Financial Links

 

There are many great tax sites on the World Wide Web, but trying to find those great sites can be a frustrating experience. We have compiled a list of Websites that we have found to be helpful resources of information. When you click on a link it will overlay the current window. Click the back button when you are ready to return to this page.

 (All Links Highlighted in BLUE)

 

 

Financial

 

Saving For College 

 

U of I Farm Economics 

 

Nasdaq Stock Exchange 

 

Corn & Soybean CBOT Quotes 

 

360 Degrees of Financial Literacy for Small Business Owners 

 

 

 

Governmental

 

Illinois Department of Agriculture 

 

Office of Illinois Secretary of State 

 

 

 

Miscellaneous

 

Lincoln/Logan County Chamber of Commerce 

 

McLean County Chamber of Commerce 

 

Peoria Area Chamber of Commerce 

 

East Peoria Chamber of Commerce 

 

Greater Decatur Chamber of Commerce 

 

The Greater Springfield Chamber of Commerce 

 

Champaign County Chamber of Commerce 

 

 

 

Important Bookkeeping Information

 

 

 

Recordkeeping

 

Why should I keep records? 
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

 

 

 

 What kinds of records should I keep? 
You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

 

 

 

How long should I keep records? 
The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return.

 

 

 

How should I record my business transactions? 
Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. These documents contain information you need to record in your books.

 

 

 

What is the burden of proof? 
The responsibility to substantiate entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove certain elements of expenses to deduct them.

 

 

 

How long should I keep employment tax records? 
Keep all records of employment taxes for at least four years.

 

 

 

Tax Links

Where’s My Refund?

The Internal Revenue Service

Illinois Department of Revenue

Tax Appointment Forms

Tax Appointment Checklist

2016 Intake Interview & Quality Review Sheet *

Other Tax Information

Tax Calendar for Businesses & Self-Employed Reminders 

The Internal Revenue Service 

Illinois Department of Revenue 

Small Business and Self-Employed Tax Center

 

Tax Information For Corporations

 Publication 5125, LB&I Examination Process 
After collaboration between LB&I and key stakeholder groups and extensive input from the LB&I workforce, Publication 5125, LB&I Examination Process, is now available. Publication 5125 will be replacing Publication 4837, Achieving Quality Examinations through Effective Planning, Execution and Resolution, effective for cases starting as of May 1, 2016.

 LB&I Fiscal Year 2016 Focus Guide 
LB&I releases the FY2016 Focus Guide with a message from LB&I Commissioner Douglas W. O’Donnell laying out the operational goals for FY 2016.

 Abusive Tax Shelters and Transactions 
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors.

 Appeals 
If you disagree with the results of an audit or IRS Collection actions, you may have the right to an appeal.

 Corporate Executive Compliance 
The Internal Revenue Service is taking steps to improve tax compliance by corporations and their executive employees. One area of emphasis is executive compensation, for which audit technique guides have been developed for use by agents in examining tax returns filed by corporations and executives.

 e-file for Large Business and International (LB&I) 
Certain large business and International (LB&I) corporations are required to electronically file their Forms 1120 and 1120S. Other corporations may do so voluntarily. This site provides e-file information for corporations that prepare and transmit their own electronic corporate income tax returns and those that use the services of third party tax professionals.

 FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” 
FIN 48 is intended to eliminate inconsistency in accounting for uncertain tax positions in financial statements certified in accordance with U.S. GAAP and mandates new rules for recognition, de-recognition, measurement, and disclosure of tax positions.

 Fast Track Settlement 
The LB&I / Appeals Fast Track Settlement program is a joint effort between the Large Business and International (LB&I) Division and Appeals to use the mediation skills and delegated settlement authority of Appeals to resolve issues while still under LB&I jurisdiction.

 Filing Requirements for Filing Status Change (revised 11-15-11) 
Guidance for taxpayers requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S).

 Foreign Account Tax Compliance Act 
FATCA will increase information reporting by foreign financial institutions, non-financial foreign entities, and certain U.S. persons holding financial assets outside the United States.

 Forms 5471 – Automatic Assessment of Penalties under IRC Section 6038(b)(1) 
Beginning January 1, 2009, the Internal Revenue Service Center will automatically assert appropriate penalties on late filed Forms 1120 with Forms 5471 attached. Taxpayers are encouraged to submit delinquent Forms 5471 prior to January 1, 2009.

 Form 8806 – Information Return for Acquisition of Control or Substantial Change in Capital Structure 
Pursuant to the provisions of Temporary Regulation § 1.6043-4T(a), requiring reporting of certain acquisitions of control and substantial changes in capital structure, corporations can consent to the publication by the IRS of the information from their Form 8806.

