ECS ARTICLES & NEWS

Businesses that were preparing to comply with the Corporate Transparency Act (CTA) received welcome news this summer. On August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently eliminating Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons. FinCEN also announced that it will delete previously reported BOI information associated with U.S. persons. However, the CTA itself has not been repe

With the introduction of Trump Accounts, families now have another way to save for their children's future. While both Trump Accounts and 529 plans offer tax advantages, they are designed for different goals. 529 Plans: Best for Education A 529 plan is designed specifically for education savings. Earnings grow tax-deferred, and qualified withdrawals are tax-free when used for eligible education expenses. Benefits: Tax-free withdrawals for qualified education expenses Potentia

The IRS has issued final regulations for the new federal tax deduction for qualified cash tips created under the One Big Beautiful Bill Act (OBBBA). Available through 2028, the deduction allows eligible taxpayers to deduct up to $25,000 of qualified tips, regardless of whether they itemize deductions. The deduction begins phasing out when modified adjusted gross income exceeds $150,000 ($300,000 for joint filers). Key Highlights Expanded eligible occupations: The IRS increase

With AI dominating headlines and discussions, many businesses feel pressure to "do something with AI." While the technology offers exciting opportunities, adopting AI without a clearly defined objective can lead to unnecessary costs, implementation challenges, and disappointing results. The most successful organizations start by identifying the business problem they want to solve, not the technology they want to buy. Focus on the Pain Point First Before evaluating AI tools, y

Employers have faced ongoing uncertainty in determining overtime eligibility under the Fair Labor Standards Act (FLSA), but that landscape became clearer in May 2026 when the U.S. Department of Labor (DOL) formally rescinded the 2024 overtime rule and reinstated the prior regulatory framework. While this shift simplifies compliance, employers should not assume a “set it and forget it” approach to overtime classification. The now-rescinded 2024 rule would have significantly in

Resolve Past Sales Tax Liabilities—Penalty Free The Illinois Department of Revenue (IDOR) is offering remote retailers a limited-time opportunity to come into compliance and resolve prior sales tax liabilities with a full waiver of penalties and interest. This program applies to businesses that sell to Illinois customers without a physical presence in the state and have unpaid sales tax for the period January 1, 2021 through June 30, 2026, provided they meet the economic nexu