AB CPA, Inc.

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Full service CPA firm that offers consulting. accounting and tax services.

10/21/2026

Simple mistakes can prevent you from reaching retirement goals. The biggest error is not saving enough. If you expect to maintain your current lifestyle in retirement — which could last three decades or more — you’ll need to accumulate a surprisingly large sum. We can help set up a savings plan you’ll stick to. Call us at (708) 430-3232.

10/20/2026

A well-defined compensation philosophy can do a lot for your business. It may help attract job candidates, retain employees and control payroll costs. Although competitive pay is important, employees consider your full compensation package. This includes bonuses and other performance incentives, benefits and perks, professional development opportunities, and flexible work arrangements. Contact us at (708) 430-3232 for guidance on developing a well-rounded strategy that’s aligned with your business goals, workforce needs and budget.

10/19/2026

Do you donate thousands of dollars to charity each year? Do you miss out on the itemized charitable deduction because you don’t have enough total itemized deductions to exceed your standard deduction? Consider “bunching” most of your donations into alternating years. By combining two years of gifts into one year, you may push your itemized deductions above your standard deduction and get a greater tax benefit from your charitable giving — even with the new deduction for nonitemizers starting in 2026. Contact us at (708) 430-3232 for help determining if you can benefit from this strategy.

10/16/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/14/2026

Many businesses allow customers to pay with credit and debit cards, payment apps, and other electronic payment methods. Payment processors and platforms often deduct their fees before transferring funds, but you generally shouldn’t report the net amount as revenue. Instead, record the full amount of each sale as revenue and post the processing fee as an operating expense. Keeping these amounts separate shows how much you’re spending to accept electronic payments and whether rising processing costs are eating into your profits. Contact us at (708) 430-3232 for help reconciling processor statements with your accounting records and evaluating your payment mix.

10/13/2026

Small business owners: As the year wraps up, review your receivables for credit sales that have become wholly or partially worthless. If you use the accrual method of accounting, you may be eligible to deduct amounts that were included in income but later became uncollectible. You may also claim deductions for uncollectible business loans and certain guarantees, as well as for debts attributable to an insolvent partner. To qualify, you must take reasonable steps to collect the debt and show it’s unlikely to be paid. Contact us at (708) 430-3232 to review your potential bad debts for 2026.

10/12/2026

Eligibility for Achieving a Better Life Experience (ABLE) accounts has expanded to individuals whose blindness or disability began before age 46. Until this year, the blindness or disability had to have begun before age 26. As a result, many people who weren’t previously eligible can benefit from these accounts beginning in 2026. ABLE accounts offer tax-advantaged savings for qualified disability expenses. The 2026 contribution limit is generally $20,000. In some cases, 529 plan funds can be rolled over tax-free to ABLE accounts, counting toward the annual limit. Call us at (708) 430-3232 to learn more.

10/09/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at (708) 430-3232 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/07/2026

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. We can handle these chores for you, so you can focus on running your business. Call us at (708) 430-3232 to schedule a consultation.

10/06/2026

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax returns and keeping your books in order, we can help you improve cash flow, safely plan for expansion and make smarter financial decisions. Let’s talk about how our advisory services can strengthen your strategic planning, streamline operations, and uncover new opportunities for long-term growth and success. Call us today at (708) 430-3232 to schedule a consultation.

Address

9944 South Roberts Road
Palos Hills, IL
60465

Telephone

+17084303232

Website

http://www.abcpainc.com/

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