Vinnie Colletti, CPA

📢 Attention Illinois taxpayers! With the recent signing of HB 4951, significant changes are coming to the state's corporate income tax and sales tax laws starting December 31, 2024. Here's what you need to know: 🔹 Extended NOL Deduction Limitation: Net operating loss (NOL) deduction limitation is extended, with the limitation cap raised to $500,000 annually. 🔹 New Apportionment Methodology: Financial organizations will now have a new formula for calculating investment and trading income. 🔹 Sales and Use Tax on Leases: For leases of tangible personal property entered or renewed on or after Jan. 1, 2025, sales and use tax will apply, with certain exemptions. 🔹 Retailers’ Occupation Tax Discount Cap: The 1.75% discount on the Retailers’ Occupation Tax will now be capped at $1,000 per month. Stay informed about these important updates to ensure compliance and optimize your tax strategies. Consult with our SALT team for detailed guidance and potential benefits from these new measures. Discover more here: https://ow.ly/FI8h50Szg9M #Illinois #SALT #CorporateTax #SalesTax

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How did we score on Vault’s annual ranking of top 25 accounting firms? Read here to learn about the 16 “Quality of Life” categories where we ranked in the top five for 2025. #culture #vaultrankings #PlanteMoran

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Between recent Form 5500 updates, changing service providers, and navigating a plan merger, plan sponsors face a host of challenges. Stay ahead of the latest issues in employee benefits and join our spring training on May 16. Register here! #benefitplans #Form5500 #employeebenefits

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Major changes are coming to Illinois state taxes. The state’s fiscal year 2025 budget includes a variety of tax changes, including potentially eliminating the 1% grocery tax. For details, see the Wipfli SALT practice's new article about the following topics: * Grocery tax repeal (sent to Gov. Pritzker on 6/6/24, still pending at 7/1/24) * Vendor discount cap at $1,000/month (effective 1/1/25) * Lessors: sales tax due on each lease payment instead of up-front (effective 1/1/25) * Sales tax prohibition on “swipe fees” (effective 7/1/25) * Remote seller sales tax sourcing changes (sent to Gov. Pritzker on 6/26/24, still pending at 7/1/24) * Corporate income tax NOL deduction cap changes (effective 2024-2027) * Financial organization sales apportionment changes (effective for tax year 2024) Still have questions? Wipfli can help. #wipfli #illinois #salt #statetax #statetaxes #salestax

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Following auditor guidance can help companies refine Sarbanes-Oxley Act (SOX) Section 404 programs to navigate risks, streamline operations, and more. Attend our webcast on May 2nd to learn more.

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Our recent Tech Summit covered the hot topic of AI and extended reality. We explored both workplace use cases and the personal impacts to showcase their transformative potential in the workplace. Read on for the key data considerations when implementing AI. #AI #artificialintelligence #XR

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A #bank with a national presence in the #CommercialLending field needed to expand its #InternalAudit capabilities. In this case study, learn how Crowe implemented AuditBoard software to address the client’s needs. https://bit.ly/4b4Lu1v    

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To get ahead of potential supply chain disruption, a risk mitigation plan is critical. Download our supplier risk assessment to guide you through identifying and assessing the key areas of risk to build a strong strategy. #supplychain #riskmanagement #supplychaindisruption=

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Is your audit committee up to speed on the most recent regulatory changes? Stay informed with our Q1 newsletter. #audit #accounting

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The Inflation Reduction Act substantially revamped the Section 179D tax deduction, increasing potential deductions and expanding eligibility for building owners who complete energy-efficient upgrades. Learn more about these changes that are here to stay! #energyefficient #energy

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