Welcome

At Frank Ventura, CPA, we provide the knowledge and experience in accounting, taxes and business operations that allows you to take your business to the next level. We are experts in the administration, compliance and of course accounting of business. No matter if your business is a startup or a multi-million dollar operation we are on call with the answers to your business questions. From how do I start a home based business, to helping you determine the best way to sell you business, and all the steps in between. If you have a question, pick up the phone and call, and we will be on the phone ready to help.

Illinois Taxes and Budget

We are still waiting for a budget and it is now late June. The last serious proposal included a massive 50% income tax increase for individual and business income. It also had service taxes on an interesting range of service providers. If you are a service provider and were not on the last list, you can expect to be added in future years. This will require a major change in how you handle purchases and the tax paid.

Have you properly classified your employees and contractors

Worker classification continues to be a major issue with the IRS, and Illinois Department of Employment Security. Many employers continue to improperly classify employees as contractors and risk substantial additional taxes, fines and penalties. There is a set of 22 criteria that the IRS uses to determine if a person is an independent contractor or an employee. How many of the criteria do you meet. When you hired the contractor did you sign a contract or have them fill out an employment application. Call the office and we can help you establish the right relationship between you and your workers, so your classification fits the IRS and IDES criteria.

Cellular Phones and the IRS

Recently, the IRS put out a modest proposal to tax cellular phones used by business people at 25%. The reason for this change was to simplify long existing tax law. Under the current law cellular phones are listed property and each use must be tracked and recorded. Personal use must be added to the employees income.

The proposal would simplify this for companies that allow personal use. The employees would be taxed at 25% of the cost. If for example an employee had a cellular phone with an annual cost of $!,200 his taxable income would rise 300 on that he would owe tax of about $100. This change was being implemented only to improve compliance with the tax law passed by congress over 20 years ago. This was a very reasonable option which would save companies who were trying to comply with the rules by limiting employee personal cell phone use. Sadly the proposal has already been removed, so cellular phone tax compliance is once again an issue for small business.

Small Company Services

As a firm specializing in owner operated companies we provide a level of service beyond that offered by most of our competitors

As a business owner you deserve to deal directly with your CPA. As a result, when you call my office I answer the phone. You don't deal with staff unless you request it.
Low cost payroll service. You can have full service payroll at a sharp discount to ADP or Paychex. payroll tax returns, electronic tax payments, direct deposit, initial payroll set-up, W-2s, Reports and New hire reporting is always included in our pricing.
Both QuickBooks and Microsoft Office Accounting are supported by our office so you have your choice of accounting products. In addition, with over 25 years of systems experience we can help you with your industry specific applications.
Initial consultation is always without charge.