profit Sharing Plans
- Incorporations & Partnership Agreements