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Tax News!

With all the major tax changes that took place and with the added processing delays and various IRS letters being received, now more than ever, there is a need for experienced CPAs to help you navigate these tax laws and represent you.  Our offices are open and we can also assist you virtually.

In compliance with the CDC we will be allowing in person visits by appointment. We will reserve the on-site visit for those who in the last 20 days have not been sick; did not have a cold or COVID-19 symptoms; or have been around some one sick/symptoms of COVID/cold; or have traveled out of state or out of the country.  Irregardless of whether you are vaccinated or not, we will require you to use a facemask during the entire visit; we will take your temperature; ask you to wash your hands or use sanitizer and practice social distancing. For those that are ill or simply wish not to come in person, you may register for our secure file exchange and have your returns prepared contactless.

If you will submit documentation via the portal (secure file exchange) please send an email confirming that you sent it to info@gladyswilsonassoc.com or call 773-286-2135 ext 0 and let us know if you would like an appointment for an in person visit or contactless appointment.

Whether it's preparing any type of tax return or helping resolve tax liens, tax audits or tax issues, the certified public accountants at Gladys R Wilson and Associates count with more than 80+ years of combined experience to assist you. We congratulate Adriana Wilson-Pawlow, one of our partners, that just finished law school and took the bar exam.  Congratulations also to the other two partners that obtained their doctorates. This now means that you now not only deal with just CPAs with Masters degrees, but CPAs with Masters and doctorates to help you in many areas. Gladys R Wilson and Associates can help, especially those with tax debts greater than $10,000. Why risk losing your passport for tax debts/liens, act now and visit us today.

Compliance with laws and regulations is key to sleeping well at night. To this end, please help us help you remain compliant by bringing in all of your source, supporting documentation and any IRS or state letters you may have received.

In addition to an array of services, accounting, consulting, fiscal training, internal audit outsourcing, business plans, minority/diversity certification assistance, ICC processing, SBA PPP loan forgiveness assistance, Gladys R Wilson and Associates offers a wealth of knowledge to help you reach your financial success.

LATEST NEWS FROM IRS:

2020 Unemployment Compensation

The Internal Revenue Service is issuing refunds throughout the summer to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.  However, the State of Illinois is requiring an additional form to not consider this taxable. If this applies to you, come see us soon.

Advanced child tax credit (CTC) payments in 2021

The first monthly payment of the expanded and newly-advanceable CTC was made on July 15. Eligible families are  began receiving monthly payments without any further action required.  Please keep evidence of the payments you receive from the IRS (CTC, Stimulus or otherwise).  We will need to see those in 2022.

As you may be aware there are many tax refunds delays as well as delays in responses to correspondence to the Internal Revenue Service, therefore, please do not anticipate that the pre-COVID turn around time is being met at the current time.  Please be patient as it may take some months for some actions to take place.  

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Please stay safe and help us all keep everyone in prayer!

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