Tax Services

We understand taxes.

Porte Brown’s Certified Public Accountants monitor developments in tax laws and changes in policy to provide businesses and individuals accurate and timely support related to federal, state, local and international tax matters. We have been providing tax and accounting services to Chicago and the surrounding communities since 1946 and specialize in everything from traditional tax services to functional expense and budget consulting to multi state nexus issues. We also help our clients determine how best to take advantage of tax credits and deductions during times of growth or relocation as well as how to utilize financial assistance programs to further reduce your tax burden. Here's a breakout of the tax and accounting services our CPAs can assist you with:

What Do You Need Help With?

Folders - One labeled 'Taxes'

It's a Complicated Subject

Change and complexity seem like the only constants in tax policy. Porte Brown’s skilled CPAs monitor these developments to provide businesses and individuals with precise, timely tax counsel on federal, state, local and international tax matters related to:

Tax Credits and Deductions?

Are you or your business taking full advantage of government sponsored tax programs? For example:

  • 1031 Exchanges: Clients selling property used in their trade, business or as an investment can defer payment of taxes on the gain with careful planning.
  • Research and Development Credits: Most businesses invest in product or process improvements; companies can recapture a percentage of those dollars and reinvest them back into the business.
  • Cost Segregation Studies: Cost segregation studies are one of the most valuable tax strategies available for commercial real estate owners. Cost segregation can increase cash flow through tax accelerated depreciation of construction costs or purchase price.
  • Energy Efficient Building Tax Credits: Companies that renovate and install energy efficient materials may be eligible for a per square foot deduction and faster write-offs.
Group of people having a tax meeting

Getting Proactive

No matter the state or jurisdiction that your business resides, state and local taxes always seem to be in transition. Porte Brown’s tax experts can help your business remain compliant with state tax laws and regulations, develop innovative tax planning strategies regardless of where your company conducts business or the number of states your company may reside, perform nexus reviews, and highlight potential areas of sales and use tax exposure. Our state and local tax (SALT) specialists are not only knowledgeable about state tax and local tax planning and strategies, they are also highly experienced with a wide range of industries and business types, so you can rest assured that you are receiving the highest level of service and support.

To ensure that clients conducting business in multiple states report their income correctly, Porte Brown LLC created its State and Local Tax (SALT) Practice Group. A company does not want to find out after the fact that their recently completed business deal has an accompanying tax exposure that they were unaware of. Our specialized expertise can help you identify these issues before they occur.

Why It's Important

When goods and services cross state lines, nexus* comes into play and your company potentially becomes responsible for income taxes and other taxes in those states. Depending on your company’s presence in another state (via inventory, sales representatives, etc.), your company may be responsible for applicable taxes in those states. Driving your truck across a state line could cause you to have nexus, depending on which state you are traveling into. We help clients anticipate their potential exposure.

How We Do It

Our proactive team asks the right questions up front so that we can anticipate potential issues. We work with clients throughout the year to minimize or eliminate tax exposure at a later date. Porte Brown LLC is dedicated to learning about your business and protecting it from unnecessary tax liabilities.

Is your company registered in all of the states in which it operates?

Porte Brown’s State and Local Tax Practice Group has experience and expertise in three primary areas:

  • Illinois Tax
  • Multi State Tax Issues (Nexus)
  • Multi State Returns

*Nexus defined: a nexus in general means a connection. The term nexus is used in tax law to describe a situation in which a business has a "nexus" or presence in a state and is thus subject to state income taxes and to sales taxes for sales within that state.

Timely Topic

Illinois Sales Tax Rate Changes for Certain Municipalities including Cook, DuPage, Kane, Lake, McHenry & Will Counties Effective July 1, 2019

Effective July 1, 2019, sales tax rates for many municipalities located within Illinois will increase!

Newspaper & Coffee Cup

Please update your cash registers and computer systems to account for the change.  Make sure your sales staff knows to adjust their quotes for the change in rates if materials are going to be purchased or delivered after July 1, 2019.

Nearby municipalities that have increased their rates are Antioch-Lake County inside Antioch Business District (+1.00%), Berwyn-Cook County (+0.75%), Elburn-Kane County (+1.00%), Frankfort- in both Cook and Will County (+1.00%), Lake Forest-Lake County (+0.50%), Lemont- in the three counties of Cook, DuPage, and Will (+1.00%), Lincolnwood-Cook County (+0.25%), McHenry-McHenry County (+0.25%), and Romeoville-Will County inside Normantown Road Business District 1 (+1.00%).