 Income from Abroad is Taxable 
There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with bank accounts in Liechtenstein. The IRS’ interest, however, extends beyond bank accounts in Liechtenstein to financial accounts anywhere in the world. The IRS reminds you to report your worldwide income on your U.S. tax return and lists the possible consequences of hiding income overseas.

 Industry Issue Resolution Program 
The Industry Issue Resolution (IIR) Program resolves frequently disputed or burdensome tax issues. IRS solicits suggestions for issues for the program from taxpayers, representatives and associations.

 International Businesses 
Provides links to information on a variety of International topics including Tax Treaties, Know-Your-Customer (KYC) Rules, Transfer Pricing and Qualified Intermediaries (QI).

 Application of Posted 1065 FAQ Answers to Similar Form 1120 Questions 
Posted 1065 FAQ answers regarding ownership reporting for Form 1065 Schedule B questions 3 and 4 may be applied to similar issues in reporting ownership for Form 1120 Schedule K questions 4 and 5. Both sets of questions require a limited application of section 267(c) attribution rules to determine total ownership percentages, direct or indirect.

 The International Tax Gap 
Find resources on this page pertaining to the international tax gap — the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time. The tax gap can also be thought of as the sum of non-compliance with the tax law.

 LB&I Technical Resources and Guidance 
Coordinated issue papers, Industry Director guidance, audit technique guides and other documents provide technical information and guidance on complex tax law and administrative issues affecting the LB&I division and LB&I taxpayers.

 Pre-Filing Agreement Program 
The Pre-Filing Agreement Program is expected to reduce taxpayer burden and make more effective use of IRS resources by resolving or eliminating tax controversy earlier in the examination process.

 Quality Examination Process 
The Quality Examination Process (QEP) is a systematic approach for engaging and involving Large Business and International (LB&I) taxpayers in the tax examination process, from the earliest planning stages through resolution of all issues and completion of the case.

 Report of Foreign Bank and Financial Accounts (FBAR) 
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

 S  Corporations 
An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation.

 Schedule M-3 for Large Business & International (LB&I) 
Schedule M-3 is used by certain corporations and partnerships to reconcile financial accounting net income and taxable income. Affected corporations and partnerships are those with assets of $10 million or more that file Form 1120, 1120-PC, 1120-L, 1120S, or 1065. Certain other partnerships filing Form 1065 are also required to use the Schedule M-3.

 2008 Changes to Form 1065 – Frequently Asked Questions 
Posted 1065 FAQ answers regarding ownership reporting for Form 1065 Schedule B questions 3 and 4 may be applied to similar issues in reporting ownership for Form 1120 Schedule K questions 4 and 5. Both sets of questions require a limited application of section 267(c) attribution rules to determine total ownership percentages, direct or indirect.

 U.S./Germany Tax Treaty Modified to Include Mandatory Arbitration in Certain Circumstances 
A new Protocol modifying certain provisions of the income tax treaty between the U.S. and Germany came into force on Dec. 28, 2007. It modifies Article 25 Mutual Agreement Procedure (MAP) to provide for mandatory arbitration of certain cases in the MAP. This announcement provides interim guidance for the “commencement date” for MAP case arbitration until a formal mutual agreement is published.

 Uncertain Tax Positions – Schedule UTP 
IRS finalized Schedule UTP & instructions for reporting uncertain tax positions by certain corporations.

 Tax Information For Partnerships

 2008 Changes to Form 1065 – Frequently Asked Questions 
Posted 1065 FAQ answers regarding ownership reporting for Form 1065 Schedule B questions 3 and 4 may be applied to similar issues in reporting ownership for Form 1120 Schedule K questions 4 and 5. Both sets of questions require a limited application of section 267(c) attribution rules to determine total ownership percentages, direct or indirect.

 Partnership – Audit Techniques Guide (ATG) 
The focus is on issues that fall within sections 701 through 761 of the Code (Subchapter K). Subchapter K deals primarily with the formation, operation, and termination of partnerships. Many issues arise during the initial or final year of the partnership.

 Starting a Business 
If you’re considering starting a business, then start here. This section provides links to everything from a checklist for a new business to selecting a business structure and more.

 Modernized e-file (MeF) for Partnerships 
This web site provides an overview of electronic filing and more detailed information for those partnerships that prepare and transmit their own income tax returns using MeF. Partnerships that rely upon third party tax professionals to prepare and transmit their tax returns should consult their tax professional.

 Partnerships 
A partnership is the relationship existing between two or more persons who join to carry on a trade or business.

 Publicly Traded Partnerships 
This page contains information related to publicly traded partnerships that have effectively connected income, gain, or loss and who must pay withholding tax on any distributions of income made to its foreign partners.

