ECS ARTICLES & NEWS

ECS Financial Services has once again earned a place among the Best Places to Work in Illinois, as recognized by Daily Herald Suburban Business. This back-to-back honor confirms what the ECS firm already knows: their workplace culture is something special.

Effective July 1, 2025, sales tax rates are changing in several municipalities across Cook, DuPage, Kane, Lake, and McHenry Counties, as well as other parts of Illinois. If your business is located in—or delivers to—any of the affected areas, now is the time to update your point-of-sale systems and pricing protocols. Action Items: Update cash registers and accounting systems to reflect the new rates. Adjust quotes for orders scheduled for delivery or pickup on or after July 1

With the April 15 deadline behind you, it’s tempting to put taxes out of mind—but a few quick follow-ups now can save time, money, and stress later. Start with recordkeeping. The IRS generally has three years to audit a return, or six years if income is significantly understated, and no time limit in cases of fraud or no filing. A practical approach is to keep tax returns indefinitely and hold supporting documents for at least three years (longer if you want extra protectio

A new law - the One Big Beautiful Bill Act - introduces Trump Accounts, a brand-new savings tool that lets you start building long-term wealth for your kids from day one. Here’s why this matters: for children born between 2025 and 2028, the government will deposit $1,000 automatically when you elect the account using IRS Form 4547. From there, you (and even employers or nonprofits) can keep the momentum going—contributing up to $5,000 per year starting July 5, 2026. And unl

Bank reconciliation is one of the simplest—and most important—controls a business can use to keep financial records accurate. Even with modern bank feeds and AI tools, mistakes can still slip through if the process isn’t handled carefully. 1. Infrequent or inconsistent reconciliations Waiting too long between reconciliations is one of the biggest issues. Small errors build up over time and become harder to trace. Monthly reconciliation should be the minimum, with higher-vo

Sales tax audits are increasing—and not by accident. As states face budget pressure and reduced federal funding, they’re turning to sales tax enforcement as a reliable revenue source. At the same time, economic nexus rules and the growth of digital commerce have expanded their reach, allowing them to identify and pursue more businesses than ever before. So, how do states decide who gets audited? Common Audit Triggers Certain patterns consistently draw attention: Rapid Sal