Other municipalities in Alexander, Stephenson, Jersey, Madison, Rock Island, and Carroll Counties have also changed their rates along with Bureau, Fayette, Franklin, Jasper, Menard, Sangamon, and Union Counties. Visit the following link to access the Illinois Informational Bulletin for specifics on the business districts or municipalities impacted.

You can also log on to the Illinois Department of Revenue website and look up the sales tax rates through their Tax Rate Finder Database on the "Businesses" tab. www.mytax.illinois.gov

Keep in mind, if you receive reseller certificate forms from your customers (CRT-61) www.tax.illinois.gov/TaxForms/Sales/CRT-61.pdf, it is your responsibility to verify that their IBT number is valid.  To verify a registered business, use this link to Illinois’ website and go to the “Businesses” tab. www.mytax.illinois.gov

If you have any other questions, please feel free to contact Kelly Switt, Bill Sebastiano, Ashley Barak, or Marie Straka at 847-956-1040.

Businesswoman on the phone

New Opportunities of Expansion

Whether your company is a large multi-national corporation that has been operating globally for years or is a small firm looking to expand its business, it is important to understand how an international operation can affect your business, its prospects for growth, and how your bottom line can be affected by international taxes.

In today’s global market, it is becoming the norm to operate internationally rather than the exception because of better scales of economy and low operational costs. Porte Brown can help your company navigate the complex nature of working across international borders and the tax ramifications associated with it, while providing guidance and support to grow your business globally.

Porte Brown’s International Tax Practice Group recognizes the need to have global operations that operate seamlessly with their domestic side of business. This is why we offer our clients a customized approach to match their current needs with their aspirations for the future.

Our international tax experts are ready to help in the following areas:

  • Global Tax Compliance
  • IC-DISC Export Incentive
  • Foreign Subsidiary Planning
  • Expatriate Consulting
  • Cross Border Tax Advising
  • Transfer Pricing
  • Foreign Tax Credits Analysis
  • Enterprise Transformation
  • Foreign Business Investments
  • Global Tax Compliance
  • International Accounting
  • International Tax Preparation Services

Did You Know?

Porte Brown is a proud member of PrimeGlobal. PrimeGlobal is one of the top five largest associations of independent accounting firms in the world, providing a wide range of tools and resources to help member firms furnish superior accounting, auditing, tax and management services to clients around the globe. The association has over 300 firms with a combined total of more than 800 offices in 90 countries around the globe. Porte Brown joined PrimeGlobal nearly 5 years ago to provide our clients with more comprehensive international tax accounting services regardless of where they call home. Learn more

Cryptocurrencies

Navigating the Cryptocurrency Waters

Currently, virtual currencies are operating in a "wild west" environment with only a basic list of rules and regulations established by the IRS. Due to this absence of federal guidelines on cryptocurrencies, it can be very hard to determine if you'reoverpaying or underpaying on your taxes. While the growing pains of the cryptocurrency market are likely to continue, this transitional climate is sure to end in the near future, especially as the IRS and the U.S. Treasury start to craft more regulations and explore better solutions to track cryptocurrency tax obligations.

To the experienced investor, navigating the traditional investment markets for tax purposes can seem relatively straightforward, but when it comes to virtual currency tax reporting, even the most experienced cryptocurrency traders can be left scratching their heads. If you're an investor who deals with multiple types of cryptocurrency transactions during the year, received payment for a job in the form of a virtual currency, or are a novice looking to make his or her first move into the digital currency world, contact Porte Brown today. Porte Brown is well-versed in virtual currencies and has the knowledge and experience to properly assist you with all of your cryptocurrency tax preparation needs.

Our Cryptocurrency Tax Services Include:

  • Virtual Currency Tax Preparation
  • Cryptocurrency Compliance
  • Tax Planning Strategies
  • Cost-Basis Assistance and Optimization
  • Capital Gains - Short vs. Long
  • Accounting for Airdrops
  • Self-Directed IRA Strategies
  • Mining Coins/Self Employment Tax Support
  • Entity Formation
  • Bitcoin Payment Information Reporting

For more information, please contact Porte Brown's Cryptocurrency leader, Gary Kemnitz, CPA, CFE, CVA, at 847-956-1040.

Next step:

For more information related to Tax Planning or International Tax, please contact CPA tax accountant and Porte Brown Tax Practice Group Leader, Kelley Hare, CPA. For assistance with State & Local Tax matters, please contact Porte Brown’s S.A.L.T. Practice Group leader, William Sebastiano, at (847) 956-1040.

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