 Report of Foreign Bank and Financial Accounts (FBAR) 
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

 

 

Tax Information For International Businesses

 Foreign Account Tax Compliance Act 
FATCA will increase information reporting by foreign financial institutions, non-financial foreign entities, and certain U.S. persons holding financial assets outside the United States.

 2012 Offshore Voluntary Disclosure Program 
The IRS offers an offshore voluntary disclosure program to help people get current with their taxes. The current program is open for an indefinite period until otherwise announced.

 Transfer Pricing Audit Roadmap Now Available 
The Transfer Pricing Audit Roadmap is a toolkit organized around a notional 24 month audit timeline. It provides recommended audit procedures and links to reference material. It is not intended as a template. Every transfer pricing case is unique and requires the exercise of judgment and discretion.

 IBC – TPP Rules of Engagement 
This document provides general guidelines and rules of engagement for IBC and TPP in the examination of transfer pricing issues.

 Help with Tax Questions – International Taxpayers 
If you’ve looked around our site and still didn’t find the answer to your general tax question for International Taxpayers, we’d like to help.

 Qualified Intermediaries (QI) 
A Qualified Intermediary (QI) is any foreign intermediary (or foreign branch of a U.S. intermediary) that has entered into a qualified intermediary withholding agreement with the IRS. A QI is entitled to certain simplified withholding and reporting rules.

 U.S. Withholding Agent Program 
Focus enforcing compliance through examinations and voluntary compliance of withholding tax on foreign payments. Responsibilities include coordinating exams and training exam teams, consulting with internal/externals stakeholders, and providing guidance to ensure consistent treatment for taxpayers.

 Internal Revenue Service International Visitors’ Program (IVP) 
The purpose of the International Visitors Program is to introduce the Internal Revenue Service as one of the world’s premier tax systems to interested countries.

 Income from Abroad is Taxable 
There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with bank accounts in Liechtenstein. The IRS’ interest, however, extends beyond bank accounts in Liechtenstein to financial accounts anywhere in the world. The IRS reminds you to report your worldwide income on your U.S. tax return and lists the possible consequences of hiding income overseas.

 U.S. Citizens by Birth or through a U.S. Citizen Parent 
All persons born in the United States are U.S. citizens. This is the case regardless of the tax or immigration status of a persons parents. Furthermore, a person born outside the United States may also be a U.S. citizen at birth if at least one parent is a U.S. citizen and has lived in the United States for a period of time.

 U.S. Citizens and Resident Aliens Abroad 
This section covers tax topics for U.S. citizens or resident aliens living overseas.

 Taxation of Nonresident Aliens 
The U.S. source income of nonresident aliens is subject to U.S. taxation.

 Taxation of U.S. Resident Aliens 
A resident alien’s income is generally subject to tax in the same manner as a U.S. citizen.

 References for Foreign Students and Scholars 
Aliens temporarily present in the United States as students, trainees, teachers, researchers, exchange visitors, and cultural exchange visitors are subject to special rules with respect to the taxation of their income.

 Tax Withholding on Foreign Persons 
This section covers tax withholding topics for payments made to U.S. citizens abroad or aliens employed both in the United States and abroad. This section also covers tax withholding and reporting rules on payments of U.S. source income made to foreign persons.

 Tax Treaties 
Tax treaties may allow residents of foreign countries to be taxed at a reduced rate, or to be exempt from U.S. income taxes on certain items of income they receive from sources within the United States.

 Taxpayer Identification Numbers (TIN) 
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws.

 Taxation of Foreign Athletes and Entertainers 
This section describes the special rules which affect the taxation of foreign athletes and entertainers who have income sourced in the United States.

 Alien Taxation – Certain Essential Concepts 
This section describes certain essential concepts involved in the taxation of aliens.

 Classification of Taxpayers for U.S. Tax Purposes 
This section will help you determine if you are a “Foreign Person” or a “United States person” for U.S. tax purposes.

 Determining Alien Tax Status 
If you are an alien (not a U.S. citizen), you are considered a nonresident alien unless you meet the Green Card test or the Substantial Presence test.

 Taxation of Dual-Status Aliens 
You are a dual-status alien when you have been both a resident alien and a nonresident alien in the same tax year.

 Special Categories of Alien Workers 
For U.S. tax purposes, Au Pairs and Farm Workers may be treated differently than others.

 Report of Foreign Bank and Financial Accounts (FBAR) 
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service.

 New Developments in International Taxation 
This section provides the latest news on international taxes.

 Miscellaneous International Tax Issues 
This section covers subjects not previously discussed.

 Frequently Asked Questions – International Taxpayers 
Frequently Asked Questions for Aliens and U.S. Citizens Living Abroad