Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

August 11, 2022

Illinois Residents May Qualify for Tax Rebates

This fall, Illinois residents could see checks in the mail or deposits in their bank accounts thanks to Gov. JB Pritzker’s Illinois Family Relief Plan. Both Individual Income Tax Rebates and Property Tax Rebates are scheduled to begin Monday,...

August 9, 2022

How the Inflation Reduction Act Affects You

After weeks of negotiations, the Inflation Reduction Act (IRA) was passed in the Senate. The effects of this bill are aimed at reducing some of the burden of inflation in the longer-term. The bill hopes to achieve this with...

August 5, 2022

Reporting Partners’ Income on Tax Returns

If you are a partner in a business, you may have come across a situation that’s puzzling: in a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which...

July 27, 2022

Preparing for a Recession

Recessions—defined as two consecutive quarters of economic decline—are often caused by unexpected economic shifts. And in the past few years, we have had a lot of them: the global COVID-19 pandemic, the war in Ukraine, the Great Resignation, and...

July 12, 2022

Why an Outsourced CFO Partner Is Beneficial to Any Organization

Authored Content by Matt Schoenholtz, Client Accounting Services Partner In working with clients, I like to use the term “The ART of Accounting” to explain to them exactly why having an accounting partner is so important. If you are...

July 7, 2022

What Does a Bear Market Mean for Me?

You have all heard the terms “bull market” and “bear market.” These two states of the market are named as such because the attack patterns of these predators match the trends for which they represent: bulls attack upwards with...

June 28, 2022

Mowery & Schoenfeld, LLC Promotes Four New Partners to Leadership

JUNE 28th, 2022 — Mowery & Schoenfeld, LLC is pleased to announce the continued growth of both our Firm and its leadership with the promotions of Jed Ang, Nicole Lindley, and Brandon Potocki to Tax Partners and Tim Long...

June 14, 2022

Tax Breaks When Caring for an Elderly Relative

In the latest report by National Alliance for Caregiving, it was revealed family caregivers now encompass more than one in five Americans. As the demands for caregiving rise in the US, more burden has been falling on working family...

May 17, 2022

Inflation Enhances the 2023 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA Basics A Health Savings...

May 10, 2022

Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals